Recent Photos

 

 

When All the Other Scams Are Being Shut Down, What’s a Real Estate Agent To Do?

Desperately grab for any way to spin the data, that’s what.

The Southern California MLS has stopped providing ‘days-on-market’ data in client reports.”

“The Anaheim-based MLS, the nation’s second-largest listing cooperative, maintains that the days-on-market data has been inaccurate and abused. The information can’t be understood without some explanation, MLS leaders said.”

“Agents still will have access to that information and can provide it to consumers if they wish. ‘The listing history record is complex and requires some interpretation,’ said Russ Bergeron, CEO of SoCal MLS.”

Yes It is very hard to interpret what 290 days on the market means. Does that mean it was on the market for 20 days? 200 days? 10 days? It’s really hard to figure out. Don’t confuse me with all that days on market mumbo jumbo – if the house hasn’t sold yet it’s only because someone as smart as you hasn’t seen yet what a great deal this 950-square-foot fixer upper for 550K really is!

SoCal MLS does point out one of there concerns is that the number has been “abused.” Of course, they aren’t talking about the fact that agents remove a “stale” listing, then re-list it with a new MLS number so it starts back at Day 1. I would imagine their real concern is that all the bubble bloggers are mocking the high days-on-market numbers that keep racking up these days. Not fair! We like our information controlled so we can manipulate fools into taking out a mortgage ten times their income plus 8K in property tax, HOA, and what the heck, let’s throw in some Mello Roos taxes as well…

So let’s do a checklist of what’s transpired so far…

First national decline in housing price since the 1930s. Check.

Mortgage lenders going under by the multiple dozens. Check.

Hedge funds being propped up. Check.

Hedge fund investors being told, no you can’t take your money out right now. Check.

Ratings downgrades on mortgage-backed securities and the like. Check.

States creating new laws to stop predatory lending. Check.

Rating agencies now actually LOOKING at what they are rating. Check.

Foreclosures exploding exponentially. Check.

Irresponsible subprime lending becoming a quaint financial quakery of the past. Check.

Mortgage fraudsters going to jail. Check.

Real estate industrial complex scrambling to remove days on market so it looks better than it is. Check.

Government pretending everything is really not that bad. Business as usual.

Be Sociable, Share!

Leave a Reply

You must be logged in to post a comment.