I'm sure most of you have heard this expression. I have to say, when it comes to updated information on these home buying or mortgage finder websites, the expression really hits home. I was reading my daily update from Inman News, and they are featuring the web site Homethinking.com The site promotes itself to be a resource for those people wanting to buy a house, or to find a mortgage company in the area. It has a list of realtors that are connected to a given market. It also has a mortgage link that tells you information about the loans that were obtained for the market, including the largest lenders. All of this information is pulled from HMDA data that is mandated by the government for monitoring purposes. Sounds pretty good, right? WRONG. All of the information is pulled from 2006. That's right, 2006. It shows the leading mortgage company in 2006, the top sales from agents in 2006, and statistical analysis from 2006. Why bother? Two year old information on the housing market is not valuable, and in fact, may hurt a person who doesn't see the fine print.
It appears to be another gimmick site that wants to get leads to its vendors. There are multiple places to contact a real estate broker or to get mortgage rate quotes. This site is part of the problem, and shame on Inman for promoting it.
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