[firemed]

Originally Posted by firemed

In Cape Coral the market is looking bad, But if you pull up Zillow it looks sweet. I see this first hand and can't understand the numbers that the NAR show, The mark downs in prices are all over. I just don't see much selling or kept up to sell. Jobs lost, Job transfers, sellers who already have purchased another house and moved, and those who have lost their homes to foreclosure are all leaving unsold properties sitting empty.
The News-Press, news-press.com, Real Estate, High weeds hinder sales

I wanted to add this, Homes are selling for much less on the auction.
The News-Press, news-press.com, Real Estate, San Simeon auction exposes need for high-quality, affordable housing

[Mike Peterson]

Originally Posted by firemed

I wanted to add this, Homes are selling for much less on the auction.
The News-Press, news-press.com, Real Estate, San Simeon auction exposes need for high-quality, affordable housing

Well their current prices are from $238,400 to $277,400. These are the same prices that they had before the auction.
So lets put 2 and 2 together. Sell 20 units at auction + break even on cost (my guestimate) = A brilliant marketing strategy. They probably got more press from this than they have for anything they have ever done before.
Plus, their advertisement is on the rotation on the side of the page the article is on. Coincidence, I think not.

[kort677]

Originally Posted by SKB

Who cares, Florida is toast.

facts??? I don't need no steenkin facts!

[firemed]

Originally Posted by Mike Peterson

Well their current prices are from $238,400 to $277,400. These are the same prices that they had before the auction.
So lets put 2 and 2 together. Sell 20 units at auction + break even on cost (my guestimate) = A brilliant marketing strategy. They probably got more press from this than they have for anything they have ever done before.
Plus, their advertisement is on the rotation on the side of the page the article is on. Coincidence, I think not.

Then we could use NAR math ! sold for 140k, Next one sells for 145k NAR math = the prices have gone up !!!!!!!!!! 80k to 100k off but up! A brilliant marketing strategy to make the people that did pay 238k to 277k for the same unit feel like a fool.

[Mike Peterson]

Originally Posted by firemed

Then we could use NAR math ! sold for 140k, Next one sells for 145k NAR math = the prices have gone up !!!!!!!!!! 80k to 100k off but up! A brilliant marketing strategy to make the people that did pay 238k to 277k for the same unit feel like a fool.

That auction has been mentioned in at least a dozen posts just on 2 threads in this site that I know of. I am sure it has been mentioned numerous other times. That is just this web site, I am sure there are dozens of others.
There have been numerous articles written.
It has been on the news.
You can't buy this much exposure.
And when all is said and done the prices are right where they had them before.

[rich renter]

Im not sure how you figure prices are the same as when they were first sold.
Yes they get a lot of free publicity out of it but just because they sold those cheap and i see that dont mean Im going to go buy a levitt house at a higher price then before, if anything it will make me look for bigger discounts than what I would of been thinking before I saw that auction, so i fail to see how it will help maintain the current overpriced market

[nychiefsfan]

IMO, there are reasons why there may be increases in the median home value. Here are a few:

1. The people buying the homes can AFFORD the homes they're buying (if the hypothetical median is $240, they have a gross income of 80k or more).

2. The people buying the homes may be overextending their means (buying a $240k+ home and making less than $80k).

3. Home SALES have dropped drastically (buyers are not willing to pay what sellers are asking) so what a person is willing to spend is not mixed into the equation.

This housing bust keeps getting uglier by the day. If 50% of the median gross income population can't afford to pay more than $84-126k on a house, then this slump will last MUCH LONGER than the options I originally listed.

No buyer gives a damn about "location, location location" when they're living in a home that they can't afford.

[SKB]

"If 50% of the median gross income population can't afford to pay more than $84-126k on a house, then this slump will last MUCH LONGER than the options I originally listed."


No buyer gives a damn about "location, location location" when they're living in a home that they can't afford.

Chief nailed it! How can anyone argue that?

[nychiefsfan]

Originally Posted by Mike Peterson

1.According to the methodology materials, the S&P/Case-Shiller index does not include house price data from thirteen states.

2 Market conditions in those thirteen states have, on average, been
stronger than in the rest of the nation. OFHEO’s estimates indicate, for example, that three of the five fastest appreciating states in the nation (Idaho, Montana, and Wyoming) do not have representation in the S&P/Case-Shiller index.

The NAR is the cumulative King of contrasting reports. Who knows what to believe from them?

Each month, the Research Division of the NATIONAL ASSOCIATION OF REALTORS receives data on existing-home sales (single-family, condos and co-ops) from local associations/boards and multiple listing services (MLS) nationwide. NAR captures 30-40% of all existing-home sale transactions with its monthly survey. In other words, they are extrapolating. Not a bad thing necessarily, but unlike the reports by the National Association of Homebuilders, the NAR does not report it’s margin of error.
» NAR Inventory Methodology, or Lack Thereof - Housing Doom Housing Bubble Blog

Here's a question. Does the NAR report the actual contract numbers of the actual sale price of the home every time?

Here's an October 2005 report from the NAR denying the existence of a housing bubble while pumping the masses to "buy, buy, buy". The purpose of these anti bubble reports was to provide "necessary information (reports) to respond to the irresponsible bubble accusations made by your local media and local academics."

I looked at the Tampa area report and the report stated, "The local housing market will experience a price decline of 5% only under extreme unlikely scenarios."
http://www.realtor.org/Research.nsf/...FILE/Tampa.pdf

Let's talk about Lawrence Yun and all of his ridiculous predictions of the "bottom" already occuring.

Feel free to cross check any of the quotes I put on this pic:




The bottom line is, the numbers can get twisted any way you want, but the ABSOLUTE BOTTOM LINE remains the LACK OF SALES and the continued stalemate between seller, buyer and agents. I could care less if the median price of a house goes up to $800k. That means they will be 300 kajillion homes for sale and no one buying them (kind of like it is right now).

[firemed]

Originally Posted by nychiefsfan

The NAR is the cumulative King of contrasting reports. Who knows what to believe from their reports?

Each month, the Research Division of the NATIONAL ASSOCIATION OF REALTORS receives data on existing-home sales (single-family, condos and co-ops) from local associations/boards and multiple listing services (MLS) nationwide. NAR captures 30-40% of all existing-home sale transactions with its monthly survey. In other words, they are extrapolating. Not a bad thing necessarily, but unlike the reports by the National Association of Homebuilders, the NAR does not report it’s margin of error.
» NAR Inventory Methodology, or Lack Thereof - Housing Doom Housing Bubble Blog

Here's a question. Does the NAR report the actual contract numbers of a home sale every time?

Here's an October 2005 report from the NAR denying the existence of a housing bubble while pumping the masses to "buy, buy, buy". The purpose of these anti bubble reports was to provide "necessary information (reports) to respond to the irresponsible bubble accusations made by your local media and local academics."

I looked at the Tampa area report and the report stated, "The local housing market will experience a price decline of 5% only under extreme unlikely scenarios."
http://www.realtor.org/Research.nsf/...FILE/Tampa.pdf

Let's talk about Lawrence Yun and all of his ridiculous predictions of the "bottom" already occuring.

Feel free to cross check any of the quotes I put on this pic:




The bottom line is, the numbers can get twisted any way you want, but the bottom line remains the LACK OF SALES and the continued stalemate between seller, buyer and agents. I could care less if the median price of a house goes up to $800k. That means they will be 300 kajillion homes for sale and no one buying them (kind of like it is right now).

Now thats just funny !!!!