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It really is that simple. I see uninformed shills write that there is no shadow inventory and other nonsense that realtors tell their customers to dupe them into a false sense of security. The fact is that shadow inventory does exist. It is very large, and eventually banks are going to have to liquidate this inventory. This liquidation will be the collapse of a cartel and may not be the orderly flow they are hoping for.

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When diners take a bite the hot beer mixes with the dough in what is claimed to be a delicious taste sensation.

The good news is that home sales numbers for Cache County Utah during August were substantially improved compared with last month. The bad news is that although the 68 homes sold is an improvement, it is still down nearly 40% compared with last August of last year. This graph shows the [...]

Home affordability took a slight hit this week after the Federal Reserve’s release of its August 10 meeting minutes.
The “Fed Minutes” is a lengthy, detailed recap of a Federal Open Market Committee meeting, not unlike the minutes published after a corporate conference, or condo association gathering. The Federal Reserve publishes its meeting minutes 3 weeks [...]

Here’s a question for you reality (vs NAR realty) agents. Ever wonder why you seem to be having such a hard time convincing sellers to set reasonable asking prices? Ever ponder why they have such a distorted sense of the true value of their homes? Ever try to get them to set reasonable asking numbers that are competitive with current market prices?

The short answer: NAR spin.

Case-Shiller is a backward looking index. The increasing number of foreclosures, the complete collapse in new home sales, a massive increase in inventory, and the end of tax credits all suggest we are near the end of the line for this bounce in home prices.

America’s distinction is that it was the first nation founded on the principle that you have a right to pursue your own happiness without government interference. But the government’s homeownership crusade means it gets to decide how you should live, and stick-and-carrot you into living that way.

What is a Deficiency Judgement?
Elk Grove Short Sale sellers have to be concerned with whether or not their lender will file a deficiency judgement against them or not. So what is a deficiency judgement?
According to Wikipedia – A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure [...]

Mortgage rates are low right now but pinning them down this week could be a challenge. As Labor Day Weekend nears and Wall Streeters take their head-start on the holiday, trading volume will fall, which will cause mortgage rates in Oklahoma to get jumpy.
As mortgage rates change, so does the long-term cost of owning a [...]

The truth is that home prices cannot rise faster than inflation unless we are inflating a bubble. The only thing surprising is that reasonable people who understand this are being heard right now. Usually, the bullshit from the NAr and the general level of kool aid intoxication in the media makes more noise.

This report is for June, the last month for the federal homebuyer tax credit. Home prices are likely falling today, but that may not be reflected in Case-Shiller reports for another couple of months. Their report is an average of three months.

Let me put it this way “There was a statistically irrelevant number of new home sales above $750K, somewhere between zero and 500″.

Most Canadians, of course, believe that they are different because they have more sound lending practices than we Americans. They may, but that doesn’t mean they don’t also have a bubble. They aren’t different, just late to the party.

The general public is waking up to the reality that the artificial bottom the government produced is not curing the housing market’s ills. It’s time to let house prices fall.