'Imagine trying to pump up the people in Sacramento'
From the Wichita Eagle:
Bernie Markstein was happy to be in Wichita instead of on one of the coasts on Tuesday. Markstein, director of forecasting and senior economist for the National Association of Home Builders, was one of the experts who spoke during the Wichita Area Builders Association's 2008 economic forecast at the Wichita Marriott. "This is fun talking to you guys," he said. "Imagine trying to pump up the people in Sacramento."
13 comments:
Go Wichita! I can see the flippers all heading out there right now...
I know what I'd say to the Sacramento crowd:
"At least you don't live in Wichita!"
Ah but Sacramento is home to Casey Serin. Wichita don't got one of them.
this is huge:
California lenders agree to freeze rates
http://www.sacbee.com/111/story/507430.html
That is unprecedented, and highly unlikely to actually work. These companies may have initiated the loans or may be servicing them, but chances are they don't own them and really have no authority to mess with the rates. It'll be interesting to see what actually happens with this.
Nevertheless, even if it did "work", it still just delays the inevitable until the rates are unfrozen.
PR - The timing is suspicious to me. I wonder if it's an attempt to save the shopping season.
I was just wondering to myself today what's to come of the shopping season, but I'd imagine big sweeping changes like this have come way to late to have any quick impact on consumer purchasing.
I have a feeling this will be a big story in the blogosphere tomorrow.
Gwynster - my bad it was the one you like :)
http://calculatedrisk.blogspot.com/2007/11/oh-good-now-we-can-fire-intern.html
http://www.ocregister.com/money/realtytrac-foreclosure-data-1924443-count-numbers
Even Arnold was quoting the big "filings" number today.
"COUNTING FORECLOSURES: RealtyTrac acknowledges it isn't perfect but says its data offers comprehensiveness and context that other providers don't.
"Sunday, November 18, 2007
Tracking the truth on foreclosures
RealtyTrac's data is oft-cited by the media, but some question its accuracy.
By ANDREW GALVIN
The Orange County Register
"If ever there were a public relations success story, RealtyTrac is it.
"The Irvine-based firm's monthly news releases, chock-full of state-by-state foreclosure counts, are devoured by a national media ravenous for data on what many consider a developing crisis.
"For example, last year, RealtyTrac's data showed Colorado had the nation's highest foreclosure rate. That didn't sit well with state officials, who decided to do their own count of foreclosures and came up with a figure much smaller than RealtyTrac's.
"Since RealtyTrac began putting out the news releases in 2005, the number of unique visitors to its Web site has tripled to 3 million a month
"Figures that overstate problems in the housing market "become sort of a self-fulfilling prophecy in that people are afraid to go out and look for a home," Kyser said.
Somewhere in there it said that the rate in CA is about 20% of the "filings" number. Would that sell papers? Yes, but not as many.
It really doesn't matter if the
numbers of foreclosures are over
reported... housing is way overpriced and untill that changes
the housing market won't recover.
I think we're already in a recession but my guess is they don't want to report that, with the
holiday shopping season coming up.
Sippin,
my point was that you were bashing on Dataquik, not realtytrak. I can totally see you bashing RT. You had them switched.
You're getting a little edgy there... calm down and get yourself a drink Dude.
RE: recession
earlier this year, the Fed. Gov't *revised down* GDP growth numbers for like 2-3 years prior. I smelled a rat. This move was awesomely sneaky. Sentiment was super high when the *incorrect* GDP numbers were originally reported, but now that they've been revised downward, Q2,3&4 2007 GDP numbers would look better against the revised numbers so that sentiment could hold a little longer, buying time in the minds of the public, giving cover to all the bottom callers saying 'see, all this bad news and we're still growing' etc. Flim flam.
I lived in Wichita for four years. It seemed like forty. Despite what's happening to our real estate, keep in mind that as in all other parts of life, you get what you pay for. What you would be paying for is a house in Kansas.
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