Quote of the Day
From the Contra Costa Times:
Vince Malta, a recent California Association of Realtors president, called 2006 "a traumatic year" for many in the industry Thursday, but he said he expects 2007 to "be a cakewalk" in comparison...He predicted that "2007 is not going to be nearly as bad as 2006."
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Maria Gema Rapolla, sales manager for RE/MAX Gold in Vallejo, asked Malta what the industry is doing to promote positive news about the real estate market.
Malta mentioned the National Association of Realtors' "It's a Great Time to Buy or Sell a Home" public-awareness campaign urging consumers to take advantage of market conditions rather than sit on the fence.
The NAR also has other campaigns: "Someone You Can Trust," which highlights Realtor ethics, and "Don't Try This at Home," a campaign targeting for-sale-by-owner sellers.
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Rapolla said she felt the industry has been negatively portrayed in the media.
"I think the negative press about the market has given people a low sense of urgency," she said. "And people aren't taking advantage of it."
2007 won't be as bad as 2006, it will be much, much worse. The quicker these people come to this realization and move on with thier lives the better off they will be
Wow, Maria says....
"I think the negative press about the market has given people a low sense of urgency," she said. "And people aren't taking advantage of it."
Wrong, Maria. This press has provided me with a definite sense of urgency. I urgently choose to not buy into a declining market, I urgently choose to preserve my capital and help it grow, and I urgently choose to keep my housing costs very low, so I can enjoy my life and not be a mortgage slave.
There's no such thing as a good time to buy and sell. As Mish said in a post yesterday, from a realtor's standpoint:
"It's always a great time to generate a commission."
What the CAR should be doing is the same thing Ford and GM are doing, retraining their members/employees for jobs in other industries.
70% of all mortages in California are ARMs. Even though rates today are similar to rates in 2005, how difficult would it be for a home owner to refinance when the ARM readjusts this year with negative equity? I just can't see how people think the worse is over. How can you believe he people at NAR telling you the worse is behind us? They didn't see the peak and tell us that the peak is near and that people should wait for prices to pull back a little before buying. I'm glad the media is covering the downfall b/c it gets people educated. What we need now is some coverage on shady mortagage brokers who will only get shadier as the market turns. There are people that don't even know they have an ARM! They figure, I'm paying a mortgage, so that means I must be building equity. WRONG! How ridiculous is that?
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