By now we have awakened from our Tryptophan induced comas, and the crash after the Black Friday sales, and Cyber Monday madness...
Are things really that bad, or are we being grossly misled? I for one think that the scales may actually bend a little more to the latter than the former. Since we all know bad news sells a lot of Neilson points, and print space we must come to the logical conclusion that if we see it in print we should discount the news. How much is a good question.
Here is an interesting fact: nearly 1,000 homes sold last month in The Denver, Colorado metropolitan areas last month, under $200,000, that were a minimum of 3 bedroom 2 bathroom homes.
If that same trend has persisted in each month, and ironically it has been pretty consistent, then around 11,000 homes in this category alone have sold so far this year.
This means that the offset to foreclosures is that about half of the foreclosures are offset by sales in this category.
I don't know what it is like in your areas, and I don't know how your MLS presents data for analysis, but the Denver Metrolist data shows me something that I can be happy about, Before Christmas, which is that things are not nearly the way they appear to be, based on facts. I can also see where the local media outlets are preying on people's fears, and distorting facts to sell ratings.
Yes, we do have a lot of foreclosures, but the market is not as bad as we have been led to believe.
What's it like in your neck of the woods?
Lou Farris, MBA
"That Realtor Guy in Shorts!"