Comments on: Existing Home Sales

By: zanon

zanon — Tue, 24 Nov 2009 23:31:20 +0000

JKH: I believe warren has something similar in one of his “required readings”

By: JKH

JKH — Tue, 24 Nov 2009 15:00:21 +0000

This is fairly good:

http://blog.andyharless.com/2009/11/investment-makes-saving-possible.html

By: Brian L

Brian L — Tue, 24 Nov 2009 12:42:31 +0000

Also I believe 30% of this last existing home sales data were “distressed sales” not sure how they account for that, but I’m assuming that it’s bank sales or auction/reo sales? Interesting to note (and I’ve experienced this) that when you go to an auction the bank is always there bidding the mortgage level as a minimum, usually the house is underwater from that level so no one else bids yet the house still transacts despite it being just a formality in the foreclosure process. To me sounds like banks are taking on more properties and median price data is still artificially too high.

By: Jill K

Jill K — Mon, 23 Nov 2009 23:21:55 +0000

Reading this news in my email reminded me of a post I commented on here last week leading me to wonder how much of the 30% ‘distressed’ sales were foreclosures vs short-sales, I thought MAYBE I’d find clarification on NAR’s website http://www.realtor.org/press_room/news_releases/2009/11/record_big I did not so I emailed my question to the contact listed at the top of the article, Walter Molony. I expect the foreclosures will overshadow the number of short-sales but maybe I’m wrong.

I got a good laugh though as I read “Lawrence Yun, NAR chief economist, was surprised at the size of the gain.” I’m surprised that he’s surprised! :) Mr. Yun is forever the optimist. At the NAR Expo in San Diego this month his predictions for 2010 included 15% increase in the number of existing home sales, 4% increase in median home price and 20% increase in Realtor incomes.

Hmmm, Economist or Recruiter?