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Housing Bubble Far From Bursting: NHBA Opinion

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Joined
Jan 16, 2002
So says NAR and HAHB. I caught a fox the other day (noticed some chickens were missing), and he had feathers in his mouth. He told me he didn't do it. I didn't believe him and I don't believe anything realtors and builders have to say either.
 
Joined
Jan 16, 2002
:roll:
Go into your local RE office and look at their sales board.
Why ? The last time I did the average sales prices are so skewed it's absurd, for example, when a $140,000 single family gets reported as $1,400,000 (typo ?), the average and percent increases gets slightly whacky. So much for stats. I see inventory levels increasing, days on market increasing and less sales. When I check deed conveyances I see
nothing close to the so-called "volume" brokers are reporting....hmmm
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
MLS typo?
I have verified false data on many occasions in MLS.
Did an appraisal for a pre-engineered, steel building. Found a sale in the MLS so similar to the subject, and in the same industrial area, that I was jumping with joy. :D Went to verify the sale, and this is what I discovered: MLS Listed for $450,000 & Sold for $350,000. Deed & Public Records: Sold for $317,000! I see this ALL of the time in residential and commercial listings. Another one, house listed for $119,500 with furnishings. MLS: sold for $115,000. Deed and Public Records: Sold for $86,300!!! :roll: Yeah you guess it, the agent included their, or the sellers, estimated value for the furnishings and attachments in the reported sales price. Kinda irritating. :evil:
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I think I can top that. I had an appraisal assignment for a waterfront home in an upscale development. There were few sales so I pulled some from a competing development. MLS showed 2 sales of $700,000+. But when I pulled tax data....no such sales. I called the assessor for last sale. Mind you, they are up to date on sales. Again no such sale. Finally called the agent. I was told that these were custom builds. When pressed, the agent stated that yes, there was really no transfer at MLS price. The price was the combined value of the land and the contractors price to build. I was so hot I called the Richmond MLS, they didn't know what I was talking about. I then called the state appraisal board. Talk about dumb and dumber. The administrator did not undertsand why these were not considered bona fide sales. I had to patiently explain why these were not arms length sales. As far as know, nothing has been done by either the MLS or the state board.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
:lol: :lol: 8O :roll:
I feel your pain. :wink:
 
Joined
Jan 16, 2002
How about real estate agents who send in phoney sold transaction reports simpy to create "comps" for when the appraiser arrives. They are capable of anything. So when I see stats put out by NAR and local boards I take them for what they are - fraud and lies to help pepetuate their scams.
Brokers are constantly telling me how busy they are and wish they had more homes to list, "selling like hot-cakes", yet there are no deed conveyances reflecting any of these so-called "sales".
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Joe:

We are currently responding to a cleint's concerns (as indicated in writing by out-of-town homeowner A) due to the fact we indicated a stable market: He challenges this because HIS REALTOR told him there has been a houseing shortage in his are for THREE YEARS and how dare we "undervalue his home".

MArketing time in his are averages 45+ days, nearby areas 30+ days... :roll: :roll: :roll: :evil:

realtors never lie. :wink:
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
This is frightening, I think this time the bubble is for real. I recommend everyone buy gold & silver and line the exterior of your home with aluminum foil. Real estate is an investment for fools.
 
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