From CoreLogic:
CoreLogic Home Price Index Rises by Almost 10 Percent Year Over Year in January
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its January CoreLogic HPI® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 9.7 percent in January 2013 compared to January 2012. This change represents the biggest increase since April 2006 and the 11th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.7 percent in January 2013 compared to December 2012*. The HPI analysis shows that all but two states, Delaware and Illinois, are experiencing year-over-year price gains.
Excluding distressed sales, home prices increased on a year-over-year basis by 9.0 percent in January 2013 compared to January 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in January 2013 compared to December 2012. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that February 2013 home prices, including distressed sales, are expected to rise by 9.7 percent on a year-over-year basis from February 2012 and fall by 0.3 percent on a month-over-month basis from January 2013, reflecting a seasonal winter slowdown. Excluding distressed sales, February 2013 home prices are poised to rise 11.3 percent year over year from February 2012 and by 1.8 percent month over month from January 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.
“The HPI showed strong growth during the typically slow winter season,” said Mark Fleming, chief economist for CoreLogic. “With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values.”
Good Morning New Jersey
From Bloomberg:
Wealthy Eye London, New York as World’s Rich to Increase by 50%
London and New York will be the top destinations for the world’s wealthy elite as the number of people worth more than $30 million swells 50 percent over the next decade, according to Knight Frank LLP’s Wealth Report.
The two cities will remain the favored locations for the world’s richest people until 2023 even though the fastest wealth creation will be in Asia and Latin America, according to the London-based property consulting firm.
From HousingWire:
Housing demand to grow as new immigrants arrive
Rental and homeownership demand from new U.S. immigrants is expected to grow as more foreign-born citizens settle into the U.S, according to a new report.
The study was sponsored by the Mortgage Bankers Association’s Research Institute for Housing America and prepared by the Population Dynamics Research Group at the University of Southern California School of Policy, Planning, and Development.
The report, “Immigrant Contributions to Housing Demand in the United States: A Comparison of Recent Decades and Projections to 2020 for the States and Nation,” looks ahead to 2020 and makes a demographic-based projection of the growth in homeowner and renter households headed by immigrants in individual states and across the nation.
Starting with a surge, the volume growth of foreign-born homeowners has expanded each decade, rising from 800,000 in the period stretching from 1980 to 1990 and then growing another 2.1 million from 1990-2000. From 2000-2010, 2.4 million immigrants arrived in the U.S., and that number is projected to rise to 2.8 million from 2010-2020.
“Rising numbers of foreign-born households are driven by the continued increases in homeownership rates achieved as immigrants settle longer in the United States,” said John Pitkin, senior research associate of the Population Dynamics Research Group.
…
The demand for foreign-born homeownership increased significantly in the newer destination states. From 2010-2020, foreign-born ownership demand is projected to remain a majority of the growth in California, New York, New Jersey, Massachusetts, Connecticut and Michigan.
From the WSJ:
Help for Underwater Homes
The number of American homes that end up in foreclosure has started to decline, a welcome development that partly reflects an improving housing market.
But a look at data that tracks distressed home sales reveals another reason why foreclosures are becoming less prevalent: More homeowners are turning to so-called short sales—where they sell their homes for less than what they owe in mortgage debt and the bank typically eats the difference.
In the past, short sales were rare. Now they are becoming increasingly common in part because lenders, homeowners and real-estate agents have become more experienced at marketing and pricing the properties, and because short sales are considered a more efficient way than foreclosure to sell underwater properties.
The shift is helping the housing market pare the backlog of distressed mortgages while cutting the amount of time vacant homes sit empty. That has helped keep home prices firm at a time when the real-estate industry is still healing from its multiyear slump.
From Trulia:
As Asking Home Prices Keep Rising, Inventory No Longer in Free Fall
Rising Prices Mean Falling Inventory … in the Short Term
Nationally, inventory fell 23% year-over-year in February, according to the Department of Numbers HousingTracker (whom we thank for sharing their data with us for this analysis). Inventory fell year-over-year in all 50-plus markets they track, and by more than 50% in several California metros. Price increases and disappearing inventory go hand-in-hand: nearly all metros with the biggest inventory declines also had year-over-year price increases of 10% or more, such as Sacramento, San Jose, and Seattle.
Inventory and prices affect each other in three ways:
Less inventory leads to higher prices. That’s because buyers are competing for a limited number of for-sale homes.
Higher prices lead to less inventory – at least in the short term. Everyone wants to buy at the bottom; no one wants to sell at the bottom. When prices start to rise, buyers get impatient while many would-be sellers want to hold out in the hopes of selling later at a higher price.
Higher prices lead to more inventory – in the long term. As prices keep rising, more homeowners decide it’s worthwhile to sell, especially those who get back above water, which adds to inventory. Also, builders take rising prices as a cue to rev up construction activity, which also adds to inventory.
In the short term, the first two reasons create an “inventory spiral”: less inventory leads to higher prices, which leads to less inventory, and so on. But the inventory spiral can’t go on forever because eventually rising prices will encourage homeowners to sell and builders to build, which add to inventory and breaks the spiral. The critical question for the housing market – especially for buyers fighting over tight inventories – is how long until that kicks in? How long do prices have to rise before sellers and builders start adding to inventory?
The final sheep are being led to slaughter. Transfuse the cadaver; keep blowing the bubble in little green pieces of paper.
It all ends in tears.
No one will be spared.
Wednesday 6 March 2013 06.49 EST
Hugo Chávez: no hero or villain please
Venezuelan president’s death reminds us, unfortunately, that many still cling to the monochrome liferaft of good and bad
On days like today when Hugo Chavéz is being adored and reviled in equal measure following his death from cancer I’m fascinated by society’s deeply felt need for heroes and villains, the overwhelming urge to set aside inconvenient facts which mar the hero’s life or put the villain’s record in a more impressive light.
It will be the same when Margaret Thatcher, another charismatic and divisive figure, goes to join the majority. Both sides will be outraged that I mention Lady T in the same breath as Commandante Chávez. How dare he! But that reaction reinforces my point. People with a need for heroes – their black and white world view also needs villains – will have no truck with that sort of comparison.
Are our own times worse than others in this regard? Probably not, except that the widespread rejection of religious faith – plenty of scope for heroic saints to admire there – western secular society seems to search for other heroes. Did I say western? Europeans in their millions may have revered both Hitler and Stalin. But even more Chinese made a lethal cult of Mao Tse Tung well within living memory.
Maoist cult groups in Europe threatened death to writers who questioned his towering achievements. Even today the nervous crony capitalists elite in Beijing dare not do what Khrushchev did to Stalin in his secret speech a mere three years after his predecessor’s death. Cromwell, Napoleon, Richard III, they all retain their active fan clubs and hate clubs centuries after they died. Some leaders have that knack.
Myself, I usually refrained from writing about Chávez, who struck me as a familiar type of Latin American caudillo whose career would probably end in tears – his own or other people’s. I did so because a lot of people I like regarded him as a serious progressive who was trying to raise up the poor of oil-rich Venezuela and do so at the expense of the corrupted oligarchy that had run the place for a long time with the connivance of the United States.
The overall US record in South and Central America has been pretty baleful since it took over paternal stewardship of the subcontinent from the Spanish and Brits (Portuguese Brazil was always a special case), though the past few decades have been more successful and assertive, not least in modernising Brazil, which has avoided what we’ll call Chávez’s flair. Even Franklin D Roosevelt – who comes as close as I can muster to a 20th-century political hero of mine – once said of some ratbag (was it Batista of Nicaragua?) “he may be a son of a bitch, but he’s our son of a bitch”. Not nice.
Like the dynastic Castro brothers, Chávez was part of the Latino self-assertion, for all his faults and excesses, economic, political and constitutional. It’s pretty obvious that millions of poor people loved him and benefited from his rule, whatever sour-puss US analysts are saying on radio and TV today. Fair enough, so I gave the president-for-life the benefit of the doubt which was often difficult, as today’s obituaries underline.
He did a lot of outrageous things at home, not all of them necessary to sustain his popular rule, his economic policies, based on the oil boom, would have run out of money sooner or later, and he chose some very unsavoury pen pals abroad. Check out this – and this balanced warts-and-all analysis from Rory Carroll, the Guardian’s former Caracas correspondent and Chávez biographer. Here’s Rory’s thoughtful film.
It won’t be good enough for the worshipping end of the trade, especially liberal and leftwing romantics who live far from Venezuela. Check the posts on the Guardian’s coverage. This morning, ex-mayor of London Ken Livingstone traded blows on air with a US hardliner, both blinkered in their own ways. Honest, frank, likeable, you didn’t feel at all deferential in his presence, the former mayor confided.
Livingstone said Tony Blair met Muammar Gaddafi too, so that made it OK, that Chávez was more popular than George W Bush – probably true, but a low benchmark – and that US and British ministers rig our supreme courts too by picking the judges. Hmmm. I can find no easy confirmation of Livingstone’s claim that the US flew three assassins into Venezuela during the failed 2002 coup but that when Chávez’s jailers realised they’d kill them too they saved him. Hmmm again.
Chávez bounced back in impressive style in 2002 as he had after his own botched coup in 1992, and after misleading voters over his own health – people with cancer are entitled to do that, but should his entourage have joined the conspiracy of silence? – got re-elected in November. What happens next is likely to be messy, let’s hope it isn’t. At least Barack Obama isn’t Bush.
Quiet, fairly democratic states don’t need heroes quite as much as those suffering deep turmoil or oppression. For most people, I suspect, ritual hatred of politicians is pretty skin deep. Even Maggie worship is fading and Churchill has little of no cult following left at all. In Italy the shine is coming off Beppe Grillo already – and he’s only been a political kingmaker for a week.
That’s as it should be. Happy the country without heroes. I like to think of the 1940s as offering two perfect, rival models of leadership – Churchill and Attlee. Sensible people would have voted for the charismatic Churchill as warlord in May 1940, the Labour party certainly did, though his own side was tepid and did not cheer his first entry into the Commons as PM.
But in July 1945 sensible people voted to chuck him out and quite right too. They elected his Labour deputy in the coalition, Clem Attlee, taciturn and uncharismatic, but a man who mastered a turbulent cabinet determined to rebuild war-ravished and bankrupt Britain. In her memoirs Thatcher gracefully conceded Attlee was “all substance and no show” (unlike most politicians today, she added meanly) while Attlee said of Churchill that he was “50% genius, 50% bloody fool”.
Clem gets my endorsement, but he wouldn’t want it. He wouldn’t want a fuss. No demos, no placards please.
BKs will start to fall as underwater folks current on their mortgage in next few years will have equity. Each money a little more principal is paid and if homes do 3% year for next 3-5 years as predicted that will help.
I saw the other day an interesting stat, 15% underwater or more is breaking point that causes short sales or BKs, folks feel if they are less than 15% underwater, between embarrassment, ruining credit history, fees, then having to pay to move your stuff and rent a new place is not worth it. Even more key is if home prices are rising 3% a year, between principal payments and home appreciation in less than four years they are back
Homes really really tanked rather quickly, it is four years to day of stock market bottom. And almost 5 years since Bear caused the mortgage market to freeze up for subprime folks when MBS collasped.
The subprime sludge folks with teaser loans day in the sun died around Summer 2008. By summer 2018 as the Clash likes to say “Should I say or Should I Go” will be over for good. They will have defaulted, short sale, walked away, died, etc. Ten years into a mortgage and if real estate rises 3% a year for next five years it will be too late to walk away. They will have equity. They can just sell in a non distress sale.
I know enough Venezualans and enough about tinpot dictators to know the world is a better place with old Hugo in the ground.
Hello NJ,
found this story from Raleigh about American Homes 4 Rent. Also heard through the grapevine that another California investment company is buying homes in the Charleston, SC area where I currently live, sight unseen.
Sounds like the plutocrats are going to buy us out. What is going on?
California billionaire bets on rentals with Wake home-buying spree
Read more here:
http://www.newsobserver.com/2013/02/23/2702528/california-billionaire-bets-on.html#storylink=cpy
Psychological effect of housing has stabilized add rising prices, has the strongest effect on people with mortgages
I’m curious.
When a home (MLS 3003426) comes on the market (today is first day) already under contract, what is the most likely explanation(s)?
Clot (6):
Might as well enjoy the dancing corpse while Uncle Ben prints 85 bilion dollars a month. This will probably go on through Obama’s second term. We will get a fantastic rise in the markets. It will be the hangover in 2016 when it really, really hurts.
http://www.zerohedge.com/news/2013-03-06/one-hundred-and-eighteen-million-dollars-hour
[7] anon,
Did you catch Oliver Stone’s eulogy? Downright poetic. I think it made Michael Moore cry.
Sequestration cuts designed to inflict maximum public pain? Quel Surprise!!!
“During the Management team conference call this morning, I asked if there was any latitude in how the sequestration cuts related to aquaculture could be managed (e.g. spread across the Region). The question was elevated to APHIS BPAS. The response back was, “We have gone on record with a notification to Congress and whoever else that “APHIS would eliminate assistance to producers in 24 States in managing wildlife damage to the aquaculture industry, unless they provide funding to cover the costs.“ So, it is our opinion that however you manage that reduction, you need to make sure you are not contradicting what we said the impact would be.”
http://griffin.house.gov/sites/griffin.house.gov/files/email.pdf
[3] grim,
The immigrant-housing connection has been a policy consideration for some time but has never really made it to the front burner. Basically, its the antidote to the demographic shift when we boomers exit stage right.
To me, the big problem has been that the immigrants will not earn anywhere near what the boomers did, so that depresses prices. Further, if we admit even more immigrants, that further lowers wages (though that would certainly be better for tax revenues so long as they pump in more than they take out). Whatever the level of immigration, that will put a floor under prices but they will be lower, esp. since UW standards must tie more closely to DTI.
Sequestration
The average american has no clue what that word means or how it impacts stocks or housing. So it is no suprise it has no bearing on the markets
The average american is not in the (stock) markets.
JJ says:
March 6, 2013 at 10:07 am
Sequestration
The average american has no clue what that word means or how it impacts stocks or housing. So it is no suprise it has no bearing on the markets
To me, the big problem has been that the immigrants will not earn anywhere near what the boomers did, so that depresses prices.
Is your assumption that immigrant = Illegal Wetback?
I’ve worked with some immigrants that were surprisingly wealthy (UK, Western Europe, Asia). Spend some time out in the BC Asian communities, might change your perspective. The decline in the dollar has increased foreign purchasing power, don’t believe me, go try to buy a house out in Western Europe, even NJ looks inexpensive in comparison. I’ll tell you, when I was out in UK last year, I was drop dead shocked at house prices an hour outside of London. You could easily spend $600k usd for a modest 3br and at best have an hour long commute. I know we’ve got some UK ex-pats here, comments?
If you look at the trend in immigrant home buyers versus renters outlined in the study, you’ll see the share of immigrant renters declining as immigrant buyers has been increasing, this points to increasing immigrant wealth and income levels.
#19
Exactly right.I always said;there is a difference between an immigrant that walk to cross the border and an immigrant that flies to get here.The illegal that flies to get here have assets in its original country for it needs visa to get here.US dont give those visa like hotcakes.You need to prove intention of coming back.This are the educated and have businesses with healthy bank accounts
Anecdote….
First generation immigrants sitting near me now that make 10 times what I do include:
French
Brazillian
Israeli
Australian
English
Argentinian
Plus more I’m forgetting.
19.grim says:
March 6, 2013 at 10:12 am
To me, the big problem has been that the immigrants will not earn anywhere near what the boomers did, so that depresses prices.
Is your assumption that immigrant = Illegal Wetback?
I’ve worked with some immigrants that were surprisingly wealthy (UK, Western Europe, Asia). Spend some time out in the BC Asian communities, might change your perspective. The decline in the dollar has increased foreign purchasing power, don’t believe me, go try to buy a house out in Western Europe, even NJ looks inexpensive in comparison. I’ll tell you, when I was out in UK last year, I was drop dead shocked at house prices an hour outside of London. You could easily spend $600k usd for a modest 3br and at best have an hour long commute. I know we’ve got some UK ex-pats here, comments?
If you look at the trend in immigrant home buyers versus renters outlined in the study, you’ll see the share of immigrant renters declining as immigrant buyers has been increasing, this points to increasing immigrant wealth and income levels.
20
If they have a visa, than they’re not illegal
22 joyce
Most of the time, this are b1b2 visa holder. They come here as tourist or business . Visa is good for 6 months then they start hiding from INS
Everyone is in who works for a publicly traded company, has a pension, has a 401k and most certainly owns a restaurant is in the stock market.
Go to Dell Friscos, Peter Lugars, Capital Grill and I can tell you how the DOW is doing. March 2009 empty, Spring 2007 packed.
joyce says:
March 6, 2013 at 10:11 am
The average american is not in the (stock) markets.
JJ says:
March 6, 2013 at 10:07 am
Sequestration
The average american has no clue what that word means or how it impacts stocks or housing. So it is no suprise it has no bearing on the markets
I am a first generation immigrant, parents born in Ireland. WE so somart
Brian says:
March 6, 2013 at 10:46 am
Anecdote….
First generation immigrants sitting near me now that make 10 times what I do include:
French
Brazillian
Israeli
Australian
English
Argentinian
quick question, where is a cheap place to buy title insurance.
I want to do the deal cash now. There must be good places on line etc that does it cheap. Banks use it as a profit center.
Off topic, but check out the wind speeds today. On Weather Underground in nearby Montclair (Anderson Park) they’ve been recording gusts between 50 to 52 mph since 10:47 this morning. No wonder the lights keep flickering.
Grim [19];
Is your assumption that immigrant = Illegal Wetback?
I wouldn’t go that far. I’ve worked with immigrants on H-1B visas who were paid far more than a day laborer, but still at the far bottom of market rates for their skill set. They accepted it because 1) they wanted to be in the US and it kept them in the country; 2) it was a comparative fortune compared to what they could have made (and often some of which was being sent) back home; and 3) their visa was contingent on their continued affiliation with their sponsoring employer.
None of that changes the fact that employers are gaming the immigration/visa system to obtain ‘cheap’ labor, even if its only cheap by comparison.
hype (13)-
You shoulda seen Druckenmiller on Squawk yesterday, laying down the scenario of max pain when the whole scam of our current necronomy collapses. People here can call me nuts all they want, but you can’t say that about Druckenmiller, and he sees it all ending in either the malinvestment bust of all time or raging inflation.
Hugo Chavez was a poor man’s Che Guevara.
Murderers and thugs, the both of them.
jj (26)-
If you go all cash, why do you need to buy title insurance?
Have a title company run a good abstract for you, then go for it (unless the search turns up something skeevy).
Is the property in NJ? If so, no place to get it cheaper as the insurance premiums and search fees are set by the state. No one can legally charge more, or less, than the state mandated rates.
While you’re at it, you can give yourself a good root canal with a power drill and some spackling compound. :)
Disclaimer: I am a former Realtor. I spent 13 years giving good advice that people ignored, so now I figure I’ll give bad advice that will be universally accepted.
yome
You said the ‘illegal that flies here’ … that’s what I was objecting to.
What percentage of the US workforce is employed by a publicly traded company?
JJ says:
March 6, 2013 at 10:54 am
Everyone is in who works for a publicly traded company, has a pension, has a 401k and most certainly owns a restaurant is in the stock market.
100%. Non profit, govt workers, retirees, etc all mooch off corporate america and small business cant exist with out us
joyce says:
March 6, 2013 at 11:34 am
What percentage of the US workforce is employed by a publicly traded company?
JJ says:
March 6, 2013 at 10:54 am
Everyone is in who works for a publicly traded company, has a pension, has a 401k and most certainly owns a restaurant is in the stock market.
He’s talking his book…..
Scrapple Cannon says:
March 6, 2013 at 11:23 am
hype (13)- You shoulda seen Druckenmiller on Squawk yesterday, laying down the scenario of max pain when the whole scam of our current necronomy collapses. People here can call me nuts all they want, but you can’t say that about Druckenmiller, and he sees it all ending in either the malinvestment bust of all time or raging inflation.
How can one have a conversation with someone who (a) does not understand the definition of words, (b) gets almost everything complete @ss backwards, (c) will say anything regardless of how wrong it is, and (d) is functionally retarded?
chi (38)-
Anyone who’s a guest on that show talks his book, but how has he been wrong (other than refusing to participate in a gubmint-induced phony stock surge)?
My MIL is a prudent, conservative lifetime saver who has been literally robbed by Bernank and his gang of thugs. I hope she lives long enough to see him publicly shamed for his actions, but I doubt that will happen.
If one has an MLS number of a home under contract, can you find out what it sold for ahead of time? Or do you have to wait to closing.
2436333
42 – Offer to service one of the agents or secretaries in the listing or selling office. Preferably within arm’s reach of the filing cabinet.
otto (43)-
All you need to service a Realtor are doughnuts, cupcakes and bagels.
IKEA Poo Cake, anyone?
http://libertyblitzkrieg.com/2013/03/05/ikea-recalls-almond-cake-after-finding-fecal-bacteria/
That makes you second generation.
25.JJ says:
March 6, 2013 at 10:55 am
I am a first generation immigrant, parents born in Ireland. WE so somart
Why do they keep it secret in first place? I mean what is worse that can happen someone offers more and tries to bust deal.
Ottoman says:
March 6, 2013 at 12:00 pm
42 – Offer to service one of the agents or secretaries in the listing or selling office. Preferably within arm’s reach of the filing cabinet.
In the United States, Senators Chuck Schumer and Mike Lee proposed a similar initiative in October to offer visas to foreigners who invest $500,000 cash in a residential property in the U.S. The homebuyer visa program would operate in addition to other immigration quotas, and have no cap.Last year in the U.S., according to a report from the National Association of Realtors, the hottest cities for foreign property buyers were Miami and Phoenix, where foreign buyers represent 5.5 and 4.3 percent of purchasers, respectively. In Florida, more than a quarter of sales were made to foreign buyers. Over 60 percent of foreigners who
bought homes did so in just seven states: Florida, Arizona, California, Texas, New York, Nevada, and Georgia.
http://m.theatlanticcities.com/housing/2012/11/buy-house-get-visa-coming-soon-everywhere/3959/
I have to say though JJ, it sure is nice to have an Irishman in the whitehouse again isn’t it?
http://www.metacafe.com/watch/2162693/theres_no_one_as_irish_as_barack_obama/
43/47 – Nobody is going to share contract details or a closing price on an UC bid unless you are an agent in the same office. On rare occasion, the listing agent will tell you a price, but that’s basically worthless information as you don’t know if it’s true or not. Just as well, they could be fishing for a higher offer.
After spending lots of time representing the buy side, I sure as hell wouldn’t want a listing agent on the other side to divulge any details of my client’s offer to anyone without my client’s explicit approval to do so.
In my earlier days, I know I pushed for a kind of open bid approach (I want to know the color of the other bidder’s underpants), but after spending time representing buyers, my opinion is now: “It’s none of your business.”
I wouldn’t want a listing agent spilling details about my bid, financing, etc to some anonymous third party, sure you wouldn’t either.
So, that said, make an offer, or just wait until closing.
That said, I’ve also realized that it’s very rare for a seller to accept a new bid after a property is in ARIP or nearing UC, without the new big price being significantly higher than the existing bid, or having some kind of material difference in contract contingencies.
See it all the time, buyers that want to jump and put a bid in when the property goes A* on the MLS. Waste of time in 99.9% of cases.
Once the property goes ARIP/UC, contract price is almost entirely irrelevant anyway.
分析的很透彻，很欣赏你的看法，学习了。
grim,
Sorry to repeat my question, but speaking of the A* status… What do you make of a property being listed day 1 with that status immediately? (my post above #12)
I made an offer. But in this case there is a unit similar that went into contract in December that closes this Friday. I had my realtor call up to ask but the jerk said you have to wait till Friday like everyone else.
In some neighborhoods, “Levitown” or townhouse or condo developments units are very similar or dont sell often. After Superstorm Sandy this will be first comp in building. So I am working without comps. The jerk is just yanking my chain. It does not matter anyhow as I wont get the actual contract ironed out and check given till after Friday.
I looked at the other unit and lowballed him. Pissed him off. I bet dollars to donuts he sold for less than my lowball and is embarrassed to admit it. If he sold for more he would be bragging.
grim says:
March 6, 2013 at 12:56 pm
43/47 – Nobody is going to share contract details or a closing price on an UC bid unless you are an agent in the same office. On rare occasion, the listing agent will tell you a price, but that’s basically worthless information as you don’t know if it’s true or not. Just as well, they could be fishing for a higher offer.
Sold before listed. One realtor in my town concentrates on getting buyers first homes second. She sold me my house one first day of listing.
joyce says:
March 6, 2013 at 1:08 pm
grim,
Sorry to repeat my question, but speaking of the A* status… What do you make of a property being listed day 1 with that status immediately? (my post above #12)
Grim, I understand normally brokers dont like to show their card. I do find it appalling that in Sandy ravaged neighborhoods with extremely few comps they still wont share info. Places like Long Beach, Jersey Shore etc. A lot of December/January sales were pre-sandy delayed closings on homes with little or no damage.
The homes sold post Sandy, not yet closed are only comps. Lots of homes will have delayed closings as issues are cleared so we need the comps.
Funny, they are just screwing folks trying to sell and hurting overall market. All because they dont want to share.
REVIEW & OUTLOOK
#SequesterThis
Meat inspectors have to go, but fine wines are still on the USDA menu..
In its bid to make the sequester as painful as possible, the White House announced Tuesday that it is canceling all visitor tours of the White House “during the popular Spring touring season.” This fits President Obama’s political strategy to punish the eighth graders visiting from Illinois instead of, say, the employees of the Agriculture Department who will attend a California conference sipping “exceptional local wines” and sampling “tasty dishes” prepared by “special guest chefs.”
Yes, even as the White House warns that the modest automatic spending cuts will force the furlough of meat inspectors, two divisions of the Agriculture Department will underwrite the 26th California Small Farm Conference in Fresno next week.
The event will feature USDA speakers, field trips, a banquet and a tasting reception, according to the conference website. Conference organizers promise the tasting will be a “mouthwatering event” featuring “fine wines and exceptional micro-brews paired with seasonally driven culinary delicacies.” How can we sign up?
In April, the penny-pinchers at the USDA will also sponsor the Priester National Health Extension Conference in Corvallis, Oregon. The pressing object of this four-day event will be to “provide resource support to professionals and community leaders working to improve community health,” although attendees will sneak in their own wine tasting. We recommend the state’s pinots.
Oklahoma Senator Tom Coburn noted in a Tuesday letter to Agriculture Secretary Tom Vilsack that while these conferences may be “fun,” or “even educational,” they reveal an agency unable to set priorities that serve taxpayers as opposed to its own bureaucratic interests. The agency fans public fear about salmonella outbreaks even as its public servants serve themselves haute cuisine.
Mr. Coburn and others are providing Americans with a window on this and other fiscal contradictions at #SequesterThis on Twitter, and we recommend that readers take a look. Then decide if the federal government is so wonderfully efficient that it can only cut spending that most hurts the public.
A version of this article appeared March 6, 2013, on page A20 in the U.S. edition of The Wall Street Journal, with the headline: #SequesterThis.
[19] grim,
Wetbacks? I wasn’t getting that granular, nor do I expect them to buy a lot of houses.
And while there are many immigrants (or expats) here that are doing quite well, are there enough of them to move the needle? We are looking at a huge demographic shift where the most successful and wealthiest generation is disappearing, and making substantial housing shifts, and what is there to replace them?
Perhaps in the Brig or Millburn or PBC, there will be enough managers and professionals from the UK and Germany and India and Japan who are working for the US subsidiary and will need houses, but how does that begin to make up for the 10,000 boomers per day who are retiring (and whom will soon start dying)?
What do you make of a property being listed day 1 with that status immediately? (my post above #12)
1) Lazy agent – Got a bidder based on word of mouth, sign on lawn, neighbors, before they put the MLS listing up.
2) Interoffice Deal – Office already had a prospective buyer when they took the listing.
3) Collusion – In the case of a cherry REO or short sale, they might have already had a “buyer” in pocket with another agent.
4) Back-on-market, had back-up bidders or interested parties that the listing agent reached out to when the deal was falling apart. In many MLS platforms you need to go bom, arip, uc again as those transaction statuses have associated data elements that change (buyers agent, closing dates, etc).
5) “Lazy” agent – Agents who want to sell exclusive but are forbidden to do so by broker cooperation agreements required as part of the MLS might be intentionally “lazy” in adding the record to MLS.
Grim
Might be opposite of Lazy. Lady in town is know for having a deep deep list of pre-qualified buyers who know exactly what they want. She very often sells on same day.
House across street from me was an estate sale, she MLS’d it ant took it down within an hour. Cruise Realtor is the best at this. They do “pre-showings” and allow “drive-bys” you get on their list of distressed properties. They give you details a week before it hits MLS, even will take you into house. Banks etc require it to hit MLS, I went to one, pre-sandy. And I could even write offer up ahead of time, dated on MLS listing date.
Good deals fly off the shelf. Pretty much a listing first 7 days are hot, then it is matter of the seller after a year finally giving in and selling it or pulling listing.
My realtor who sold my house only markets your house for two weeks tops, then she MLS it and let those suckers work the scraps
Didn’t any of them have kids and grandkids?
“but how does that begin to make up for the 10,000 boomers per day who are retiring (and whom will soon start dying)?”
(59)
Thanks, grim. For what it’s worth, it last sold for $525,000 in 2007, lis pending filed in 2012, and was listed for sale at $398,000…. and absolute bare minimum of information in the listing. I guess it was one of the scenarios where they HAD to list it, albeit very briefly, whether bank required it or they had someone in pocket already. Lucky buyer I think.
Lady in town is know for having a deep deep list of pre-qualified buyers who know exactly what they want. She very often sells on same day.
All well and good for the buyer, but I feel this isn’t beneficial situation for the seller. In this model the listing agent is dual disclosure and really not representing either party. The risk here is that the listing agent underprices a property to market in order to facilitate a deal with a buyer that had a pre-existing relationship.
One of the goals of the MLS model (besides making stupid money for the owners of the MLS) is to yield the greatest exposure of the property to market, thus yielding the highest and best offer.
If her model is so good, she doesn’t need to belong to the MLS or even be a “Realtor” for that matter. State licensing alone is all she needs to operate a business like that (Completely non-cooperating broker).
jobs lost and gained:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/03/Job%20wages%20recession.jpg
In distress sales she told me she is representing buyer. The Seller, although technically paying her commission is usually an estate sale, divorce, short sale, reo etc. There is no repeat business. Her buyers buy lots of homes, sometimes 30-50 homes off her. So if broke dick eddie the buss boy who beats his wife needs to sell quick and wants 350 but will take 330. She is selling at 330, coffee is for closers.
She does not want to ever do MLS, but usually a requirement made by seller. She gets the good listings usually as people who need to sell quick use her. Think about it the process you described sounds long, she could sell a home in three minutes.
grim says:
March 6, 2013 at 1:43 pm
Lady in town is know for having a deep deep list of pre-qualified buyers who know exactly what they want. She very often sells on same day.
All well and good for the buyer, but I feel this isn’t beneficial situation for the seller. In this model the listing agent is dual disclosure and really not representing either party. The risk here is that the listing agent underprices a property to market in order to facilitate a deal with a buyer that had a pre-existing relationship.
Good socialists all, yet they seem rather unwilling to part with their OWN millions:
http://www.cbsnews.com/8301-207_162-57572771/sean-penn-mourns-hugo-chavezs-death-i-lost-a-friend/
There is no talent in selling ‘good listings’ quickly for below market value. I only wish they’d follow my advice and fire your f***ing *** because a loser is a loser.
JJ says:
March 6, 2013 at 1:54 pm
She does not want to ever do MLS, but usually a requirement made by seller. She gets the good listings usually as people who need to sell quick use her. Think about it the process you described sounds long, she could sell a home in three minutes.
But there is immense talent needed to find good listings to sell cheap. Selling is the easy part.
Last two places I bought on the spot, less than 30 seconds on one, around 30 minutes on the other. Getting me listings I want to buy is the hard part.
joyce says:
March 6, 2013 at 2:08 pm
There is no talent in selling ‘good listings’ quickly for below market value. I only wish they’d follow my advice and fire your f***ing *** because a loser is a loser.
JJ says:
March 6, 2013 at 1:54 pm
She does not want to ever do MLS, but usually a requirement made by seller. She gets the good listings usually as people who need to sell quick use her. Think about it the process you described sounds long, she could sell a home in three minutes.
You brought this up… and it was regarding a listing agent. Not a buyer’s; try to follow along please. It was your (probably made up) story.
You sure it’s really expensive here?
Average home price per square foot, 4Q 2012
1 Monaco $5,350-$5,920
2 Hong Kong $4,570-$5,050
3 London $3,890-$4,300
4 Geneva $2,720-$3,010
5 Paris $2,350-$2,600
6 Singapore $2,340-$2,580
7 Moscow $2,040-$2,260
8 New York $2,030-$2,240
9 Sydney $2,020-$2,230
10 Shanghai $1,820-$2,020
Source: Knight Frank
?? Northern NJ $200-$450 (I made this up, but seems about right depending on the town)
I am so glad that Eric Holder is our Attorney General…..
http://www.zerohedge.com/news/2013-03-06/eric-holder-some-banks-are-so-large-it-difficult-us-prosecute-them
The guy is the textbook example of an empty suit.
Hype,
God forbid they bring charges against an INDIVIDUAL(S) within the corporation.
I’m quite positive no one cares but me (not even sure why I care so much). But here is the house that was listed under contract on day 1. Yeah, it’s a cape… but it appears to be more than decent for $398k in Madison, 3 full baths, finished basement, 2 car-garage, not on a main road, within walking distance to train… something hinky in that deal
http://www.trulia.com/homes/New_Jersey/Madison/sold/1086563-50-Longview-Ave-Madison-NJ-07940#photo-1
How about a shell casino? Online gambling won’t bubkus for Atlantic City.
http://www.reuters.com/article/2013/03/06/online-poker-idUSL4N0BY5PZ20130306?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43
Liquor in the front, poker in the rear.
#35 Joyce
You are wrong on that one. A lot of illegals flew into the country and still do. Up until the late nineties it was almost an open door policy. They even came with their own health care plan. The kept enough cash on hand to get a one way ticket back to the motherland. You need something more than CVS and less than catastrophic care, get on a plane back home.
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