It's amazing how many people knew this would happen.
How many people predicted this would happen.
But opinion is not fact.
I've been reading a lot of blogs on a variety of web sites in the past two days.
It's like the real estate world has been waiting for the other shoe to drop and are now using it to kick the once prominent pair in the backside for destroying the housing market.
There's joy in Bakerstown with the collapse of the high-profile duo.
But the accusations had a side effect; creating an atmosphere of mistrust for everyone else in the business.
One lender tells me that buyers are leary of everyone in real estate across the board.
But did they wreck the local market, or are they simply being set up as the scapegoats?
The foreclosures will definitely hurt the surrounding property values in the respective neighborhoods and banks will eat the loans.
I've read about the properties listed in the Dept. of Real Estate's accusations and a few other we managed to dig up. I've also scanned a few on various blogs.
But was it something bigger?
As the market soared, so did housing prices.
I had friends who say realtors were fighting over their property before it ever listed and got their client to pay $50,000 more than they were asking for it.
Who fueled this anxiety?
I know, the media. No, not really.
What about the fly-by-night realtors who jumped into the market to make a quick buck, and are now jumping right back out again.
The inflated appraisals, the easy to get loans and plenty of homes to buy.
Now, the investigation has begun with no real end in sight.
In the wake, the market is left to readjust.
I'm told it could take until 2009.
That should be just long enough to sell off three years worth of housing inventory that's sitting in the market's wake.
Subscribe to:
Post Comments (Atom)
4 comments:
You're kidding right? This was not hard to see and bloggers who saw this coming literally years ago aren't geniuses - they're just not sheepeople either.
And 2009! Again this isn't that hard to see. No this will NOT turn around by 2009. Sorry. This will be decade long problem and we'll even a more pronounced decline than we did in 1990s.
Eventually we will all know the details that the news can report on. In the meantime it's great to read opinions like yours in the blogs. They help spin more on the Crisp & Cole situation that I might not hear or think of otherwise...
I'm afraid to read the Bakersfield bubble. They'll eat me for lunch! :)
FINALLY somebody's blogging about this screwd up market. I thought Nick would have done that along time ago. David Crisp and Carl Cole. You know there are many shady Realtors out there. These 2 just happened to be Scadelous and Shady. Greed is what killed them and in the end, if you are a Realtor and feel that your cleints or potential Buyers don't trust you, then maybe that's the vibe that they are getting from you. Your right, it's not just Crisp and Cole. I can name a few well known Realtors in Bakersfield with whom I had to deal with and when dealing with them in a transaction type relationship, they aren't all what the Consumer thinks they are. I've even had Sellers come to me to list their home and gave me really messed up stories about these other big name companies that charge you an arm and a leg yet they do nothing. People say the market is slow and I say it's normal. It's back to it's old way. All that happened a couple years ago is that there was a big BOOM and it's not like that anymore. I still have confidence in this market. I might not have 6 or 7 deals in escrow a month like I use to, but you know what, Bakersfield is still an affordable place to live no matter what anyone says and when they build that Bullet Train...guess what's going to happen again. There are soooo many Buyers in the market still to this day. Why aren't they buying? They aren't buying because they don't have to buy right now. They can kick back and wait until prices get even lower. I don't see this as a big problem like it's being made out to be. It's just a bumpy road and nothing in this world is Perfect. One thing about me is that I don't bite my tongue. I don't say whatever just to make a deal like some other people.
I've considered writing about Realty in the past, but then figured if I made all the realtors mad, no one would ever sell me a house! Just jarshin'.
Post a Comment