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Where does this guy get his data?

By Lane Bailey

Real Estate Agent with Century 21 Results Realty GA RE Lic # 282060

October 12, 2007 05:44 AM

I just can't help myself...

I just ran across this little release from the NAR. Basically, the CEO of Countrywide says that the subprime mortgage mess could widen the home ownership gap between whites and minorities. However, in the same daily brief, the NAR sent out this piece as well. it states that the sub-prime mortgage problem is striking across the board, cutting across racial, income and regional differences.

Which one is it?

Same newsletter, completely different results. Whom to believe?

Off to Wiki we go...

Of course, I don't have the numbers for the last couple of months, but I doubt that Angelo Mozilo has a good set of numbers, as well... but I'll concede his might be better than mine. However, looking at wiki, it seems that home ownership is not only at an all time high, but is increasing for EVERY group. Historical home ownership rates

Of course there are going to be blips, but I feel confident in saying that the basic trends of the last several decades will continue. Overall home ownership has been on the increase for a few decades... again there have been a few blips, but according to the census bureau, this trend has been holding sine 1940. Home ownership 1960 - 2005

So, will any of the media bother to mention these little items? It wouldn't surprise me if there wasn't any mention.

By the way, here in GA we are above national averages.

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Jeff Tumbarello

Steelbridge Realty LLC - North Fort Myers, FL

data is twisted to get a point made

for CW its a plea to bail them out because it could hurt a minoritys chance at home ownership, they in the fight of their life and willing to say whatever

they lied about the depth of the problems they were having, which keep employee's from taking money out of the company, if they will lie to their own people, guess what they will do to the press

Oct 12, 2007 06:21 AM

Bill Duncan

Home Status Inspection Company, LLC - Haymarket, VA

Lane, Thanks for this post. Great info and I hadn't seen the NAR info but I had heard about Countrywide CEO statement. While I can understand the logic that a large percentage of the sub-prime mortgages were for minority home ownership these mortgages were across the board with investors, flippers, and white families just as heavily leaveraged. Most of the foreclosures I'm inspecting were investors and middle income white families that got greedy and bit off more than they could chew.

Oct 12, 2007 06:25 AM

Lane Bailey

Century 21 Results Realty - Suwanee, GA

Realtor & Car Guy

Jeff & Bill - The Countrywide piece notes that a large percentage of their customers are minorities. I think that they are trying to place themselves for some sort of bailout if this mess lasts longer than they think they can. I don't know if the foreclosures are going to hit one group harder than another, but the biggest issue I have is that there is nothing shown as a source for me to find out where the numbers came from. And, with the motive of corporate survival, I don't trust the CEO of Countrywide without support. The Wall Street Journal is generally more trustworthy.

Oct 12, 2007 11:42 AM

Gena Riede

Riede Real Estate, Lic. 01310792 - Sacramento, CA

Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Lane, if they do mention it, it will probably only be overshadowed by which ones are loosing their homes. Very impressive graph of homeownership.

Oct 12, 2007 12:11 PM

Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375

Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI

Real Estate Services You can Trust!

Hi Lane, you know information is only as reliable as those who create the charts. With that said, most marketing people can offer a wide variety of sources to help establish the point they are trying to make. Being a professionally trained marketing guy myself....I have used numbers to strengthen my arguments and minimize the critics. You make some very strong points that will never been seen by the majority of congress or the public. Very nice post Lane.

Oct 12, 2007 12:21 PM

Gena - The graph is from wiki... I had nothing to do with it.

Gary - Thank you. I hope I'm at least trying to be neutral with the data I produce or interpret.

Oct 13, 2007 03:16 AM

Where does this guy get his data?

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