Its your money wrote on Aug 12, 2008 8:33 PM:Oh I bet old Dennis Smith is a Phd in finance.... NOT.... probably didn't even graduate from 9th grade algabra. If your smart don't ever listen to a Realtor

Hype wrote on Aug 12, 2008 9:29 PM:Having a Realtor comment on the housing market is like having a defense contractor comment on military appropriations.

To Its your money and Hype wrote on Aug 12, 2008 11:28 PM:Dennis Smith may or may not have graduated from 9th grade algebra (note proper spelling), but it looks as if you didn't do so hot in 9th grade English. It's your language and if you're (not "your") smart you'd listen to Realtors and others and actually learn something. In Hype's case, who would be a better commentator on housing than someone who makes his or her living in that business?

good one hype wrote on Aug 13, 2008 5:54 AM:clever...! - don't let a realtor's "opinion" guide you !! They are not making your payments...Dennis says words such as IF and MIGHT. Like they really know what the future holds...NOT

Gil wrote on Aug 13, 2008 7:25 AM:While the bottom might be near, there will undoubtedly be many years of stagnant home values. The value of a home in 2005 might not be seen again for 25 years. With tougher lending standards, increasing fuel prices and a growing unemployment rate, we are in for continued malaise in the housing market.
Have you thanked a speculator today?

More Hype wrote on Aug 13, 2008 7:33 AM:That's easy! A better commentator on housing would be an economist, or someone who makes their living by appraising or underwriting real estate - not someone who is in commissioned sales.

Realtors Wife wrote on Aug 13, 2008 8:19 AM:All I know is that my realtor husband is packed with clients ready to buy. 2 more offers in this week.

I sure hope the nay sayers will not be looking back on how they missed their opportunity to own when prices go back up in a few years.

When mortgage payments on a 3/2 home are equal or close to what people are paying in rent, they will buy. Then their tax savings covers their taxes and insurance. There are some very good deals out there for people willing to put in some sweat equity.

At this point, in many cases home prices are already far less than building costs. This is another indicator that we are at or near bottom.

What boggles my mind is how many buyers are wandering about without a realtor, when it costs a buyer nothing to have someone represent their interests.

Second Round suckers wrote on Aug 13, 2008 8:42 AM:I'm still seeing signs for 100% financing on some of the foreclosures in my area. Most of them don't really look like fixer upers either. I wonder whether the new standards will prevent further financial ruin with so many people loosing their jobs, high gas, food and energy costs. The economy just might create a second round of suckers who can get into the house but cannot afford to live there.

RealityCheck wrote on Aug 13, 2008 9:06 AM:Whether this sales "jump" is actually more like a spasmodic jerk in a dying body remains to be seen.

Carol wrote on Aug 13, 2008 9:08 AM:Guess the first thing that comes to mind reading the article is the fact that the foreclosures are homes that have not been maintained well......is it just because you are going "under", you trash the place?? I looked at a repo home a few years back in San Marcos. Wallpaper ripped off the walls, screwed on bookshelves torn off the walls with gaping holes where the srews were, and stains all over the carpeting. Are these people sooo angry with themselves that they over-spent or tried to live above their means, that when it all comes to an end they just go nuts??? They never should have owned a home if that's all the "pride" they have...or common sense!

Cautiously optimistic wrote on Aug 13, 2008 10:31 AM:There's an old saying...never ask a barber if you need a haircut, the answer is always the same. Same sentiment goes toward asking realtors their opinions on the market.

Chuckles responds to Realtors Wife wrote on Aug 13, 2008 10:55 AM:Real estate agents are going the way of the dinosaur, carrier pigeon, and print media. In this age of on-line marketing, only anti-competitive practices (i.e. boycotts of discount brokers) keep the industry afloat. But the funniest part of Realtor's Wife's statement is her claim that real estate agents represent "the interests" of the buyer. That is so not true. Real estate agents are advocates FOR THE SALE. They could care less if the buyer over-pays. If fact, they make more money if the buyer does over-pay. The only thing they want is for the deal to go through, at any price, but preferably, a higher price.

Bill wrote on Aug 13, 2008 11:34 AM:The market is doing exactly want it always does. Weeds out the weak.
There are many good things that will come from higher gas prices and lower home prices...it's just painful while it corrects. Did you save for the bad times? No...that's your own fault. Education, past history and basic math will go a long way to preparing you for even worse times ahead.

Bill is the man wrote on Aug 13, 2008 12:21 PM:he hits the nail on the head. just as the only way you can truely be physically fit is to eat right and exercise (2 things that dont jibe with society's "no pain, all gain" desires), there is no magic pill when it comes to economics & finance either - no way to burn fat & build muscle mass while you sleep.

but some people will always look and live for the easy score, then wonder why it doesn't last.

BOB J wrote on Aug 13, 2008 2:15 PM:If there's an upturn in housing sales, it's because bottom-feeders and speculators are buying foreclosed properties and properties greatly reduced by desperate sellers who want to avoid bankruptcy and total loss of their credit. Real estate shops are loaded with deadwood sales people and are little better than used car lots as far as integrity is concerned.

Realtors Wife wrote on Aug 13, 2008 2:21 PM:Chuckles, Perhaps there are a some realtors out there like that, but most I've met are not. Being ethical and serving their clients is how they get repeat business and referrals. If a realtor is in it for the long term, they need a business and ethics strategy that gains long term loyalty and goodwill.

You need to be a very savvy web user to get all the information you need for a property off the internet alone and some info is just not available to the average consumer.

A good buyer's agent will let a buyer know what the schools API scores are, what districts they are in, whether there is public or school transportation around, what kind of crime statistics are in the neighbhorhood, and what kind of foreclosure activity is happening in that neighborhood. They are going to use active comps to figure out the lowest possible offer. They are going to find out a foreclosure's history with the neigbhors and give the client the the most information he/she can to make a decision.

The realtors representing the the TDI foreclosure properties are certainly not going to help the buyers with anything at all and will disclose nothing. Many buyers have no idea what to even ask about, let alone where to find it on the web.

And some realtors actually get a great deal of satisfaction out of making people happy, especially those who are able to finally buy their first home, which this market is allowing.

It does seem that these new buyers are being more highly screened by mortgage companies. The mortgate companies are under too much scrutiny to continue play loose.

Realtors Wife wrote on Aug 13, 2008 2:23 PM:A lot of people saved money, cleaned up their credit, and were patient through the last few years and are now ready to get into a home of their own.

Realtors Wife wrote on Aug 13, 2008 2:27 PM:BOB J,
Buyers can always look for the small operations with one or two realtors who are willing to work for their clients.

When we were looking for a house years ago, we had plenty of people who said "when you find the house you want, call me and we'll write it up.", but then there were some who said "what do you want, I'll find some, let you pick out your top picks, then preview them for you before I waste your time."

Guess who we chose to work for us...

evildoc wrote on Aug 13, 2008 3:25 PM:----“‘Now people are getting the idea that we are getting close to the bottom,’ said Dennis Smith, a real estate agent in Carlsbad. ‘If we could get the banks to lighten the reins a little bit, we might have a recovery.’”-----
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Just sad. "People" once got the idea the world was flat. Saw how well that one worked out. People once though buying tulip bulbs was the path to wealth. That nation-bankrupting mania was dwarfed only by the current housing mania. "People" never seem to cite which macro-economic principle leads them (vs their wishful thinking) to think the "bottom" is in. Indeed during the Great Depression, voices kept calling the bottom every three months as stocks crashed for years.

Have fun, folks.

Gil wrote on Aug 13, 2008 3:55 PM:To Evildoc: Some great points!!!
The Nasdaq hit 5K in 2000, 8 years later and we are not even close to 5K. What makes these people think that the real estate market will come back to the 2005 highs?

still another round wrote on Aug 13, 2008 5:28 PM:We are only seeing the foreclosures from the first bad loans that reset. Wait till all the loans reset from the people who bought at the high. Even the people buying foreclosures may see a 10-20% drop in what they recently bought. Beware drive the prices down. It was an artificial hike in prices.

e_tu_alt_a wrote on Aug 13, 2008 6:22 PM:"Being ethical and serving their clients is how they get repeat business and referrals"

I wonder how many of these supposedly "ethical" realtors were advising their clients not to buy during the height of the bubble mania? Not many, I suspect.

People will walk from their homes wrote on Aug 13, 2008 7:00 PM:If prices get low enough, people will just walk away from their houses.

How long would it take to recoup $100k? $150k, $200K plus? These are real losses for some people locally. People are just going to walk.

Housing will take a decade or more to recover if not longer.

Mark my words.

Yee Haw wrote on Aug 13, 2008 9:23 PM:Yee Haw!

And all the developers and speculators did a little Happy Dance. And then they started mass building again and then they over-saturate the market and then we repeat the vicious cycle again.

Yee Haw! Oh yeah, I forgot...some of the developers and speculators go "belly-up". Glurg.

Waiter wrote on Aug 20, 2008 12:15 AM:RE: Realtor Wife
"You need to be a very savvy web user to get all the information you need for a property off the internet alone and some info is just not available to the average consumer. "

Hmmm... Care to elaborate? I'm willing to bet I can do the same job (or better) as your spouse, and I don't have one of those new code key card things either. I have found all kinds of crazy non-disclosed stuff via my own internet research. Stuff not disclosed by the listing agent... Or better yet, stuff CLAIMED by the listing agent that simply isn't true! Incorrect schools is common these days, as is forgetting to mention MelloRoos.

Anyhoo? What exactly does your spouse know that the rest of us "average consumers" can't access?

Pray tell!