And Ming - appraisers haven't caught on? Caught on to what? Last I checked (and it's often as I'm an active appraiser), appraisers are expected to comply with underwriting guidelines. Appraisers care about one thing - submitting an accurate appraisal based upon current comparable data that meets underwriting criteria. I might say that you haven't caught on to the idea that if you want to complain about :low" appraisals then write a letter to your various trade organizations and tell them to loosen up the underwriting criteria.
It would be beneficial to all if you would elaborate on the source of the data for your graphic, is your data filtered to ensure a high degree of accuracy? What are you considering "Atlanta"? Your sources seem to include sites like Trulia; I'd consider Zillow, Realty Trac....similar, are they are accurate with their living areas, etc? Are these actually closed sales? Actually foreclosed or just given notice? What are the time frames for your stats' last six months, year, two years?
There are about a hundred other questions and I can see right out of the gate. While handsome, that chart is far too broad to be reliable. I don't think I'd say that "really tells me what's going on in Atlanta".
Okay so here is the real reason for the numbers. Have you noticed that a vast majority of REO's are putting their property listings in Trulia without square footage? Imagine if 30% of the sales over the past year have "0" square feet. That is now averaged with the remaining 70% of accurate sales. Their sales prices are now throwing off the averages of the whole database and thus causing false data readings.
If you want to see what is really going on in Atlanta, check out my recent infographic at http://www.bankforeclosuressale.com/wp/article-11214078.html or look to local MLS data which is much more accurate.
This is truly a reminder that real estate is an extension of our society and included in it are all of its most unique personalities. People do get a kick out of just making things up............
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
If you believe the numbers you quote (and you should not) it would suggest you have a decisions to make. You are either motivated to act or you fold your tent and watch what happens in the Atlanta real estate market.
Please put together 15 comparable sales reflective of the same trend THEN you have something to talk about. An 'N" of one is not a trend, but only a data point.
Best of success,
Annette Lawrence, Broker/Associate
Remsx Realtec Group
Palm Harbor, FL
Hank - WTF?
I wonder what it would be like to sit in a classroom with esteemed exonomist 369153981. Hmmm...Maybe Ming could explain what all these empirical statistics reports and area by area comparison reports I pay for really mean.
I picked up one of my desktop reference books, "What would Keith Richards do?" to find a relevant quote to wrap up my answer...some of you may not know this but Keith has been known to stay awake for days - here's a quote that relates Keith's sleeplessness to this Q&A:
"You lose track of time after 3 nights. An hour becomes a minute. A minute becomes an hour. Time is meaningless, sleep becomes superfluous. Everything becomes a beautiful blur, until you fall over and break your nose..."
A good site for owner occupants to go to are:
All three of these site does offer owner occupant priority before investors can make an offer but the owner occupants would need to bid during those time frame.
Solid Source Realty GA, LLC