Maybe the sky is not falling after all?

[dunefrog]

98% of homes are NOT in foreclosure

Come on people, I am here to tell you that the sky is NOT falling.......
There are some short sales in our multiple listing, but a true short sale or a real foreclosure are not the typical homes that are being listed and sold. The latest statistics show that only a small amount of properties are in foreclosure nationwide and that figure is 2%.
So why is everyone wringing their hands and acting like chicken little? Could it be that we all enjoy spreading news that causes us to gasp? I think the media loves to dwell on the bad and the ugly, the devastating and the shocking. When the media does that, then the speculators start gathering to see how they can take advantage of what they were told are vulnerable individuals. When that happens people panic and panic creates turmoil.
What does that do to our lives? Well...........I think it causes such a negative impact and we start acting accordingly.
I am in the middle of sales every day and yes, there are some bargains being found and good deals being made, but not everyone is losing their shirt. Many individuals are still pulling in a good rate of return on their properties and many individuals are making good buys. I want to spread the news that we are doing well in spite of what the media says. Life is not at a standstill and going backward.
Life here at the beach is still beautiful. The sky is NOT falling!

Bert Summerville-Kain is a Realtor? with Destin Real Estate Company on Scenic 30A in Santa Rosa Beach.

 

[SHELLY]

98% of homes are NOT in foreclosure


Bert Summerville-Kain is a Realtor? with Destin Real Estate Company on Scenic 30A in Santa Rosa Beach.

Yo, Bert...apparently the Fed and GW haven't got the word--they're throwning Billions our our tax dollars down a rathole to bail out somebody.

.

 

[30ashopper]

98% of homes are NOT in foreclosure

Come on people, I am here to tell you that the sky is NOT falling.......
There are some short sales in our multiple listing, but a true short sale or a real foreclosure are not the typical homes that are being listed and sold. The latest statistics show that only a small amount of properties are in foreclosure nationwide and that figure is 2%.

So why is everyone wringing their hands and acting like chicken little? Could it be that we all enjoy spreading news that causes us to gasp? I think the media loves to dwell on the bad and the ugly, the devastating and the shocking. When the media does that, then the speculators start gathering to see how they can take advantage of what they were told are vulnerable individuals. When that happens people panic and panic creates turmoil.
What does that do to our lives? Well...........I think it causes such a negative impact and we start acting accordingly.

I am in the middle of sales every day and yes, there are some bargains being found and good deals being made, but not everyone is losing their shirt. Many individuals are still pulling in a good rate of return on their properties and many individuals are making good buys. I want to spread the news that we are doing well in spite of what the media says. Life is not at a standstill and going backward.

Life here at the beach is still beautiful. The sky is NOT falling!

The faltering fundamentals of our banking industry are not the result of media propeganda. This is a very serious time in the history of our economy. It's not something anyone should be brushing off as hype.

 

[AAbsolute]

How about our community banks that can't loan because they're underfunded and out of balance? I think I heard recently about one of our local's who was temporarily shut down by the Fed's untill the original members re-capitalized.

 

[bdc63]

Maybe the sky is not falling after all? 98% of homes are NOT in foreclosure

I guess that is one way of looking at it. But with financial markets still in such disarray, a Libor spread of close to 80, and mean home prices still trending down, I'm afraid this thing still has a long way to play out.

 

[beachmouse]

AAbs, same local bank that was getting a D rating from those that report on the health of banks?

 

[dunefrog]

Yo, Bert...apparently the Fed and GW haven't got the word--they're throwning Billions our our tax dollars down a rathole to bail out somebody.

.

Yo, Shelly...that quote referred to the SOWAL real estate market, not the national situation as a whole. How 'bout a prediction from the oracle him/her/it self? SOWAL? Real Estate? How much further will values fall from where we are today?

 

[dunefrog]

The faltering fundamentals of our banking industry are not the result of media propeganda. This is a very serious time in the history of our economy. It's not something anyone should be brushing off as hype.

I agree that the financial system is going through a crisis/correction right now. But it will not last forever. Maybe 2 years tops. After this, loans will be harder to get than the early 2000s (no more no-doc, alt-a garbage), but not any harder than the 1990s (20% down, 6.5% 30-year fixed).

I think the media IS hyping a lot of this. Yes, it is a mess and many of the people who took big risks will lose their shirts. But the vast majority of Americans will be minimally affected by the financial crisis (a year long recession, 30% higher unemployment rate). A little worse than the S&L crisis, but nothing like the Great Depression.

Now to Sowal real estate (which was the subject of the thread). I think prices have fallen pretty low already, might fall 10% more if at all, and will come back to early 2006 peak prices within 10 years. So, if true, a good time to buy Sowal real estate. Good deals for the long term owner/investor.

If I'm right, then like Bert says, the sky is not falling.

 

[dunefrog]

I guess that is one way of looking at it. But with financial markets still in such disarray, a Libor spread of close to 80, and mean home prices still trending down, I'm afraid this thing still has a long way to play out.

That LIBOR spread is way out of whack. But the financial disarray, though real, will right itself within a few years. The world economy will deleverage and growth will slow a bit. The big risk takers will have their assets redistributed. They will have to work harder to make that up. But no depression. No apocalypse.

 

[ClintClint]

I'm pretty sure that a consensus opinion coalesced around the idea that the intangbles of living in sowal really are the paramount reasons to buy/live here. Disappointment resides in financial reasons if expectations are exaggerated. My concerns with the falling home values is the collateral damage that financial strees can put on the family and/or a marriage.