[Chest Rockwell]

If one's equity has vanished, shouldn't it follow that their credit line based on said equity would also vanish?

[airics]

if the equity line is closed, the bank will report it to the credit bureaus as closed.... and guess what,,, it will hurt your score..

[Coop01]

May 16 2007

YouTube - National Association of Realtors Ad (2007)

[olecapt]

Originally Posted by dude66

More proof of the real estate charlatans at work:

Scenes From The Las Vegas Housing Meltdown

"Doug French, an executive vice president of a Nevada bank, spent Derby day at a housing auction in Las Vegas and what he saw wasn't pretty.... 'It seemed like a real auction. But it was only real like professional wrestling is real.'"

More: Scenes From The Las Vegas Housing Meltdown (http://dealbreaker.com/2008/05/scenes_from_the_las_vegas_hous.php - broken link)


I also saw this. Is it true?

Home Equity Lines of Credit Taken Away From Almost All Las Vegas Home Owners

May 8, 2008

"In yet another sign of the grim economic crisis, Countrywide Financial Corp. has suspended the home equity credit lines of almost all its Las Vegas customers. This action is not only limited to Countrywide or Las Vegas for that matter."

article: Home Equity Lines of Credit Taken Away From Almost All Las Vegas Home Owners (http://www.gambling911.com/Home-Equity-Lines-Las-Vegas-050908.html - broken link)

If you had been following here you would have known that all the Realtors...reporesented by OleCapt and Eric Young thought it pretty much a scam. And you missed the worst part. These auctions require bank approval of the result. And most successful bidders don't get that approval.

I would think stopping the home equity lines would be an obvious and rational precaution. They have no way to retrospectively determine who is and is not a risk for walking. So kill them all and sort it later. In my opinion it is likely slamming the barn door after the horses are gone...but what the hell.

[olecapt]

Originally Posted by dude66

I know for a fact realtors have misled potential buyers into thinking home prices never go down. I have friends who were told that exact thing back in 2005 when they were looking. So no, I don't have NAR saying that directly, but the fact is a LOT of unethical realtors out there did everything they could to prey upon naive first-time home buyers and twist statistics anyway they could.

A lot? Cite a source. Look I freely admit that the profession has dishonest turkeys. Hey any group that supports dual agency is at least ethically challenged. The scariest part is that some of these actually believe the garbage they hand out. So we agree that the profession could use improvement.

But you know the funny part? Virtually every single successful Realtor will agree. (Even some of the worst turkeys)

So why does it not improve? Because the brokerages do not make their money from successful real estate transactions. They make it from desk rent. And the new agent provides a lot more revenue than the experienced one. And note the State Legislatures, who hold the real power in this area, kowtow to the brokerages. So the consumer gets screwed because the State Legislators would rather support the high contributing and lobbying brokerage houses than the consumer.

So who should you talk to? And hold acountable? Not NAR...Not GLVAR...but who?

I just had a realtor ring my doorbell yesterday here in Las Vegas. Aside from the the fact that it tells you a lot about how bad business is going -- a door to door realtor? -- he gave me the hard sell about how inventory in Las Vegas is "vanishing" and that if I didn't jump into the market now, I'll lose out on the opportunity of a lifetime(!)

Ringing doorbells is a well respected tradition that actually works pretty well particularly if you target heavily impacted areas. Actually you would be lucky if I rang your doorbell and offered to explain what was happening to you. But I don't care for it and I am too old to walk around that much. Note that it has come back a whole lot since do not call.

I would agree that "vanishing" is way too strong. "Reducing" though is quite fair. Opportunities of a lifetime come and go...and I do agree with you the guy was a salesman...who else can stand the rejection of moving from door to door and dealing with people who would consider throwing you off the porch?

Did he not tell you about the commission deal that was only good until Friday?

Is he on crack? Buying into a market that just lost 20% of its value in a year? Do realtors think we're incapable of reading the news ourselves? Damned if I didn't want to throw the assh*le off my porch.

I'm sorry Olecapt, but I have diminishing respect for your profession.

Sorry...did I not just hear of a set of MDs cheating on basic sterile procedures to make a buck? Does that say we have all lost respect for the medical profession?

Pick your agent with care. Be careful of people who sell too hard. Be careful of people who have identified a deal that cannot possible ever be equaled. Be very careful of people who tell you that a profit on RE is certain (A CofE violation by the way)

I think Realtors need a lot of work. But that does not damn the whole set.

[olecapt]

Originally Posted by bumpercar

So anytime someone responds to someone else's posting without rejecting it completely, that means the responder supports the original poster's contention 100%? Get real olecapt. I never claimed NAR said prices never go down. I said the quote from the NAR representative is close to saying prices never go down. NAR said prices have only gone down once in a 40 year period. You think that's not close to saying they never going down? How about if he said once in 100 years? Once in 1000 years?

You're so caught up rejecting the OP's claim you're throwing all reason to the wind. By misstating what I said and calling me a liar you're doing exactly what you accuse the original poster of.

Nope. Just insisting that the point be deal with specifically.

It is simple to provide insight while professing skepticism. That is not what was done.

So you enlist you catch the whole load.

If you are not enlisting say so. It easy...

" I don't know if I agree with that but NAR did say..."

See how easy if that is what you meant? And it changes the discussion. I would suggest NAR says a lot of stupid stuff but that it did not read on the point...and we go off from there.

So make your position clear...I would hate to append idiot doomsayer to one who was only mildly mislead...

To the point - He made a historical reference allowing the audience to draw their own conclusion. He even pointed out the exception even though he did not have to. His rhetoric is impeccable. One can point out that the runup was past historic norms...but that is a job for those who believe otherwise.

No particular requirement that he point out the RE is local...which actually is the most damning accusation that he misleads. What the US does is only of academic interest. You what to know what your market is doing.

I am sure MI is going to feel really good when the US recovers eventually and they remain solidly in the dumps.

[crashed]

Hi All,

Like everyone I am quite concerned about the housing market. I purchased my house 3 years ago, I put 20% down, and now it is worth half of what I bought it for. The bad thing is I really need to move due to a very sick Dad. I know, so many story's like this right now.

But what I wanted to ask this forum is if they had heard about the Mortgages being resent to current value, for home owners who are upside down on there mortgage (most everyone). I have been hearing about this from a few friends that are in the mortgage business. I then read this the other day, here is a couple of paragraph's and the link to the article.

Bernanke urges more action to stem home foreclosure crisis - Yahoo! News (broken link)

"A widespread decline in home prices, by contrast, is a relatively novel phenomenon, and lenders and servicers will have to develop new and flexible strategies to deal with this issue," Bernanke said.

The current housing crises has clobbered some borrowers home prices dropped. That left them with mortgages that are bigger than the value of their home. When that's the primary problem, Bernanke said the best solution may be reducing the amount that the borrower owes on the loan or some other permanent modification to the loan.

If anyone has heard of this or has any info I would enjoy hearing what you know.

[olecapt]

Originally Posted by Chest Rockwell

If one's equity has vanished, shouldn't it follow that their credit line based on said equity would also vanish?

Certainly true...but who told you that equity vanishing was a criteria?

They have no real idea who has equity and who does not. So they shut it all down.

Actually reasonable in a libertarian way.

[fishordie]

So why does it not improve? Because the brokerages do not make their money from successful real estate transactions. They make it from desk rent. And the new agent provides a lot more revenue than the experienced one. And note the State Legislatures, who hold the real power in this area, kowtow to the brokerages. So the consumer gets screwed because the State Legislators would rather support the high contributing and lobbying brokerage houses than the consumer.

So who should you talk to? And hold acountable? Not NAR...Not GLVAR...but who?


I am a very fair individual and I have to give kudo's where they are due. Capt, you have stated the truth in this case. Newbies, into the real estate agent business, provide the most income to their respective brokerages as their splits are very much in favor or the brokerage house as well as their so called mentors. Unfortunately the mentor business is only self serving and that is a shame. We, the clients, are short changed due to this self serving, lack of instruction, by the mentors. Why on earth would a mentor want another agent competing for his or her business??

Again, kudo's to you Ole Capt. for admiting this is the case.

The seat rental business, as you stated, is solely based on Broker income. The broker does not care how the agent does their business as long as they pay the rent.
As long as the brokerage is protected by the multipage contracts the seller or buyer signs, everything is okay.

Thank you for admiting the real estate business is very much made up of self serving individuals as well as those who really do try to protect their clients.

FOD

[Desert Palm]

Originally Posted by fishordie

Thank you for admiting the real estate business is very much made up of self serving individuals as well as those who really do try to protect their clients.

FOD

Whoa! Don't act like all realtors are created equal! There are some of us who bend over backwards to help our clients and be honest!

While I am not a realtor in vegas yet, I am one on the east coast, and we have an obligation to to be honest with buyers and sellers or lose our license!

I would hope Nv is the same!

A dishonest realtor is scum in my book!