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Old 11-17-2007, 12:29 PM
 
Location: Wesley Chapel/Weddington, Union County, NC
125 posts, read 376,519 times
Reputation: 43

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Have a whole list of Broker Metric Reports but this seems to be the only one I can send-taken from the Charlotte MLS:
https://webmail.prucarolinas.com/exc.....pdf?attach=1

Hope this works!
Agree completely with Loves (knew there'd come a time-lol)

Forgot to add that these are stats. for last TWO years.

Last edited by nancymom4; 11-17-2007 at 12:57 PM.. Reason: Adding info.
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Old 11-17-2007, 12:30 PM
 
10 posts, read 11,062 times
Reputation: 11
Actually that may be the answer to my question. Maybe Buyers are realizing the negative media hype is just that, "hype" so they're starting to buy now.

Quote:
Originally Posted by lovesMountains View Post
It is absurd. I blame the media myself, they have scared so many people silly.
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Old 11-17-2007, 01:42 PM
 
Location: Charlotte, NC
422 posts, read 1,367,111 times
Reputation: 242
Quote:
Originally Posted by lovesMountains View Post
It is absurd. I blame the media myself, they have scared so many people silly.
That is so true!
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Old 11-17-2007, 02:23 PM
 
Location: Union County
6,151 posts, read 10,036,813 times
Reputation: 5831
Quote:
Originally Posted by lovesMountains View Post
It is absurd. I blame the media myself, they have scared so many people silly.
How in the world could the media be blamed?

The bubble is bursting and it's due to predatory lending and banks in general. Everything was artificially inflated based on ridiculous lending criteria... They gave 2nd mortages like candy - HELOCs were based on absolutely ridiculous appraisal values. It carried the hugely bloated sale prices until the bottom fell out of sub prime. Now the bar for even qualifying for any mortgage is rising steadily... I've heard numbers near 50% are not closing due to issues with financing.

Look at Merrill.. at Citicorp - heads are rolling and it's only the beginning. WAMU is being investigated by the Attorney General for pressuring appraisal companies. The banks made this bed and we're laying in it... It's creeping above sub prime - foreclosures are at insane levels.

The media may be the ones scaring the **** out of everybody... but that's because they should be scared.
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Old 11-17-2007, 02:32 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,739,934 times
Reputation: 3722
Blaming the "media" for the downturn is absurd. The fundamental problems of the housing market started WAY before the media got all giddy this summer w/the subprime collapse. Home inventories have been building around the country for two years now. Builders have gone mad and made record profits building anything under the sun.

Also, you had appraisers who were pressured immensely to "bump up" home values to get loans approved. You also had mortgage lenders encouraging potential borrowers to take out more credit (IE mortgage) than they could afford w/risky ARM's. BUT most importantly you had all these people who bought at the peak and thought the market would go up, and up, and up.....no one had a gun to their head to borrow way more than they could afford. What did you think would happen here?

Now the chicken's come home to roost, ARM's are starting to reset, foreclosures will happen more and more..the perfect storm has hit, and we take the easy way out (excuse) and blame the "media"??? Puuhleeaze.... Its really funny...NO ONE complained about the "media" when home prices were appreciating nicely and buyers were shut out....right? What a joke.....

p.s. the housing market ain't coming back anytime soon (prob a couple years at least)...as long as inventory is at record levels w/no signs of decreasing, there will be a plethera of homes for buyers to choose from.....also, there is a LIMITED supply now of qualified buyers...
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Old 11-17-2007, 02:41 PM
 
Location: Union County
6,151 posts, read 10,036,813 times
Reputation: 5831
Here's some easily accessible data that can be verified via wiki... The graph is a pretty good picture of how the media can't be blamed.


Quote:
Irrational Exuberance is a March 2000 book written by Yale University professor Robert Shiller, named after Alan Greenspan's "irrational exuberance" quote. Published at the height of the dot-com boom, it put forth several arguments demonstrating how the stock markets were overvalued at the time. Shiller was soon proven right when the Nasdaq peaked on the very month of the book's publication, and the stock markets collapsed right after. The second edition of Irrational Exuberance published in 2005 is updated to cover the housing bubble, especially in the United States. Shiller writes that the real estate bubble may soon burst, and he supports his claim by showing that median home prices are now six to nine times greater than median income in some areas of the country. He also shows that home prices, when adjusted for inflation, have produced very modest returns of less than 1%/year.
Quote:
Robert Shiller's plot of U.S. home prices, population, building costs, and bond yields, from Irrational Exuberance, 2d ed.[1] Shiller shows that inflation adjusted U.S. home prices increased 0.4% per year from 1890–2004, and 0.7% per year from 1940–2004, whereas U.S. census data from 1940–2004 shows that the self-assessed value increased 2% per year.
http://upload.wikimedia.org/wikipedia/en/thumb/6/6c/Shiller_IE2_Fig_2-1.png/726px-Shiller_IE2_Fig_2-1.png (broken link)
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Old 11-17-2007, 02:44 PM
 
Location: Tampa Bay Area Florida
7,937 posts, read 20,400,009 times
Reputation: 2027
I have to agree with you Mike on both posts
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Old 11-17-2007, 02:56 PM
 
Location: Charlotte, NC
422 posts, read 1,367,111 times
Reputation: 242
Quote:
Originally Posted by lovesMountains View Post
It is absurd. I blame the media myself, they have scared so many people silly.
Mike and Jack. Yes, you are ABSOLUTLEY correct with your data.

However, give LovesMountains a break. Her post was actually in response to the person saying that Realtors are liars etc....
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Old 11-17-2007, 03:09 PM
 
Location: Union County
6,151 posts, read 10,036,813 times
Reputation: 5831
Quote:
Originally Posted by newhomesalesrep View Post
Mike and Jack. Yes, you are ABSOLUTLEY correct with your data.

However, give LovesMountains a break. Her post was actually in response to the person saying that Realtors are liars etc....
Point well taken...

In context I can see the reasoning. Can we beat up Realtors now?!?! :P
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Old 11-17-2007, 03:24 PM
 
Location: Charlotte, NC
422 posts, read 1,367,111 times
Reputation: 242
Quote:
Originally Posted by MikeyKid View Post
Point well taken...

In context I can see the reasoning. Can we beat up Realtors now?!?! :P
Hehe...

Please.... I have come to the conclusion, no matter what profession Im in, no matter what line of work Im in, someone is going to want to beat me up

I remember when Lawyers were the bad guys. Why did that stop?

Just kidding!!!!
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