I will work on it Yev.

Take care,
~ jordan elias

Tue Mar 18 2008, 18:39

Jordan, can you go back to 01/06-02/08, and also include:

Date | Inventory # | # Sold | Month Avg. Sale $

Although to me the Month Avg. Sale $ is pretty meaningless, but keep it for amusement.

Thanks

Tue Mar 18 2008, 18:33

Yev,

I almost forgot to respond to your comment regarding the Realtor Code of Ethics. Your comment is a true statement, "Just because there is the Realtor's Code of Ethics and responsibilities, it doesn't mean that it is followed". But I believe your comment also begs the response, just because there are local, state, and Federal Laws, it doesn't mean that they are followed.

I supplied the link so future Buyers and Sellers (if they so please) can educate and arm themselves against the Big Bad Predatory Realtors who do exist in the Real Estate Profession. In my opinion, this type of Realtor is found few and far between, but I do not kid myself that they do not exist.

Have a nice evening,
~ jordan elias

Tue Mar 18 2008, 18:30

Dear Hi from Virginia,

Thanks for the photo compliment! I've gotten a number of "look-a-likes" before, but never the local grocery store clerk!

Hey Yev,

I pulled the following statistics (fairly quickly) from Tempo, my local Multiple Listing Service. These numbers are specific to North Hollywood. I can pull other cities at your request, but I chose North Hollywood because I think it is representative of the greatest fluctuation in my local market, and represents the city with the greatest propensity for Short Sale and Foreclosure properties - a large reason for the recent property value decrease in certain areas. I am including month (month/year), average sale price of the closed listings for that specific month, and total number of closed sales for that specific month. I'd be interested to hear your thoughts. Thanks Yev!!

Month Avg. Sale $ Total # Sold
02/08 --- $392,116 --- 24
01/08 --- $431,377 --- 18
12/07 --- $457,762 --- 24
11/07 --- $484,556 --- 23
10/07 --- $478,339 --- 34
09/07 --- $490,032 --- 31
08/07 --- $527,519 --- 41
07/07 --- $533,277 --- 42
06/07 --- $538,818 --- 51
05/07 --- $509,931 --- 51
04/07 --- $521,868 --- 48
03/07 --- $571,829 --- 61
02/07 --- $471,020 --- 24

Thanks to all who participate!
~ jordan elias

Tue Mar 18 2008, 18:02

I would be interested in the numbers as well. The Sunday Daily News Business section lists recent closings and a year ago it would fill more than one page. Now, barely 1/2 a page is needed. Each week it is a smaller and smaller list. And most of what is on that page, which would be the closed sales, are the low end homes and condos and areas, such as Lancaster. I believe they also report total number of listings. Brokers - this should be easy data for you to put your hands on - please share. This would be much more useful to us than letting us know about the many lookie loos coming through the properties.

Tue Mar 18 2008, 17:45

Dot Chance and Jordan, I'll repeat my previous request:

Provide inventory numbers and number of sales for the past 2 months for this year and for the past 2 years, then we can make a determination regarding the health of the buying.

Just because there is the Realtor's Code of Ethics and responsibilities, it doesn't mean that it is followed. The SEC is also supposed to protect retail investor from fraud and manipulation, yet it happens every day. If you want to police all realtors with a third party, and enforce the rules, sure. But to point people to the Realtor's Code of Ethics is meaningless. Greed always wins.

Tue Mar 18 2008, 17:04

Previously in this chat thread there was discussion about the Realtor's Code of Ethics and responsibilities to his or her client(s). Follow the link below to NAR's website where you will find video segments explaining the Code of Ethics.

~ jordan elias

Tue Mar 18 2008, 15:09

Thanks for the update Dot. We too have seen a huge influx in Buyer activity over the past 5 weeks. Hopefully we won't be picking up the pieces of a wild chainsaw toss!

Thanks for the quote John. Although I don't agree with it, it does provide amusing imagery! Out of curiosity, is your 250% estimate based on your affordability ratio?

Newportfiji, thanks for the comment and for joining the chat thread! I can't say I agree with you about the future of the CA real estate market. In which geographical area(s) do you work as a Realtor? I'm not familiar with Southern Oaks. Thanks again!

Happy St. Patty's day all!
~ jordan elias

Mon Mar 17 2008, 18:30

Jordan, two of the deals I am working on now have multiple offers, one has 14 and the other 8...I have been amazed while showing properties on the weekends - there is a steady flow of buyers coming in and out of properties

Mon Mar 17 2008, 17:10

Great quote today in the news...many people call current homebuyers, "knife catchers."
But a London banker took the phrase to a whole 'nother level today (although he was talking about M&A, I think it still applies to anyone buying homes in LA today since they are still more than 250 percent overpriced).

‘This is about catching a falling chainsaw. It’s not just about cutting yourself if you get it wrong, it’s about losing a limb.’”

Love that quote...

Mon Mar 17 2008, 16:48

Jordan, you are new to the business if you consider this a "hot" market. We are experiencing a deflating real estate bubble, where prices will likely fall for several more years. Prices are falling and next year will be a better year to buy. In fact, 2010 will likely be an even better year to buy. Pass that on!!

Newportfiji

Thu Mar 13 2008, 11:01

NAR's Yun weighed in on the primary reason for foreclosures:

A recent Boston Fed study showed that home price movements and not interest rate resets as the primary determinant of foreclosures. If people have less or negative housing equity, then people have an incentive to default on mortgages and simply walk away.

http://www.realtor.org/research/commentary_top_down.html

Thu Mar 13 2008, 10:11

This morning, Jim Rogers gave his take on the Fed's actions to "aide the housing market." Watch the video in the link as well.

To paraphrase, at one point, he said, "What they did is great for me, but it's bad for 300 million Americans."
http://www.cnbc.com/id/23588079/site/14081545/

Wed Mar 12 2008, 06:47

Usually, when FED hands out money, it take only treasuries or similar assets as collateral. Now, for the second time, they are taking credit-bearing assets as collateral.

The hope is to stabilize the credit prices.

See Paul Krugman's interpretation of what FED is doing to the markets:

http://krugman.blogs.nytimes.com/

"What’s Ben doing? (Very wonkish)"
"A cartoon model of the crisis (more serious wonkery)",

Tue Mar 11 2008, 11:49

That's not going to loosen up the tightening lending guidelines. :) Unless free money rain comes back, we'll keep on moving down the slippery slope.

Tue Mar 11 2008, 11:40

Happy Tuesday all!

Here's an article about the Fed's recent decision to aide the injured housing market.

Tue Mar 11 2008, 11:28

I can only echo the previous poster, S. You sound really angry. Like I said, I'm sure you're very frustrated you can't afford a house. A measely 3% saved isn't going to help you. I would love to sell my house and live in a location closer to the beach, but I can't afford it. I don't, however, hope the economy crashes, millions of people age and die, putting record numbers of homes on the market, or thousands lose their jobs so they are foreclosed on and I can steal their houses. Nor do I lash out and blame realtors, the president, God or my mother for treating me badly when I was a kid. You really need some kind therapy to put your life in perspective and find out why you're so angry. You know the serenity prayer says "God grant me the courage to change the things I can, to accept the things I can't, and the wisdom so know the difference". The only thing you can change is yourself. If you aren't making or saving enough money, what can you do to change that? Gloating that people are being foreclosed on in record numbers doesn't make you more able to buy a house and you know it. It hasn't worked yet, has it? Face it, it isn't a 3% difference in price, it's a lot more than that.

Sun Mar 9 2008, 06:06

i'm looking around at houses too, and while i have a realtor, i spend a lot of time on trulia and redfin looking at properties 'cause there's just so many options out there i don't want to miss one I might really like.

but, "S" you sound super angry for no particular reason, and i'd just like to point out that the "recently sold" properties on almost all the public-access sites INCLUDE FORECLOSURES. which means they haven't been "SOLD" to anyone but the bank. when the current owners lose their house, as any reasonable person would have realized, there is a change in ownership. if you don't want a realtor that's fine - but then expect to be on the hold on the phone with the operator at countrywide or wamu for days - wouldn't you rather have an agent do it? as a buyer, sure you can negotiate an agent to cut their commission for the sale - but what do you care really? if you get it for the price you want, it's coming out of the seller's pocket not yours.

Sun Mar 9 2008, 05:24