Thursday, July 13, 2006

BubbleSphere Roundup

Calculated Risk is a fantastic blog. Check out the recent post about the May Trade Deficit.

Price Reductions in Marin County as of July 8, 2006 @ Marin Real Estate Bubble

"Friday's labor report was a bit of a disappointment. For the third month in a row, the total number of jobs created came in well below 150,000, the level generally believed necessary to keep pace with a growing population. However, the really bad news was not the number of jobs gained, but the type of jobs that are now being lost." So writes The Mess That Greenspan Made.

Its wonderful when my fellow bloggers take on the National Association of Realtors (NAR). I was pleased to see the Northern New Jersey Real Estate Bubble blog call the NAR on its downard revisions of existing home sales numbers.
Grim writes:

I have to admit, I do find it entertaining to watch the NAR change their forecast with every press release they issue. Month after month their forecast is revised downward and further downward still. While the overall change has been minor, it's most certainly something I'm going to keep my eye on.
Super. We need more eyes and ears watching the NAR. :-)

6 comments:

  1. Good news for those 52,000 condos coming online:

    "[DC Police Chief] Ramsey warns that criminals are following money to places in the city once considered safe." {Washington Post, July 13]

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  2. Everyone gets a condo in DC! No - everyone gets a brownstone! Everyone gets a.....huh? Oh. Ouch.

    “Washington, D.C., metropolitan area dropped significantly between June 2005 and June 2006, while prices maintained modest growth, according to statistics released Friday by Metropolitan Regional Information Systems Inc.” [Inman]

    “In Washington, D.C., home sales dropped 21.2 percent in June from a year ago. In Prince George’s County, Md., sales fell 21.5 percent year-over-year last month. Sales in Montgomery County, Md., plummeted 31 percent.”

    “In Alexandria, Va., sales dropped 33.3 percent. Sales in Fairfax County, Va., sank to 1,680 in June, down 38.6 percent from 2,737 a year ago.”

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  3. A classic from the Globe!

    "The drop in sales is bad news for many of her clients, including Chris and Heidi Schrock, who, like Pelligrini, own two properties: A three-bedroom ranch with vaulted ceilings in Hamilton and a cozy four-room Cape Cod-style home in neighboring Wenham. The Schrocks' Hamilton home has been on the market since last July.

    ``We've had a string of open houses since February, and multiple private showings," said Heidi. ``It's tiring. People will say they love the house, but then they'll tell me they have 10 or 12 other listings to go to. There's just too much inventory out there right now."

    In hopes of attracting the right buyer in an increasingly competitive market, the Schrocks have lowered their asking price by more than $70,000 over the past year, to $422,500. To date, they've had only one offer, of $476,000. But that was last fall, before the market cooled, when the Schrocks thought they could do better."

    That's a shame.

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  4. Thierri, Bubble Head #129450 said... "bs".

    Please leave the politics out of it, especially since you don't know what you are talking about. Besides a million kurds(he gas's 500k of them) whould say your wrong not to mention every woman in afghan who no longer gets stonded to death if the wind blows there vail off. Lets talk about the bubble!
    Bob

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  5. From Washington Post.

    http://www.washingtonpost.com/wp-dyn/content/article/2006/07/06/AR2006070601926_2.html

    DEAR BOB: As a real estate agent, I've been selling homes for 14 years and will negotiate the sales commission on expensive homes to remain competitive. However, I tactfully tell my sellers if I reduce my commission to 4 percent or 5 percent, the buyer's agents will show my listings only after showing the full-commission listings. Whether it's ethical or not, that's what happens.

    You might enjoy knowing about a recent full-commission, well-priced listing I had, which didn't get even one offer after 60 days on the market. It's a beautiful older home but on a busy street. I suggested my seller raise the commission to 7 percent from 6 percent, with 4 percent to the buyer's agent. She agreed. I held a well-publicized broker's tour with a deli-lunch and got 125 local agents to re-tour the house. Within the week, the house sold for nearly the full asking price. Raising the sales commission can sell a house in a slowing market.

    -- Sharon

    DEAR SHARON: Thank you for your insights based on longtime sales experience. Too many home sellers focus on the sales commission, thinking they are saving money if they cut the rate. But, as the volume of home resales slows in most towns, the houses and condos listed with reduced commissions usually get shown last to prospective buyers.

    LOL, TALK ABOUT TOTAL BS!
    With access to the listings, potential buyers sees everything the realtor sees.

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  6. fritz,

    Your comments were deleted bc you stated that iw was unclear weather I forged that question on WashingtPost Live. As far as I am concerned saying this in any comment will cause that comment to be deleted.

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