FRIDAY FACTS
August 6, 2010
Here’s a notable quote by Teresa Boardman in Inman News that you can use to help make your sellers see reality: “Over the years I have watched these sellers chase the market down. I saw one instance in which a home was on the market for more than 400 days and now it is priced right but in the time it has been on the market it has lost as least 30% of its value”.
From a RealTrends comment noting that it’s okay to laugh sometimes: A US Senator, when commenting on the rejection of an amendment to require higher down payments for federally insured mortgages, reportedly said, “If we raise down payment requirements, then the only people who will be able to buy homes will be those who can afford to own a home”.
Bloomberg reports that homeowners are buried under $4 trillion in excess mortgage debt. This was compiled by the Federal Reserve by taking the total amount of home loans combined with the total amount of residential value.
A shift. Thing Big Work Small notes that purchases of REO’s now outnumber that of new homes. New home purchases usually represent 20% of the market and are now a little less than 11%, 19.5% are REO’s, and 69.5% are re-sales including short sales.
Inman News has an article about a new kind of real estate walk-through using Photosynth, a free web software that allows users to stitch photos together to create 3-D immersive renderings that consumers can click, drag and zoom in and out of. For example, you can click on the front door to “open” it and jump inside the house. Or, you can jump into the backyard through a window.
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