real estate market: The President's Foreclosure Rescue Package
- 02/20/09 12:36 AM
A couple of days ago the President announced his plan to rescue homeowners in mortgage trouble. Those who criticized him two weeks ago for not having a plan are now criticizing him for the plan he has. As Kurt Vonnegut wrote in Slaughterhouse Five - "and so it goes." However, I'm more concerned by the continuing criticism by those of us who have been paying our mortgages (at least semi-regularly) that those bad people should not be "bailed out." It reminds me of a Russian fairy-tale that is probably centuries old. Russian peasants traditionally are jealous of their neighbors' good fortune. Against that background, a … (1 comments)
real estate market: Interpreting the Numbers
- 04/29/08 03:02 AM
A major appraisal firm in New Jersey, one that puts on seminars for Realtors®, but does not want to be quoted without prior written permission is doing its best to worsen an improving market through logic worthy of a hedge-fund manager. This appraiser (who shall remain nameless) reported (correctly) an increase in sales made in March compared to February throughout New Jersey, noting that the numbers were down over last year's March (also correct). From these factoids, with tortured logic he concluded that the market has further to fall. I guess I'm just a poor farm boy with corn hanging out of my ears, … (0 comments)
real estate market: The Media - Again
- 11/29/07 01:42 AM
Here they go again, as the Great Communicator was fond of saying. The November 29 edition of USA Today shrieked at readers: Home prices plunge further; Declines likely to go on as sales fall." They wrote further: "The median price for an existing home plunged by a record 5.1% in October, shrinking values back to March 2005 levels." Gosh, a 5.1% drop in one month? Quick, Martha, call a Realtor®. We need to do something fast. Well, not exactly. USAT was citing a National Association of Realtors® press release of November 28, which stated in part: "The national median existing-home price for all … (3 comments)
real estate market: The Media Attack Again
- 11/27/07 11:48 AM
Today Standard & Poor's released their report on national home prices. The media jumped on it immediately, especially since it showed a 4+% decrease in prices over the past year. Aside from the fact that S&P's index implies a "national home market," no one bothered to mention what is unusual about the index. (Note, the index covers about 20 metro areas.) The Standard & Poor's index is based on the Case-Shiller model which only uses the same house sold over a period of time. The FHA, unless I'm mistaken, uses the same model. The model has something going for it, most clearly … (3 comments)
A couple of days ago the President announced his plan to rescue homeowners in mortgage trouble. Those who criticized him two weeks ago for not having a plan are now criticizing him for the plan he has. As Kurt Vonnegut wrote in Slaughterhouse Five - "and so it goes." ;)
;)
