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The foreclosure situation is not going to get better any time soon as the economy/unemployment has not been predicted to recover in the near term. The predictions are that it may actually get worse with terms like "double-dip" being thrown around. Worse, banks are reportedly delaying on foreclosures fearing that it would bring down prices in communities which would bring many more homes underwater, if they are not already. Such a thing would only trigger people walking away from their homes.
Unemployment numbers is the metric to watch. No employment, no income, more foreclosures.
I have been checking out houses (for buying) and feel that many are still overpriced given the market conditions. I understand why sellers still think that they can sell prime values for their houses. What is not clear is why the seller agents (I am sure, some are) are not keeping their clients informed of the market situation to reduce the prices to sell instead of letting the house sit on the market for 100s of days. I don't blame the agents as any push from their side would only make the seller switch agents, which would be a net loss for the current agent. So, I guess agents have some interest in not pushing the seller to be realistic.
Is no one willing to explain why there are more houses on the market now than last year? Seems that if things were improving inventory would be coming down, not going up.
I agree the foreclosure numbers aren't too important in setting prices - they don't drive the market, supply and demand does. Foreclosure prices just show what it takes for a motivated seller to get a house sold.
Foreclosure numbers are interesting because in past downturns, prices haven't stopped dropping until foreclosure numbers started to go down.
Anyway, all I see is a report by a respected company and lots of "but what if" FUD from people who don't like the results. No report is perfect, but they're using the same method now as they were last year, so I don't see why the comparison is invalid.
I'm not sure what posts you are reading, but I only read one post that gave the opinion that 'things are improving' and that was related to the number of foreclosures - not the sales market in general.
If you read the OP, the question was “Not sure how the Realtors on here interpret this data and how it impacts on home prices.” The question had nothing to do with inventory or if the market overall is getting better or worse. I, as a Realtor interpreted the data compared to accurate local data sources, and came to the conclusion that the number of foreclosures overall are not having a major impact on home pricesoverall in Wake County – which you apparently agree with because you say “I agree the foreclosure numbers aren't too important in setting prices - they don't drive the market, supply and demand does.”. So where is the spin?
If you want to talk about inventory that is a whole different conversation that has multiple variables to it – but again IMO, foreclosures in this area are not the primary driver of inventory. There are absolutely exceptions to the impact foreclosures have on prices and inventory in localized neighborhoods, but the articles were about the Raleigh-Cary MSA and I expanded that to Wake County.
The conversation was about foreclosures and home prices – which was not addressed in either of the articles that the OP posted. Whether you like it or not, the data that sites like RealtyTrac use is not as accurate as it needs to be for a “respected company”.
I’ve stolen this quote before and I’ll steal it again. You are entitled to your own opinion, but you are not entitled to your own facts.
I'm not sure what posts you are reading, but I only read one post that gave the opinion that 'things are improving' and that was related to the number of foreclosures - not the sales market in general.
If the message I was replying to was talking only about foreclosures, it wouldn't have brought up vague anecdotes about builders building an sales increasing. Neither of those are related to foreclosures. Nothing wrong with adding a bit of actual data to that anecdotal observation, except for the fact that it doesn't paint the Raleigh RE market in an absolutely positive light I guess.
..... Anyway, all I see is a report by a respected company and lots of "but what if" FUD from people who don't like the results. No report is perfect, but they're using the same method now as they were last year, so I don't see why the comparison is invalid.
Respected by who? Their information is no more credible than Zillow which has been under attack almost since it hit the grid. RealtyTrac captures information from common sources and spins it in a variety of ways to get attention so that it can generate revenue. They're no better than any of the media sites but because they're specific to an industry and get quoted frequently they're viewed as an authority even though they're not.
Respected by who? Their information is no more credible than Zillow which has been under attack almost since it hit the grid. RealtyTrac captures information from common sources and spins it in a variety of ways to get attention so that it can generate revenue. They're no better than any of the media sites but because they're specific to an industry and get quoted frequently they're viewed as an authority even though they're not.
Yer fixin' to be labeled a Realtor for not toeing the National Perspirer pop culture line...
Is no one willing to explain why there are more houses on the market now than last year? Seems that if things were improving inventory would be coming down, not going up.
I agree the foreclosure numbers aren't too important in setting prices - they don't drive the market, supply and demand does. Foreclosure prices just show what it takes for a motivated seller to get a house sold.
Foreclosure numbers are interesting because in past downturns, prices haven't stopped dropping until foreclosure numbers started to go down.
Anyway, all I see is a report by a respected company and lots of "but what if" FUD from people who don't like the results. No report is perfect, but they're using the same method now as they were last year, so I don't see why the comparison is invalid.
Respected by who? Their information is no more credible than Zillow which has been under attack almost since it hit the grid. RealtyTrac captures information from common sources and spins it in a variety of ways to get attention so that it can generate revenue. They're no better than any of the media sites but because they're specific to an industry and get quoted frequently they're viewed as an authority even though they're not.
The one thing they say about numbers, is that they can be manipulated to make one side look better or worse. But what I think is more important is the "overall picture" and the heath of the real estate market in general.
And the metro Raleigh area is far better off than many parts of the country.It's true that people are still hurting and job losses are bad.
But I've worked in the highline car industry in Cary for almost 6 years now.
People still have money - and lots of it, and are spending it. 50-60-70k SUVS and cars are being sold at a pretty brisk pace and there's no feeling of sadness or a deep depression in the car industry.
You must have some reason to support RealtyTrac, their credibility, and the validity of the data which several of us think is flawed.
Please share.
I'm not much of a RealtyTrac expert. My only "expertise" was predicting that the triangle would suffer a similar fate while others said "it's different here". Took about 2-3 years before I was proven right, and continue to be proven right. My image was more aimed at humor. However, I observed the 15-20% decline in home values in the triangle here:
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