Jan Wood, Realtor (R) Nashville Tennessee Real Estate Blog

60 Minutes Tonight... A Video In Case You Missed It

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sun, 05 Oct 2008 20:00:58 -0500

This is on credit default swaps. A Physicist came up with the idea... no wonder we are seeing the banks blow up one after another. Now you know why the banks didn't go in and work with the people on their foreclosures. The foreclosures have never been their real problem. They had to hoard their cash because trouble was on the horizon. Now, the truth is finally making it to T.V. Credit Default Swaps-- Insurance Contracts which were not regulated, are the problem. I have written about this problem over and over and it is just now making it to the screen. The Wall Street Journal did an article on them as early as 2005. Click Here for Wall Street Article - Dated 2005

The Bailout Party - Before & After - Test Your I.Q.

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sat, 04 Oct 2008 19:47:18 -0500

THE BAILOUT PARTY… BEFORE & AFTER - TEST YOUR I.Q.

During the vote on the Bailout, President Bush was flying paper dollar bills for Barney to fetch? True or False

Alan Greenspan, Helicopter Ben, and Hanky Panky Paulson were busy shorting Gold.
True or False

Sarah Palin and Hillary Clinton met for dinner afterwards to gossip about Katie Couric?

True or False

Barack Obama, Larry Walsh, Franklin Raines, and Barney Frank met in the basement for a friendly game of “7 Card Stud Poker”? True or False

Colin Powell and Secretary of State Condoleesa Rice met to discuss whether they would endorse Barack Obama. True or False

After meeting with Pelosi, Schwarnegger and Tommy Chong were seen firing up a joint and talking about California’s bailout. True or False

John McCain was seen asking Paris Hilton for her autograph? True or False

Mike Huckabee told someone in the press he didn't care about the Bailout, he just wanted to go practice with this new band on FOX News. True or False

The Bailout: PURCHASE OF TOXIC SUPERFUND AND A SLOW MOTION TRAIN WRECK

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Mon, 29 Sep 2008 19:07:01 -0500

Emergency Economic Stabilization Act of 2008 or

PURCHASE OF TOXIC SUPERFUND ACT OR

JUST A SLOW MOTION TRAIN WRECK

Sec. 101. Purchases of Troubled Assets.

We have been asked to pay for Corporate Fraud. The Congress voted No today so we get Negative Triple 7’s on Wall Street. Negative Triple 7’s is Not good news especially if you have your retirement tied up in mutual funds, 401(k)’s, 403(b)’s.

But, Why, exactly, didn’t the Act pass? The best quote that I can find is by Mr. Bob Eisenbeis of Cumberland Securities. He said, "Bringing real estate and possibly other highly suspect assets onto the government's books with only vague ideas as to how the assets will be priced, managed or liquidated holds the potential to create the biggest toxic Superfund yet."

Here are some other quotes I found today… lots of talk about the massive transfer of power to Mr. Paulson (Hank to Obama).

According to the Los Angeles Times, “Treasury Secretary Henry M. Paulson is about to become the most powerful mortgage financier of the modern era — most likely of any era.”

From the Washington Post: “[Paulson] would stand largely unfettered by traditional rules, largely unrestricted in his ability to spend $700 billion of federal money.”

From the New York Times: “one overarching aspect of the initial plan that remains is the vast discretion it gives to the Treasury secretary.” Lawmakers need to have a spirited debate to make sure they get this massive transfer of power right.

You can find the Act here if you care to read it. http://publicmarkup.org/bill/emergency-economic-stabilization-act-2008/

One Section 8 sentence provided the basis for the treasury secretary's empowerment. It reads:

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administration agency."

Let’s take a look at another Section… Sec. 101. It has to do with “Oversight” of Mr. Paulson.

Purchases of Troubled Assets.

“CONSULTATION. In exercising the authority under this section, the Secretary shall consult with the Board of Governors of the Federal Reserve System, the Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the Secretary of Housing and Urban Development.

Where has the Federal Reserve System been the last 8 years?

We all know about the Fed. They’ve fueled this fire with low interest rates for many years, starting with Alan Greenspan, the Village Idiot. Bernanke has been missing in action for about a week now.

Where has the Office of the Comptroller of the Currency been the last 8 years?

The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving the banking needs of their customers in the best possible manner.

Where has the Office of Thrift Supervision Been the last 8 years? Now Paulson must Consult with them… Where were they when A.I.G. Financial was buying up credit default swaps?

Of course, perhaps the most important difference is that the swaps are unregulated. But here the Times has an intriguing tidbit that suggests a more complex picture. It notes that while AIG's swaps office "did not have to report to state insurance regulators," the trades were routed through a bank and thus "were reviewed routinely by an American regulator, the Office of Thrift Supervision." The Times

Where has the Office of the Comptroller of the Currency been the last 8 years?

Where has the Department of Housing and Urban Development (HUD) been for the last 8 years?

Susan Gaffney, Inspector General of HUD, testified before Congress in 2000 that she could not sign off on the fiscal 1999 audit because:

“the undetermined effects of the conversion problems of the general ledger from the Program Accounting System [PAS] to HUD’s Central Account and Program System [HUDCAPS] during the fiscal year, the integrated state of HUD’s reconciliation efforts and their documentation for the general ledger accounts for the fund balance with Treasury, and the late manual posting of numerous and significant adjustments (some as late as Feb. 25, 2000) directly to the financial statements, for which we lacked sufficient time to test their legitimacy.

Hmmmm, sounds like Phoney and Fraudy.

The Secretary of HUD, Steve Preston, has been on the job since June 2008.

You can find the Act here if you care to read it. http://publicmarkup.org/bill/emergency-economic-stabilization-act-2008/

House of Cards & Systemic Risk

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sun, 21 Sep 2008 08:02:59 -0500

I've written two posts today... See Also

Friends of Hank—Breaking News

We're in a real mess here. We all know it's bad. One emergency meeting after another about the economy. Like I said in my last post, I wish we had an FDR to calm us down. Radio would be better... I don't want to see cameras flashing and I don't want sensationalism of the media around. Just a fireside chat.

This post is about Systemic Risk and GFW's mention of a House of Cards falling. House of Cards meaning "Our Country Tis of Thee"; "America The Beautiful".

At the press conference yesterday President Bush said… “At first I thought we could deal with this — deal with the problem one issue at a time. We made the decision on Fannie and Freddie because there was systemic risk to our mortgage markets…. And so when one card started to go, we were worried about the whole deck going down, and so therefore moved, and moved hard.”

Not so eloquent, but we get the idea, George.

On regulation of GSE’s, Alan Greenspan said… “ World class regulation, by itself, may not be sufficient and, indeed, might even worsen the potential for systemic risk if market participants inferred from such regulation that the government would be more likely to back GSE debt in the event of financial stress.”

We have a good idea what systemic risk is… we know it’s bad. When I first heard the two words together I thought of a financial meltdown, financial flood, a financial tsunami.

So, what exactly is Systemic Risk, now stick with me on this, I have something to show you. I know it’s boring, but we need to educate ourselves on a daily basis.

From Wiki: “Systemic Risk is that risk which is common to an entire market and not to any individual entity or component thereof.

Paulson met with some members of Congress who were opposed to a bailout when they went into the meeting, and then were for the bailout when they came out of the meeting. Maybe he showed them a picture of the Four Horsemen, but maybe he showed them this bar graph. Look at the Subprime Derivatives Bar graph compared to the Credit Derivatives Bar.

Take a good look at this... and remember, this is in TRILLIONS OF DOLLARS! Now you can say you've seen Systemic Risk Up Close and Personal.

Note: In my opinion, homeowners could have been bailed out by the banks a year ago instead of Taxpayers bailing out the banks. The entire notion of bailing out the subprime financial mafia doesn't sit well with me.

AIG’S Dangerous Collapse by Daniel R. Amerman

A Credit Derivatives Risk Primer

Friends of Hank... Breaking News on the Financial Crisis

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sun, 21 Sep 2008 07:57:20 -0500

I've written two posts today, please also read House of Cards and Systemic Risk

Hanky Panky Paulson has “unlimited” power with this legislation. Financial Crisis Legislation – Breaking News From Fox

It’s interesting that he has leaked this information to the press before opening bell on Monday. It will be an interesting Monday in the stock market for sure.

“(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;”

“The Secretarys authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time”

Read these two paragraphs slowly and more than once. This is huge legislation and its implications are “unlimited” with the words “outstanding at any one time”.

The government has in essence taken over all the banks.

Remember when Paulson called Warren Buffet over the weekend to see if his plan with A.I.G. passed the “smell” test. If he called Buffet, how many other Wall Street cronies did he call? They had “INSIDER” information after that call and how many people did they call after hanging up from Hank.

Tell me this isn't happening.

FDR's Fireside Chats... If Only

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Fri, 19 Sep 2008 21:23:35 -0500

If only we had FDR right now!

He calmed the people during the Great Depression with his “Fireside Chats”. If you have never read any of these chats… here’s a link to some.

FDR’s Fireside Chats

I hate feeling like I’m being railroaded. I feel as if things are moving so fast that I’ve been swept up in a tornado. I don’t like the leaders not “chatting” with us… it would be so comforting. I feel that each and every one of us needs a little TLC.

FDR was eloquent in his chats. In one he says…

“Two months ago we were facing serious problems. The country was dying by inches. It was dying because trade and commerce had declined to dangerously low levels; prices for basic commodities were such as to destroy the value of the assets of national institutions such as banks, savings banks, insurance companies, and others. These institutions, because of their great needs, were foreclosing mortgages, calling loans, refusing credit. Thus there was actually in process of destruction the property of millions of people who had borrowed money on that property in terms of dollars which had had an entirely different value from the level of March, 1933. That situation in that crisis did not call for any complicated consideration of economic panaceas or fancy plans. We were faced by a condition and not a theory.

There were just two alternatives: The first was to allow the foreclosures to continue, credit to be withheld and money to go into hiding, and thus forcing liquidation and bankruptcy of banks, railroads and insurance companies and a recapitalizing of all business and all property on a lower level. This alternative meant a continuation of what is loosely called "deflation", the net result of which would have been extraordinary hardship on all property owners and, incidentally, extraordinary hardships on all persons working for wages through an increase in unemployment and a further reduction of the wage scale.”

FDR didn’t forget the little people. He did everything in his power to get the Country back on its feet.

The next President is going to inherit a lot of problems. Think about FDR when you go into vote. Which candidate is more capable to have a “fireside chat” with the American people?

“Be Greedy When Others Are Fearful”

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Thu, 18 Sep 2008 19:39:41 -0500

Have you seen a lot of “fearful” people here lately?

Is it time to be greedy?

I’ve been thinking about what Warren Buffet once said about how to become rich… he said:

“I will tell you how to become rich. … Be fearful when others are greedy. Be greedy when others are fearful.”

Donald Trump was on Larry King last night and was saying that right now is a good time to buy… stocks, land, or a home.

I’ve read this many times this week, but no one gave me a good explanation… other than buy low sell high.

Today while surfing the internet, I found this explanation that made a lot of sense to me.

This is why the rich get richer. They don’t need a loan so, instead of betting on the stock market, many are buying real estate.

“Borrowers have been urged to snap up attractive mortgage deals while they last, after the sudden collapse of Lehman Brothers, the fire-sale of Merrill Lynch, the bailout of the AIG by the Federal Reserve and the prospect of an emergency takeover of the UK lender HBOS raised fears that home loans will again dry up and the cost of those available will rocket.” Times Online Article

Why throw your money in a market that is turmoil. Invest in "real" property.

The Chickens Have Come Home to Roost

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Wed, 17 Sep 2008 00:53:32 -0500

There must be a “Bad Moon Rising” because I’ve been trying to go to sleep for about two hours. With the actions on Wall Street today, I just can’t seem to wind down… I believe it’s called “over-stimulation”. I feel as if I’ve had 10 cups of coffee.

We've Been Had... and The Chickens Have Come Home To Roost & the Four Horsemen are not too far behind.

I had to laugh several times during the prime-time News specials on the Economic Crisis. 99.9% of the news pundits wouldn’t know a derivative if it jumped up and bit them in the a$$. They are highly paid executives of Wall Street…don’t believe a word they say. Their economic IQ’s are lower than Forrest Gump’s. If they tell you to buy WaMu, for instance, they are probably shorting it.

If you’ve followed my posts here on ActiveRain, you know that I haven’t had any faith in this economy or our leaders. It’s been quite apparent to me that things have been going down hill in a hurry. I didn’t want to sound like a complete alarmist, but believe me, I'm worried big time.

Several months ago, I started off slowly with posts about the Federal Reserve, many posts about the Banks, then what I thought were Consumption Bubbles, a posssible Crack-Up Boom, I suggested that you Hide Your Money In A Can, that we were going to have to Pay the Piper, etc. (See Financial, Economy, Economic, Sub-Prime... on the BlogRoll Sidebar)

The past few weeks we have witnessed the biggest government intervention in history with Bear Stearns bailout via JP Morgan, the bailing of Fannie & Freddie, the weekender with Lehman Brothers, Merrill Lynch saga, and Bank of America probably biting off more than they can chew.

Tonight we have an announcement of the bailing-out of A.I.G. to the tune of $85 Billion. If the government had bailed them out two days earlier, it would have been $20 Billion.

It really doesn’t matter how much the government spends of our money. What you have witnessed, folks, is the nationalization of the Twins and A.I.G.

You can thank Congress, the President, Wall Street, but most of all the town idiot--Greenspan.

Now you know why Bernanke was brought on board to try to fix this ailing economy. He’s an expert in the Great Depression… the guilty and evil-ones were hoping his expertise could avert another one.

The chickens have come home to roost… and the four horsemen are not too far behind.

Enjoy your prosperity while you can because… the "Moon is In the Second House", and

You have now become part of a “Socialist Republic”.

Wow! Sarah Palin's Shoes Are Affordable

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sun, 14 Sep 2008 09:39:44 -0500

I’ve been surfing the web this morning after reading about Sarah Palin’s style in the Wall Street Journal. I’ve determined…

I like her style!! Mainly because it’s affordable.

In case you like her style too, I wanted to share this information with you.

She wore red Naughty Monkey - Double Dare Pumps when John McCain announced her as his vice-president running mate.

Read - Wall Street Journal Story

The Naughty Monkey shoe styles are bold, fun, sexy, and yet sophisticated. The good news is that, unlike Cindy McCain’s shoes, I can afford the prices.

You can even buy this shoe line at Amazon.Com. Some of the styles that I thought we as real estate agents might like are:

Walk The Talk and Talk the Walk

Double Dare Pump

Ball & Chain Pump

You can find some more information at:

Endless.Com - Boutique

Twin Mortgage Giants – Fannie & Freddie Collapse

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sat, 06 Sep 2008 08:16:28 -0500

Just some observations on this rainy Saturday morning...

Did Fannie & Freddie collapse, or were they shot down? Were bombs planted inside these entities?

On 9/11 the twin towers went down. Now the twins, Fannie & Freddie, are going down and are be taken into conservatorship by our government.

...A conservatorship is like “bankruptcy”.

You may not find the news on the front page… more like on the second page of your newspaper. The news is being played down which really makes me nervous; but, there’s nowhere to hide for giants on the way to the ground.

It will be interesting to see if the “preferred shares” are protected. I’ll bet they are.

The good news for McCain and Obama is that the giants won’t fall under their watch. They will just get all the headaches.

When the government says it’s going to cost the taxpayer millions, you’d better watch out! You know it will more than likely end up in the Trillions. More than likely, it will end up costing the taxpayer more than the Iraq War.

Fannie & Freddie hold one-half of the country’s mortgages. Think about it!

You still think “government-sponsored” healthcare is a good idea?

Social security is bankrupt, our government sponsored enterprises are bankrupt… and noone has gone to jail.

Just some observations with no insider information; just some good 'ole common sense.

I.O.U.S.A. - The Documentary - August 21

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Tue, 19 Aug 2008 18:20:26 -0500

From the Website: Agora Financial - I.O.U.S.A.

“The critically-acclaimed documentary film I.O.U.S.A. was conceived of, co-written and executive produced by Agora Financial's Addison Wiggin. In July 2008, the film was acquired by The Peter G. Peterson Foundation. It will be featured in a Live Premier with Warren Buffet, Pete Peterson and David Walker in 400 theatres around the nation on August 21st, 2008.

Fathom and Roadside Attractions present I.O.U.S.A.: Live with Warren Buffett, Pete Peterson & Dave Walker in an exclusive one night event in select movie theatres nationwide on Thursday, August 21st. This event will include the critically-acclaimed documentary, I.O.U.S.A., and a LIVE discussion about America’s economic crisis and what we can do to change course.

This one night event will be shown LIVE at 8:00pm ET / 7:00pm CT / 6:00pm MT / and tape delayed at 7:30pm PT.

Average ticket price ranges between $11.50 and $20, depending on location. Use the zip code search above to select from a list of participating theatres in your area.

The live discussion with America’s most notable financial leaders and policy experts, including Warren Buffett, CEO of Berkshire Hathaway; William Niskanen, chairman of the Cato Institute; Bill Novelli, CEO of AARP; Pete Peterson, senior chairman of The Blackstone Group and chairman of the Peter G. Peterson Foundation; and Dave Walker, president & CEO of the Peter G. Peterson Foundation and former U.S. Comptroller General, promises riveting dialogue and keen insight into the crisis we currently face. The panel will be moderated by Becky Quick, co-anchor of CNBC’s morning news show Squawk Box.”

If you are interested in viewing this documentary, it will be shown August 21. These are the closest theatres for Sumner County.

Opry Mills

570 OPRY MILLS DRIVE
NASHVILLE, TN 37214
615-514-3461
get directions »

Green Hills 16
3815 GREENHILLS VILLAGE DRIVE
NASHVILLE, TN 37215
615-269-5910
get directions »

Rumors Flying Today About Fannie & Freddie--Are They Toast?

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sun, 17 Aug 2008 13:47:26 -0500

In this case... do you buy on rumor?

Will Fannie & Freddie survive. It seems that the termites have infested these two government houses, they they may just have to burn them down.

Or will they be saved by the chemicals they have been pouring on them daily. It seems that we have different opinions circulating online today.

It’s like a poker game… and some are doubling down.

In an early released article from Barrons…

From Barrons

“IT MAY BE CURTAINS SOON FOR THE MANAGEMENTS and shareholders of beleaguered housing giants Fannie Mae and Freddie Mac. It is growing increasingly likely that the Treasury will recapitalize Fannie and Freddie in the months ahead on the taxpayer's dime, availing itself of powers granted it under the new housing bill signed into law last month. Such a move almost certainly would wipe out existing holders of the agencies' common stock, with preferred shareholders and even holders of the two entities' $19 billion of subordinated debt also suffering losses. Barron's first raised the possibility of a government takeover of Fannie ... “http://online.barrons.com/article/SB121884860106946277.html?mod=9_0031_b_this_weeks_magazine_main&page=sp

From Seeking Alpha

“A Bush insider says the GSEs are being 'jawboned' by the Treasury and their new regulator the FHFA to help them raise money. Privately, the administration doesn't expect them to succeed: Only a capital raise of $10B each would be credible. But who would plunge that kind of money into companies that have market caps of just $8.5B (FNM) and $4B (FRE)?

The source says that absent of a successful capital raise, the Treasury will pump money into the GSEs in exchange for "preferred stock with such seniority, dividend preference and convertibility rights that Fannie's and Freddie's existing common shares effectively would be wiped out, and their preferred shares left bereft of dividends." http://seekingalpha.com/article/91320-fannie-freddie-shareholders-will-be-left-holding-the-bag-barron-s#comment_form

Be sure to read the posted comments. “The only thing that can save FNM and FRE is a sudden reversal in the housing market and that isn't going to happen. FNM and FRE need equity capital to survive. They can't get it from public or private sources at any price and as a consequence these companies will have to be nationalized. good riddance to a bad business model.”

“You people just dont get it. Barrons doesnt get it. Eli doesnt get it. FNMA/FRE will survive "in their current form", with existing shareholders intact, to not only preserve the equity built up over the multi-decade timespan these companies existed, but to keep the respective employees 401ks intact. Why is that important? In order to keep these entities "in their current form", the existing employees must do their jobs! If someone just lost WHAT IS LEFT of their live savings, thats not much incentive to stick around is it? Demoralized workers anyone? And didnt you notice that Barrons didnt state its government source? Please. Rumors and lies and the veiled hand of Soros, who will be furiously covering next week. Sorry shorts, game over.”

Donald Trump Following The Yellow Brick Road

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sun, 17 Aug 2008 09:50:51 -0500

Ed McMahon has been saved from foreclosure by Donald Trump. "I don't know the man, but I grew up watching him on TV," Trump said in an exclusive interview with The Times.... LA Times Story

Since Donald Trump sold his mansion in Palm Beach, Florida for $100 million, he’s sort of like a small Wealth Fund. (He paid $40 Million for the 60,000 square foot house.)

It’s not surprising to me that a Russian billionaire bought Trump’s home.

A Russian Sovereign Wealth Fund has earmarked $29 Billion to purchase foreclosed properties on the West Coast of California.

Now here are the homes I would sell the Russians.

"Wheel" Estate Cam: Bank Property Bidding Wars

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Sat, 16 Aug 2008 09:04:48 -0500

Here's an absolutely wonderful post on Bank Owned Property. Listen and learn. Caution... may cause Vertigo.

Via FRANK LL0SA- Northern Virginia Broker .:. FranklyRealty.com:

Hope you like my first official Wheel Estate Cam!

And do me a favor, link over to Youtube and leave a comment there too.
Did you get sick?
Should I use www.WheelEstateCam.com?? (should work today or tomorrow) I did buy it just in case!
Frank

Another Take-- There's No Place Like Home Because Home is Where the Heart Is

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Thu, 14 Aug 2008 13:18:28 -0500

Home is Where the Heart Is... There's No Place Like Home...

How many of you remember the song by John Denver… “Take Me Home Country Roads”

"Almost Heaven… West Virginia… Country roads, take me home, To the Place I belong,
West Virginia, Mountain Momma, Take Me Home, Country Roads”

How Many Songs or Films Can You Remember that Refer to “Home”

“I’ll be home for Christmas, you can count on me
Please have some snow and mistletoe, and presents by the tree”

There have been many songs and films about home. Just because the real estate market is flat or depressed, people still dream about home.

Remember, “The Wizard of Oz”. When Dorothy returned home to Kansas from the Land of Oz, she said to Auntie Em “Oh, Auntie Em, There’s No Place Like Home”.

"Mid pleasures and palaces though we may roam,

Be it ever so humble, there's no place like home"

This is Not A Dream but a Nightmare for Some
and Buyers are Reluctant, But Keep The Dream Because "There's No Place Like Home"

Would-be buyers are reluctant to take the plunge these days because of media coverage on the national front about foreclosures, fraudulent deals in the sub-prime market, Alt-A, HELOC markets, reports by the media of rising defaults in “prime”, rise in food and gas prices. Keep the dream, things are going to get better; and don't listen to the man behind the curtain... he doesn't always want you to know the facts.

What to do if you are a seller or a buyer. The most important thing you can do is find a good real estate agent… one that is not afraid to tell you how the market truly is. The agent will be able to pull the comps from the community before you list or buy. Even though you may have paid $500,000 for your home in 2005 doesn’t mean that your home will sell for that amount in 2008. However, your home may have "appreciated". You don't want to have to click your heels three times and make a wish to buy or sell. Get the facts.

Even Now... There's No Place Like Home Because Home Is Where the Heart Is!

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Thu, 14 Aug 2008 12:22:37 -0500

Home is Where the Heart Is... There's No Place Like Home...

How many of you remember the song by John Denver… “Take Me Home Country Roads”

"Almost Heaven… West Virginia… Country roads, take me home, To the Place I belong,
West Virginia, Mountain Momma, Take Me Home, Country Roads”

How Many Songs or Films Can You Remember that Refer to “Home”

“I’ll be home for Christmas, you can count on me
Please have some snow and mistletoe, and presents by the tree”

There have been many songs and films about home. Just because the real estate market is flat or depressed, people still dream about home.

Remember, “The Wizard of Oz”. When Dorothy returned home to Kansas from the Land of Oz, she said to Auntie Em “Oh, Auntie Em, There’s No Place Like Home”.

"Mid pleasures and palaces though we may roam,

Be it ever so humble, there's no place like home"

This is Not A Dream but a Nightmare for Some
and Buyers are Reluctant, But Keep The Dream Because "There's No Place Like Home"

We Are Not Immune

The crisis nationally, especially in California, Florida and the other depressed areas, has been a slow bleed into our market in the Middle Tennessee area. While we are holding steady, I can’t really say that we are immune from this “bad cold that is gripping the nation”.

Our Percentages of Foreclosures Are Few

The percentages of foreclosures in Tennessee and many other States is small compared to parts of the nation.

Our Home Prices are Still Appreciating In Some Areas

What is interesting about the Tennessee and other markets is that home prices are still appreciating in some areas even though mortgage delinquencies are on the rise. Real Estate Agents can be a valuable resource in this market.

Statistics Are Available… Check With Your Real Estate Agent Before Buying or Selling – They Care!

The Greater Nashville Association of Realtors® is reporting that there were 2,488 home closings reported for the month of July, a decrease of 25.7 percent from 3,349 closing for the same period last year. There were 15,485 closing so far in 2008, a 27.7% decrease comparied to 21,419 closings reported through July in 2007. http://www.gnar.org/mlsrelease.htm

The Wall Street Journal has a good article today with different maps of the country where you can see the trends in your market or the nation as a whole. Wall Street Journal

NAR just released their 2^nd Quarter Home Prices. “Home price trends are improving in metropolitan areas but existing-home sales during the second quarter were below a year ago in most states, according to the latest quarterly survey by the National Association of Realtors”. NAR Releases 2^nd Quarter Home Prices

Numbers are available from Zillow. Zillow is fast becoming the media’s favorite for statistics. Don’t trust the zestimates… call a dependable real estate agent first.

Call Your Real Estate Agent… they care...

Don't Count On the Wizard...

"Mid pleasures and palaces though we may roam,

Be it ever so humble, there's no place like home"

WHAT??? NAR RESEARCH DIVISION QUOTING ZILLOW??? AM I DAY DREAMING? OR IF FOX BUSINESS PLAYING TRICKS

Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE) — Tue, 12 Aug 2008 18:00:25 -0500

This was posted by Lenn Harley today on Active Rain. How does Zillow get this much exposure?

Via Lenn Harley:

I'M SITTING AT MY COMPUTER WORKING ON A WEB PAGE, JUST WORKING AWAY.

FOX BUSINESS IS IN THE BACKGROUND. . . . . SO FAR, SO GOOD.

WAIT!!! I hear in the background the words "National Association of Realtors". That will get my attention.

I take a peek and on the screen is Stuart Varney, a business broadcaster that I like a lot. His guest is Dr. Paul Bishopof the Research Division of the NAR.

I see Dr. Bishop and Mr. Varney discussing the condition of the housing market and the fairly negative outlook for the immediate future. Of course, Dr. Bishop's views are national and rarely relate to my particular market.

BUT WAIT! ! !    Scrolling across the screen are the announcements:

ZILLOW says housing prices down 10% from last year.

ZILLOW says 25% of homes selling for a loss.

I am very confused. Is Dr. Bishop sourcing his opinions by Zillow?

Is Stuart Varney sourcing housing statistics by Zillow?

Does Fox Business believe that market announcement from ZILLOW is news?

Does Fox Business believe that market information from ZILLOW is accurate?

Does NAR use ZILLOW as an authority for anything?

Does NAR use ZILLOW information?

OR, is it a coincidence that Dr. Bishop is speaking concurrently with the general housing statistic announcement from Zillow crawling across the screen? Is Fox Business News using ZILLOW as an authority??

Please. Tell me it ain't so.



                                                               Stuart Varney, Fox Business