Upturn in the market or recession?

[SHELLY]

In the real world one would not have to mention the income, on a message board someone would call me out ;-).

BTW, what are your thoughts on the many properties going under contract?

Let's start with 2008: Give me a rundown on the asking prices vs the closing prices; how many of the total were short sales or preforecloure vs "normal" sales; and give me the total number of closed sales vs. the inventory and we'll discuss.


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[Bobby J]

Let's start with 2008: Give me a rundown on the asking prices vs the closing prices; how many of the total were short sales or preforecloure vs "normal" sales; and give me the total number of closed sales vs. the inventory and we'll discuss.


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Maybe in the am. Too late right now. Just trying to get your take on market conditions. Can you do this off the cuff? I think one area that has surprised all of us is how fast the foreclosures get gobbled up. I was concerned we were going to get to a point that homes just would not sell for any price. That clearly is not the case. If the price gets right the buyer comes on fast!

 

[SHELLY]

Maybe in the am. Too late right now. Just trying to get your take on market conditions. Can you do this off the cuff? I think one area that has surprised all of us is how fast the foreclosures get gobbled up. I was concerned we were going to get to a point that homes just would not sell for any price. That clearly is not the case. If the price gets right the buyer comes on fast!

Price...Bobby J....PRICE!

You want my take? Here it is: There's demand out there for housing....there's just NO DEMAND out there for OVERPRICED housing.

Sleep well my friend.


Shel.

 

[Bobby J]

Price...Bobby J....PRICE!

You want my take? Here it is: There's demand out there for housing....there's just NO DEMAND out there for OVERPRICED housing.

Sleep well my friend.


Shel.

Good stuff Shel. Good night!

 

[YoungFT]

Not sure if this is already generally understood but thought it was worth sharing, from today's American Banker.

Countrywide sent a notice to its correspondent sellers last month announcing a set of "enhanced appraisal requirements" that went into effect Tuesday, April 15.

The new standards require that appraisals include two comparable sales that closed within the last 90 days and at least one current listing or pending sale, according to a manual that was issued by Countrywide's correspondent lending division and obtained by American Banker.

If the requirements cannot be met, appraisers "must provide a detailed explanation as to why" and whether an "adjustment to the property value" was made as a result.

More mortgage buyers are saying to RMC Vanguard Mortgage Corp., "'Tell us about foreclosures in the area. Tell us about homes listed for sale.' It used to be that we could take comparable sales up to a year," said Owen Raun, the owner of the Houston lender.

"We're now starting to find out more by asking our appraisers to tell us that kind of stuff," Mr. Raun said. "We are unfortunately making a lot of consumers a little upset about the values of their homes not being what they thought they were."
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