Market Pulse

[Tim The Enchanter]

Purely anecdotal.

In my average sections of the valley, inventory is increasing, maybe 2 months instead of 1, or 2 instead of 3 depending on area and price range. Higher price ranges have more inventory.

Prices still high. For fun and cuz I live here, I checked Reseda (an average area) today, the lowest SFR on the market was listed at $449, for I think a 900 SF 2+1 house. 5 years ago it would have been closer to $175 or $200.

There were only 20 something listed at $500k or less. Not a large supply for the area size. Largest listing was highest priced, 1450 SF for $499,900. Most sell close to list. Still kinda crazy, but maybe easing off the manic phase. :blink:

I don't wanna say the sky is falling. At this time. Doesn't look like it. We can only make that call after the fact anyway, right?

And all you folks in states that aren't so steeply priced can quit wondering why people keep coming in. They can't afford it here. Talk to me about Colorado, Tennessee, or somewhere winter doesn't lurk too long. Maybe not Colorado, nice mountains, but brrr, winter

 

[george foster]

ME is a continuing economic debacle.

Even Realtor cheerleaders acknowledge market is dead flat.

Major Naval air station closed via Base Alignment Commission. 2400 government jobs transferred to FL. 1600 civilian jobs lost. FOR SALE signs everywhere.

MBNA bought by Bank of America. 6000 jobs to North Carolina. Closure will collapse mid-area coastal market. FOR SALE signs everywhere.

Due to loss of local manufacturing plants to foreign locales, many constituents are having to commute anywhere from 50 to 100 miles just to work. Doubling of gaz prices and heating fuel prices gobbling up disposable income. No takers for these white elephant properties. FOR SALE signs everywhere.

Medical centers catering to legions of Medicaid/Medicare clientele are the only businesses keeping afloat.

ME ranked highest tax state in US.

Republican party cannot field a candidate to run against incumbent Dem, because they know how bad things are.

Skippies and hacks are having a field day. All still reporting stable/appreciating markets for limited sales or re-fi's so they can keep working. Appraisals filled with canned rubbish only applicable to previous "boom" period.

A harsh winter will finish off this house of straw.

 

[Mike Garrett RAA]

Noticed a slowing of assignments this month. Is it seasonal slowing or actually a change in the market? Checking my logs...it looks like Oct 04 and Oct 03 were just marginally better. Could it be more and more appraisers chasing too few assignments?

MLS shows inventory and days on market expanding. Again, this is quite typical for this time of the year. Looks like we will have average appreciation again of about 6%. Building permits are constant and there have been no major negative economic news releases. On the positive side, the army is moving another division here.

Another positive note...we are seeing much smaller class size for our Registered Appraisers Pre-license course. Looks like the word is finally getting out that there are only so many appraisers willing to train their competition. Look for this to drop off even more as the Appraiser Board is now limiting the number of trainees one can supervise (3). A college degree will further lessen the number of people entering the business.

If history holds true, the Democrats will probably win back the House of Representatives at the mid term elections and will win the White House two years after that. My business increased under the Dems...will that be true this time?

Low interest rates and a healthy new home market nationwide is still a big positive. As long as we can keep the terrorists away, I look for continued good business. Foreclosures will still be a substantial portion of our work as will corporate relocation (ERC). The major storms in the southeast will spur lots of new construction and development...should be good for appraisers.

I remain positive!