So CoreLogic releases a report in which it claims that NAR’s widely used Existing Home Sales stats are total garbage: CoreLogic reported sales totaled only 3.6 million in 2010, down 12 percent from 2009. By comparison, NAR reported sales fell only 5 percent in 2010 after rising in 2009, and were flat relative to 2008. … Read more
The Wall Street Journal carried a story today on its front page entitled, “Banks Push Home Buyers to Put Down More Cash“. The key paragraph: The median down payment in nine major U.S. cities rose to 22% last year on properties purchased through conventional mortgages, according to an analysis for The Wall Street Journal by … Read more
NAR has finally gone to the mattresses over Federal policy. Some time ago, I wrote that the mortgage interest deduction may be phased out or limited as part of Obama Administration’s new “sustainable housing” policy. At the time, I’ve heard quite a few people say, “It’ll never happen”. The thought was that the public loves … Read more
A month ago, I read this depressing story on the Interwebs and it’s stuck with me since. Gary Shilling, the author, runs a research service for which one would pay a presumably hefty premium — I don’t subscribe to it, so I’m going simply on what’s on that website. His conclusion is that housing prices will … Read more
As reported by Inman News, NAR’s Multiple Listing Issues and Policies Committee has approved a new addition to the Internet Data Exchange (“IDX”) policy as follows: Display of IDX Information by Real Estate Franchise Organizations Participants may provide IDX information to their real estate franchise organizations (“franchisors”) to be indexed for display on franchisors’ websites. For purposes … Read more
(Originally posted on the 7DS Blog) As reported by Inman News, NAR’s Multiple Listing Issues and Policies Committee has approved a new addition to the Internet Data Exchange (“IDX”) policy as follows: Display of IDX Information by Real Estate Franchise Organizations Participants may provide IDX information to their real estate franchise organizations (“franchisors”) to be indexed for display … Read more
Originally posted to Notorious R.O.B. Back in September, when Move, Inc. (which operates Realtor.com, among other units) acquired ListHub, the leading syndicator of listings, there were a number of opinions and speculations on why Move would buy a syndicator of all things. Given that Move gets a direct feed of all MLS listings under the NAR Operating Agreement, … Read more
Back in September, when Move, Inc. (which operates Realtor.com, among other units) acquired ListHub, the leading syndicator of listings, there were a number of opinions and speculations on why Move would buy a syndicator of all things. Given that Move gets a direct feed of all MLS listings under the NAR Operating Agreement, it didn’t … Read more
In my earlier post on the New Normal in real estate, a commenter took issue with my predictions about the future of the 30-year fixed rate mortgage (among other claims). I thought I would expand on that aspect a bit. The specific mechanism that I think will be put in place is a change in … Read more