NAR Report on The State Of The National Housing Market
What's been happening in the national housing market? for almost two and a half hours this morning I surfed around briefing.com's economic calendar, Realtor.org's housing report and even Census.gov's housing statistics. I wanted to check some key housing factors to help us understand where the current national housing market is.
Here's what I found so far:
- Existing home sales
- Pending home sales
- New home sales
- Housing starts
- Housing affordability
- Mortgage purchase application index
- Fixed-rate mortgage rate
- New home sales
- Building permits
- Housing starts
- Existing home sales
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It's great to see Realtor(s) getting Real!
As a former appraiser, now a timid investor, it has amazed me to see the denials of the NAR as to reality in the market in the last two years (and still does re: Yun)! In Gardnerville I found one broker a year ago who called the situation as it has turned out to be... One, and his diagnosis was on the positive side as to the actual results!!
Seven months ago I approached a top Realtor in my area and asked him about the developing "lending" (credit) bubble and I thought he was going to shoot me for my ignorant, negative statement!! "What are you talking about?" he lamented...
So I have to ask what good does this constant overoptimism (not realism) do to help the Real Estate community? If, a year ago, the NAR would have told it like it was many more sellers would be pricing their homes correctly, as in lower prices, and the industry would keep many more jobs... Instead we have many sellers "hanging on" as they are sure the market will turn any minute and they'll be able to sell their vacant house for a former market value!!
Just Don't Get It!!
Scott,
I know what you're saying. Not only because i get the same response with people in the real estate industry but sadly, Joe and I in one way or another, have also been guilty of such denseness in the past.
People being people. It's pretty hard to be objective on how we look at the market. Especially if the payment on our home mortgage depended on our sales volume.
I have to point out what you mentioned about:
'So I have to ask what good does this constant overoptimism (not realism) do to help the Real Estate community? If, a year ago, the NAR would have told it like it was many more sellers would be pricing their homes correctly, as in lower prices, and the industry would keep many more jobs... Instead we have many sellers "hanging on" as they are sure the market will turn any minute and they'll be able to sell their vacant house for a former market value!! '
I see your point. We (agents & NAR) would have saved a ton of jobs,loads of money for people and considerable respect from the people if only we were a little more realistic with our optimism.