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8-23 MONTHS SUPPLY OF HOMES...?.....SAY IT AIN'T SO

By
Real Estate Broker/Owner with people first...then business Ran Right Realty 636943 licensed to thrill

Corelogic....just released data compiled up to August of this year that confirms my fears and validates my own projections. They are taking the amount of homes listed for sale, then adding on the shadow inventory and coming up with a staggering 6.3 million homes........

Available for sale or a 23 month supply. Remember, these figures are live and it is not in a state of decline either. I am sure we all know what he impact of this is.....

  • Rushing out to buy anything is going to be slowed down unless you found the dream home or the location location location investment.
  • Prices will come down.
  • People who buy now will be skeptical on their purchase. Not good for morale or forward movement.
  • Banks will continue to play hard-ball and not negotiate.
  • Stability of the market, based on these figures can be off s much as 2 years from now.
  • New construction has to compete with this....?  

This reportt goes on to say that the year before, the total was 6.1 million and a 17 month supply. So, according to this data, things are getting worse way before they will get better.

DON'T TELL ME THAT WASHINGTON DOESNT KNOW ABOUT THIS

I have to assume that Congress and certain leaders in responsible fields have access to this data. To me, a lowly 33 year veteran agent of the Real Estate industry, this spells trouble in any language. If I am right, then emergency measures are necessary to break the banks and investors hold on their current position.

This is no time to discuss anything anymore. Rome is burning......we are under attack economically.....what are the leaders waiting for.....?

Now,...... I have to caution my clients to act accordingly especially when it comes to purchasing product. No longer can we use urgency as part of our operational procedures....Yes, in contracts, time will always be of the essence, but to rush out and try to book a deal......that is missing and will remain MISSING...for some time

DO YOU FEEL LIKE SPENDING MONEY...?

How does this affect consumer confidence as a whole.....? Well they are already predicitng a dismsal holiday season for the retailer....I mean....I ask you, does this make you want to spend money, buy a home or car, an investment or some perk or plan a trip...?

SOMEONE IS ENJOYING THIS

Our enemies are watching how we scramble, argue, procrastinate, and fall over each others greed while they marvel at the effects of 911, Wall Street corruption, housing crashing all around us and our government asleep....all we know is how to invade countries

Show All Comments
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Richie,  I agree that it's all a sham in Washington & they do know what the supply is but can't figure it out...i've told 4 sellers in the past 2 months to sit on their houses & never before have i done that.  It is the right thing to do ...i struggle with any buyers which are few & far between in my area right now- it has to be a great buy to buy...well look at Ireland they rose & now fell...i do my best for people

Nov 24, 2010 02:13 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Hello Ginny....it is the best time to buy and will remain so for some time in my opinion....I am concerned because when leadership doesn't address certain serious problems, this tells me something else is afoot......time will tell

Nov 24, 2010 02:20 AM
Glenn Roberts
Retired - Seattle, WA

Some markets are over supplied because the asking prices are too, too high. That's what a market place is for, to determine the value. Sellers that are willing to wait it out are creating the oversupply. Brokers need to be able to just say no to over-priced listings.

Adding the shadow inventory to "statistics" just blows me away. Those aren't statistics, they are guesses. WAGs at that.

Nov 24, 2010 02:26 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Glenn...I agree and I advise us all to just observe these numbers until we have harder data...Your comment on prices rings true. However, the banks remain the dominant sellers and they are affecting the market with their sloppy transacting....I fear this may get worse before it gets better Glenn

Nov 24, 2010 02:38 AM
Kristen Wheatley
Better Homes & Gardens | The Masiello Group - Brunswick, ME
Supporting Success - Best Job in the World!

There is an interesting post on the Columbia Journalism Review today showing the difference between home values for the average Joe and those for members of Congress.  Seems like they are just not in the same boat with the rest of us.

Nov 24, 2010 02:39 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Hello Kristen...or Same boat but, different section...like first class maybe...When people who are well off, that have perks and benefits are the ones making decisions, their reality and the reality of what is happening does not match up. Everyone in Congress should tour the cities with the highest foreclosure rates and stop to talk to people at random.....then do something about what they saw and heard....nothing less than this.....I don't want a leaders that I cannot talk to or they wont lead.....no one does

Nov 24, 2010 02:45 AM
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Richie - Most want to ignore the real inventory number, hoping it will magically improve.  It won't.  Homes in or near foreclosure must be factored in, and once they are, the numbers show that we're far from stabilization and even farther from recovery.

Nov 24, 2010 04:21 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

John...please consider doing a post on this subject. It will benefit the Real Estate community at large and I know you have the principals down.....Your comment is valid and........ I fear accurate.. This is not good

Nov 24, 2010 06:27 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Leadership in Washington?

A Golfer in Chief who can't speak without a teleprompter.  The Speaker of the House envisions herself as Queen.   Harry Reid's SEIU Goons clearly stole the Nevada Senate Election.  Federal Bureaucrats whose Salary is 30% higher than their Private Sector counterparts.

God help us.

 

 

Nov 24, 2010 12:25 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Fred...When does it end.....? I have seen the pomp and circumstance you describe and it ain't pretty......God help us says it all. They are predicting unemployment no change for all next year? Housing still not settled....New construction on hold....Retailers cutting back....I think we have a genuine crisis looming.......

Nov 24, 2010 12:46 PM
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