NWMLS: Sales Still Down Big YOY, Prices Falling Too

October market stats have been published by the NWMLS. Here’s their press release: Housing Activity Remained Sluggish During October; Market Change Not Likely to be "Light Switch" Moment.

Housing activity around Washington state remained lackluster during October, with brokers reporting year-over-year declines in pending sales. On a brighter note, prices on sales that closed last month showed signs of stabilizing, with eight counties showing price gains compared to 12 months ago.

“The change in the market will not be a ‘light switch’ moment,” remarked NWMLS director Frank Wilson, branch managing broker at John L. Scott Real Estate in Poulsbo. He expects 2011 will be a little better than 2010, with 2012 likely to be a little better than 2011.

“Buyers and sellers need to live in the now and not try to second-guess the market or when it will actually bottom out,” Wilson suggested, adding the messages to sellers and buyers are unchanged.

Got it? Only real estate professionals are allowed to make wild guesses about the market bottom.

Let’s have a look at their stats, shall we?

CAUTION

NWMLS monthly reports include an undisclosed and varying number of
sales from previous months in their pending and closed sales statistics.

Here’s your King County SFH summary, with the arrows to show whether the year-over-year direction of each indicator is favorable or unfavorable news for buyers and sellers (green = favorable, red = unfavorable):

October 2010 Number MOM YOY Buyers Sellers
Active Listings 9,674 -5.4% +9.1%
Closed Sales 1,309 +13.0% -25.5%
SAAS (?) 2.04 -17.1% +26.2%
Pending Sales 1,811 +2.2% -21.1%
Months of Supply 5.34 -7.5% +38.2%
Median Price* $375,000 -1.3% -0.7%

Feel free to download the updated Seattle Bubble Spreadsheet (Excel 2003 format), but keep in mind the caution above.

Here’s your closed sales yearly comparison chart:

King County SFH Closed Sales

Note that October’s uptick is probably more likely a result of NWMLS reporting errors than an actual increase in the number of sales as we head into the fall.

Here’s the graph of inventory with each year overlaid on the same chart.

King County SFH Inventory

Still tracking above last year, but well below the record highs of 2008 and 2007.

Here’s the supply/demand YOY graph. In place of the now-unreliable measure of pending sales, the “demand” in this chart is represented by closed sales, which have had a consistent definition throughout the decade.

King County Supply vs Demand % Change YOY

Still firmly in “buyer’s market” territory.

Here’s the median home price YOY change graph:

King County SFH YOY Price Change

Still just below zero.

And lastly, here is the chart comparing King County SFH prices each month for every year back to 1994.

King County SFH Prices

Uh-oh, slipping back below 2005 levels there. October 2005: $390,000. October 2010: $375,000.

No blurbs yet from the Seattle Times and P-I. Check back tomorrow, when their reporting will be included in the full reporting roundup.

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

43 comments:

  1. 1
    jffj says:

    So King County prices are virtually flat for almost 2 years now. I keep hearing about more drops but that seems rather stable, all things considered.

  2. 2
    Chris says:

    I think it’s hard to infer much at an aggregate King County level. When I look at the King County breakouts for single family homes it could look like more of a “dumbell” than a “bell curve” distribution. Specifically, I count 29 MLS areas reporting sales:

    10 report median price changes between +4% and +18%
    7 report median price changes between -4% and +4%
    12 report median price changes between -4% and -16%

    I think most people, including myself, tend to infer that the data points would cluster around the mean or median but it doesn’t appear to be the case.

    http://www.nwrealestate.com/nwrpub/common/getRpt.cfm?obj=KCbreakouts

  3. 3
    Lurker says:

    RE: jffj @ 1

    I would try not to confuse median selling price with a homes value. The actual median price that buyers are paying may not have changed much the past few years but the quality of home/neighborhood that they get for that money has probably been improving.

  4. 4

    RE: jffj @ 1 – Yes, we’ve been basically flat, with the variation being largely noise. But that doesn’t mean it will continue flat. It just means we’ve spent more time talking about price than what it’s deserved. ;-)

  5. 5

    To Quote Tim:

    “….Got it? Only real estate professionals are allowed to make wild guesses about the market bottom….”

    LOL, as if real estate professionals are all highly degreed analysts in economics. Hades, this witches brew of uncharted economic quagmire we’re currently in, certainly caused by uncontrolled growth we’re in denial over, is like trying to predict how long the engine will keep running on replacing 3 spark plugs instead of 4. Because, you know, the uncontrolled growth spark plug never wears out.

    Well, it’s time for my Toastmasters meeting….the theme is “Post Election Celebrations”….LOL….BTW, I’m the toastmaster today.

  6. 6
    deejayoh says:

    The YoY drop in sales volume is not surprising, based on your article from last year.
    NWMLS: Fake Expiration of Wasteful Tax Credit Boosts October Sales

    October 2009 had the most closings of any month in 2009. This year looks a bit funky too based on the uptick vs. the summer months. Maybe we are just getting back on trendline after working through the front-loading of sales due to the tax credit?

  7. 7
    Scotsman says:

    OK. I’m living in the here and now, I’m all about the moment. The sun is out and the rainy season is banished. Can I have a beer?

    I do think we’ve entered a short period of denial where It’s once again OK to think that everything will be fine. Benny B. and the republicans to the rescue It won’t, but we can delude ourselves that it will. Pay no attention to the deficits, MERS issues, rising unemployment, soon to soar energy and commodity prices, etc. Home ownership is still cool. Renters suck. Make that beer a cold one.

  8. 8
    D. in Ballard says:

    The thing is, sales would skyrocket if the house prices were right. I took a break off work yesterday to check out a Wednesday Open House because the house looked like a pretty good value. As I walk in the door the agent is on the phone with their buyer saying there was an offer coming in. 2 days after listing it goes pending. Who says there are no buyers out there?

  9. 9
    ray pepper says:

    ahhh lets see here..Heading to investor group meeting taking a quick glance:

    1134 properties slated for Trustee Sale tomorrow in King and Pierce

    Already 240 already in “sale off” mode

    Lord knows how many will be postponed or revert back to lender.

    One thing for sure…The usual 20-40 will be sold to investors.

    Hope weather is nice. Looks like a 10-3pm day at Courthouse.

    Should be an action packed!

  10. 10
    One Eyed Man says:

    RE: Kary L. Krismer @ 4RE: Lurker @ 3RE: deejayoh @ 6

    At the risk of sullying your reputations thru guilt by association, I too think that the median is still normalizing after the tax credit. The end of the credit pushed the median up due to low end sales being pulled forward. As low end sales revert to the norm, the median drops again due to sales mix in addition to any change caused by true movement up or down in home values.

    I believe Ardell and maybe Jonness were freaking out over the dropping median last week and I think they were missing that issue. Not to say that home values won’t continue to decrease here, but only that the median is to some degree an unreliable indicator due to sales mix as compared to the CS.

  11. 11
    Gesus says:

    Can we get similar data here for Snohomish as well pl?

  12. 12

    By One Eyed Man @ 10:

    RE: Kary L. Krismer @ 4RE: Lurker @ 3RE: deejayoh @ 6 – At the risk of sullying your reputations thru guilt by association, I too think that the median is still normalizing after the tax credit.

    If you’re saying the flat median is hiding a drop in prices due to a change in mix, I wouldn’t disagree with that. I think that’s very possible.

    (Edit: I can’t believe I wrote such a lousy sentence, but this sentence is easier than an edit!)

  13. 13
    One Eyed Man says:

    RE: Kary L. Krismer @ 12

    Possibly as a specific consequence, but also more generally that movement in the median can’t be trusted when artificial factors have potentially moved the sales mix away from what would otherwise be the norm.

    (As the master of the run on sentence, it would be extremely hypocritical for me to find fault with anyone elses sentence structure.)

    Also, just as Pegasus deserves credit for bringing the foreclosure issues to the forefront of the discussion, you deserve some credit for being the person (or one of the people) who first pointed out that the median might rise immediately after the credit ended due to a short term drop in low end saled which theoretically would have been pulled forward at a higher rate.

  14. 14

    RE: One Eyed Man @ 13 – I think someone else said it first, I thought about it and agreed. A rise did occur the first month, which is another reason why I think the flat could well be hiding a decline.

  15. 15
    David Losh says:

    I was wrong, OK? There you have it, it needed to be said.

    People are still paying way too much for housing units even though they have been warned. People just continue to buy.

    A woman I know to be level headed went last Friday to look at a house that just came on the market in a Phinney Ridge neighborhood. It came on at like $750K. By 3PM she was sure it was sold. I have no doubt she is right, but she could see my confusion, and said, “three years ago it would have sold for over a million.”

    How can you fight that kind of logic? She was making $250K in her head.

    Like I said, she’s level headed owns her home free, and clear, keeps track of the market, and yet, $750K is a bargain.

    When will it end? I thought it would be this month. I was wrong.

  16. 16
    Jonness says:

    ““Buyers and sellers need to live in the now and not try to second-guess the market or when it will actually bottom out,” Wilson suggested, adding the messages to sellers and buyers are unchanged.”

    That’s the same thing he said in 2007. So if the messages to buyers and sellers remains unchanged, should I be expecting another 20+% drop in prices?

  17. 17
    David Losh says:

    RE: Jonness @ 16

    The problem is sales data. You can’t fight the sales data. Agents are still out there selling, trying to create hysteriea, to get people to do something, anything.

    I just took a look at some real estate offices, and companies, and sorry Tim redfin too. These places are desperate for dollars. We may be on a bubble blog, but out in the world it’s just scary.

    Help me out here, but can you imagine all of those commission sales agents with the tapped turned off three years ago, and they are just having a good year, this year? They’re having a good year this year because of the tax credit hysteria. Low interest rates, and home prices less than three years ago.

    When the gushing, hype, hysteria, meets sales data that is only a month old, a lot of deals got done, for a lot more than I think they shoulda.

    But then again only Real Estate professionals are allowed to make bottom calls.

  18. 18
    Jonness says:

    By One Eyed Man @ 10:

    I believe Ardell and maybe Jonness were freaking out over the dropping median last week and I think they were missing that issue.

    I stated the homes I’ve been looking out are dropping in price like crazy. This is a VERY true statement. It’s the first time I’ve seen some homes that are actually starting to look somewhat affordable. Ardel said her data showed a good-sized drop in October. What I’m seeing on the ground (as a prospective buyer) correlates to her statement. I continue to see more REO’s popping up at 2003 prices, and I’m also seeing some owner occupied non-short sales priced around this range. Of course there are plenty of short sales with listing prices around that range as well. For those who are new to this game, that probably doesn’t seem that exciting, but keep in mind, I was shopping for houses at the 2007 peak, so what I’m seeing this October has been WELCOME news. I can only drive the freeways for so many hours per day for so many years before I throw in the towel and put the huge chunk of change I’ve saved into a house. Good thing I saw this thing coming from a mile away, or I would be hopelessly underwater like so many others who failed to perform a proper analysis prior to purchasing.

    When in doubt, consult CS. NWMLS sales numbers are fun, but I don’t put a lot of weight on the pricing data. However, IMO, in order to get an idea of near-term pricing trends, keep an eye on NWMLS sales numbers. That being said, even by the small NWMLS MOM drop, that’s another $6,500.00 I’ve saved on a home by simply holding off for another month. At $6,500.00 of pure profit per month, I can see no good reason to come off the fence now. OTOH, if I were a seller, I could see plenty of good reason to drop my price and escape the nightmare as fast as possible.

    But soon enough, we’ll see Bernanke’s 3.5% 30-year fixed mortgages to the rescue. This will most likely draw in a whole new round of suckers and will lead to a whole new round of bottom calls from our favorite shills. Meanwhile, I’ll save up a bunch more equity and watch the show from the sidelines. I can only imagine how tough it is to have weak willpower and end up underwater. I hate driving, but I hate losing 6 figures of my hard earned money even more.

  19. 19
    Scotsman says:

    RE: David Losh @ 17

    “But then again only Real Estate professionals are allowed to make bottom calls.”

    Some won’t make any calls. Others make far more than their fair share. Is Ira the median of Kary and Ardell? Is he going up or down? Statistics can be so confusing.

  20. 20
    TheHulk says:

    RE: Jonness @ 18

    Do not, I repeat do not make the mistake of comparing prices today to the 2007 prices.What seems like a huge discount from 2007 (typically 25% lower) is still out of whack with reality. Look at the average income in 2000 and the DTI ratios back then. That was probably the only time prices around here were somewhat reasonable. Since then, a combination of the Fed creating loose credit, interest only/ARM loans and equity locusts from California contributed to the huge run up in prices that we have seen here.

    Just because a Car was listed for 40K and is now selling for 30K doesnt mean it is actually worth 30K. Why would you assume the same for the biggest purchase in your life?

  21. 21

    By Scotsman @ 19:

    RE: David Losh @ 17

    “But then again only Real Estate professionals are allowed to make bottom calls.”

    Some won’t make any calls. Others make far more than their fair share. Is Ira the median of Kary and Ardell? Is he going up or down? Statistics can be so confusing.

    I ain’t the median of ‘nuthin.
    Kary won’t make any predictions. Ardell will make all kinds of predictions, and then proclaim how accurate she was, ignoring all the wrong predictions she made.
    Me, I also make predictions all the time, and I’m generally right about 30% of the time, which would be a very high batting average for the Seattle Mariners.

  22. 22
    Cheap South says:

    By TheHulk @ 20:

    RE: Jonness @ 18

    Do not, I repeat do not make the mistake of comparing prices today to the 2007 prices.What seems like a huge discount from 2007 (typically 25% lower) is still out of whack with reality. Look at the average income in 2000 and the DTI ratios back then. That was probably the only time prices around here were somewhat reasonable. Since then, a combination of the Fed creating loose credit, interest only/ARM loans and equity locusts from California contributed to the huge run up in prices that we have seen here.

    Just because a Car was listed for 40K and is now selling for 30K doesnt mean it is actually worth 30K. Why would you assume the same for the biggest purchase in your life?

    Absolutely, and we’ve been voicing this for some time now. 2005 prices are high, so are 2003, and even before. Let’s remember that the dotcom era gave a “wealth illusion” to too many people.

  23. 23
    Yeti says:

    By Scotsman @ 7:

    OK. I’m living in the here and now, I’m all about the moment. The sun is out and the rainy season is banished. Can I have a beer?

    I do think we’ve entered a short period of denial where It’s once again OK to think that everything will be fine. Benny B. and the republicans to the rescue It won’t, but we can delude ourselves that it will. Pay no attention to the deficits, MERS issues, rising unemployment, soon to soar energy and commodity prices, etc. Home ownership is still cool. Renters suck. Make that beer a cold one.

    “Buyers and sellers need to live in the now and not try to second-guess the market or when it will actually bottom out.”

    I guess this man needs to tell me how to use my brain. Unfortnately, this tactic works on most people, as evidenced by their personal losses due to the economy the last 10 years.

  24. 24
    Ahau says:

    “Note that October’s uptick is probably more likely a result of NWMLS reporting errors than an actual increase in the number of sales as we head into the fall.”

    So, September’s downtick was likely an artifact as well, then, right? Since it would have been some of September’s month-end sales that made up October’s artificial rise? Can you give us some data to back up this statement?

  25. 25

    I’ll again point out that the NWMLS King County Median is closely correlated to C-S. C-S went under 150 in March, 2009, and is now just above 145. It had two months at about 143.

  26. 26

    RE: Ahau @ 24 – From memory I think September may have had fewer late reported sales than other recent months. To a large extent it is just repeatedly pushing the sales from one month to another, but it can affect the median result depending on the type of sales that are late reported.

  27. 27
    Ahau says:

    RE: Kary L. Krismer @ 26 – Right…that’s my point. If every month has some of these late reports, then I can’t get agree with the Tim’s claim that the rise in October sales was entirely an artifact, unless there’s a reason why there were more late reports in September than in August. Maybe the monthly data points shown together with a 3 month trendline would help wash out the noise.

    Are you aware of any factors that would cause one type of sale to be reported later than others, and why it would vary enough to alter the median? I could certainly see this issue at the expiration of the tax credit, but absent something that, why would more expensive homes show up late in one month, but not the previous, or the next?

  28. 28
    . says:

    “Buyers and sellers need to live in the now and not try to second-guess the market or when it will actually bottom out,” Wilson suggested,

    Buy NOW!!!!!!! Because the market hasn’t bottomed yet..

    wut.

    “adding the messages to sellers and buyers are unchanged.”

    Yeah, it’s “Buy Now Or Be Priced Out Forever” even when the market hasn’t bottomed.

  29. 29
    Julie Lyda says:

    I’ll make the prediction for you. Prices are headed down further.

    I follow the foreclosure and REO market very closely.

    Here are the facts:

    Fact #1: Foreclosures are up and remain elevated and will for some time.
    Fact #2: Short sales are rising and will remain elevated for some time.
    Fact #3: As the foreclosures turn into REO’s they come on the market at discounted prices.
    Fact #4: Short sales are discounted much more than REO’s and pull pricing down even more. (This is affecting the upper end market and new construction market more)

    This is the “new market”. These market conditions will last for several years, unless there is government intervention, which is possible.

    I know that it will make me unpopular, but I am in favor of foreclosure moratoriums and access to refinancing at market rates for everyone regardless of debt, employment, or financial status. The reason for my opinion of this is “to keep people in their homes”. It has nothing to do with propping up home prices. The foreclosure mess has turn into an “asset grab” by the banksters, and I do not support what they have done to our country.

    How much more will prices drop? That, I cannot predict. But I do believe the most serious declines are behind us.

    Predatory Lending is THE Cause For Systemic Mortgage Defaults and Foreclosures
    http://bit.ly/aCE7DX

  30. 30
    The Tim says:

    RE: Ahau @ 24 & @ 27 – Here you go. The table below shows the NWMLS reported # of SFH closed sales in King County next to the numbers from Redfin’s monthly reports, which pull data from the MLS as well as public records (which catches sales that agents don’t bother recording in the MLS), and only counts a sale in a month if the sale actually closed that month.

    Month NWMLS Redfin Diff
    June 1,879 1,865 14
    July 1,474 1,377 97
    August 1,313 1,330 -17
    September 1,158 1,201 -43
    October 1,309 1,122* 187

    *Redfin hasn’t released their October data yet, this number is from a manual search of closed sales on Redfin.com.

  31. 31

    RE: The Tim @ 30 – Correct me if I’m wrong, but I think your system actually understates the issue. The number of late reported sales is much higher than 14, 97, 17, 43, etc., because your system effectively nets out the differences due to the late reporting. (And that’s why some of your numbers negative.)

    Stated differently the 1158 sales the NWMLS reported in September are not all included in the group of 1,201 sales in your Redfin data. Some of those 1158 are part of the 1330, 1377, etc.

  32. 32
    The Tim says:

    RE: Kary L. Krismer @ 31 – Yes, I was just pointing out that there are non-trivial differences in the results you get between the two methods.

    NWMLS: Whatever gets reported in the reporting month gets counted, totally ignore the actual sale date.
    Redfin: Only sales with sale dates in the reporting month are counted.

    You’ll notice that Redfin’s “previous month” data doesn’t usually match what was reported as current the month before, because counts are updated as more sales are reported late. The numbers in my table above (except for October) are as-reported a month later, to catch as many late-reported sales as possible.

  33. 33
    Drone says:

    RE: Julie Lyda @ 29
    I agree that the bankster asset grab is repulsive. But I don’t agree that the solution is to “keep people in their homes”. The goal should be to keep RESPONSIBLE people in their homes. Ultimately, the families with strong balance sheets should be offered some incentives to stay and keep paying, but those with bad credit / income / etc who have shown themselves to be irresponsible should be taken our of their homes (as debt slaves), and put back in (as renters).

    Someone has to take the loss. Asking the people, who have already been screwed, to pay for the hostile acts of bankers through refinancing is repugnant. Asking the responsible renters who have saved and not overleveraged themselves to pay for the rest of society through govt-backed mortgages or dollar devaluation is also repugnant.

    The fact is, not everyone should have a home. We ignore this to our peril.

  34. 34
    EconE says:

    RE: Drone @ 33

    I’m not surprised that she’s for a foreclosure moratorium and special refinancing. You should compare their current mortgage to the purchase price of their McMansion. It was nearly double at the peak.

  35. 35
    Julie Lyda says:

    RE: Drone @ 33

    “Someone has to take the loss”. You are taking the loss. We are all currently taking the loss. Through our homes, our stocks, our retirement, our investments, our job losses. But the bankster’s are cushioned by the Tarp.

    You are not looking at the big picture. You are worried about renters or people who have overleveraged themselves. I’m focused on the World Enonomy and getting people back to work.

    I suggest you read the solution to this mess offered by the Columbia Business School. I think it’s a brilliant plan. Why is no body talking about it?

    Economic Stimulus Through Refinancing
    by Center of Real Estate of Columbia Business School:
    http://www4.gsb.columbia.edu/realestate/research/housingcrisis/refinancing

  36. 36
    Ahau says:

    RE: The Tim @ 30 – Thank you Tim!! And, thank you for your explanation @32 as well. I can see now why you feel the rise in October was an artifact. I was actually wondering this morning how Redfin kept showing decreasing sales through October when the NWMLS was showing an increase. I’ll come back here to compare the Redfin numbers when they get published. I’ve noticed some big revisions in the past when Redfin posts their final numbers.

    It seems like Redfin should always post higher numbers than NWMLS because they would pick up sale by owners, etc. (except, maybe for months with huge MOM decreases, where the MLS lag would inflate the latter month). I’m starting to smell the same odor you are…

  37. 37

    There always has been a law for a foreclosure moratorium. 11 U.S.C. 362. ;-)

  38. 38

    By Ahau @ 36:

    RE: It seems like Redfin should always post higher numbers than NWMLS because they would pick up sale by owners, etc. (except, maybe for months with huge MOM decreases, where the MLS lag would inflate the latter month). I’m starting to smell the same odor you are…

    I think you’re reading too much into what The Tim is writing. On the NWMLS you can easily see each sale and although it would take more time, the tax records for each sale.

  39. 39
    Ahau says:

    RE: Kary L. Krismer @ 38 – I’m not sure I follow. My point was that if Redfin picks up all of the sales that were processed by the NWMLS and in addition it picks up FSBO’s, auction sales, and other irregularities via public records, then Redfin should always report more sales than NWMLS. Unless, that is, NWMLS numbers are intended to incorporate FSBO’s and auctions, etc.

    I’m probably missing something here…your continued patience is appreciated :)

  40. 40
    Drone says:

    By Julie Lyda @ 35:

    I suggest you read the solution to this mess offered by the Columbia Business School. I think it’s a brilliant plan. Why is no body talking about it?

    Nobody’s talking about it because it doesn’t make sense. Simply refinancing everyone with govt guarantees doesn’t make the loss magically disappear.

    Houses aren’t worth their current price. Many people owe more than the value of the property. The debt must be brought in line with the value. That’s the loss that must be taken.

    The reason that people can’t refinance a huge loan for more than the value of the property is because this is an inherently high-risk endeavor. Risk has a cost. WHEN, not if, the loans default someone will have to take the loss. Your solution of govt guarantees simply ensures that the loss is taken by the taxpayers (us), and that the banks get paid off at par.

    Even if the borrower pays the mortgage to the end, they are paying interest on a fraudulently-inflated price, again stealing from the borrower to pay off the banker.

    The only solution is for those people who are deep underwater to default, and to withdraw govt support. This forces the banks to liquidate their real estate at true value, and recognize the losses in the MBS that are ALREADY THERE. This loss on bank balance sheets would necessarily be passed through to bank bondholders and stockholders, in many cases wiping them out completely. Such is capitalism.

    RE is priced higher than its value, and there is even more debt than the current prices. The differential MUST be recognized eventually. Either it is forced back on the banks and their investors, or forced on the taxpayers. No amount of fancy paperwork can change this fact. Only after the bad debt is cleared can the economy roar back to life and begin creating jobs.

  41. 41
    Julie Lyda says:

    By Drone @ 40:

    By Julie Lyda @ 35:

    The only solution is for those people who are deep underwater to default, and to withdraw govt support. This forces the banks to liquidate their real estate at true value, and recognize the losses in the MBS that are ALREADY THERE. This loss on bank balance sheets would necessarily be passed through to bank bondholders and stockholders, in many cases wiping them out completely. Such is capitalism.

    Drone,

    I agree with this statement.

    However if the banksters would allow a principle reduction along with this program I think it could work. The problem with the HAMP program right now is that the banks are not doing principle reductions, only rate reductions.

    Right now I’m seeing $100K – $200K losses on short sale properties. Why don’t they just do a principle reduction with refinance rather than a short sale? Many of the short sales that I see going through are selling for less than current market value, increasing the loss to the banks. Just doesn’t make sense to me.

  42. 42

    RE: Ahau @ 39 – What I’m saying is I don’t think The Tim is saying the NWMLS is reporting fictitious sales. Also, I’m not sure to what extent he’s claiming that the Redfin number picks up other sales. That would be extremely difficult to do from public records.

  43. 43

    RE: Ahau @ 39 – I’m saying I don’t think Redfin does that. It would be very difficult and impossible to automate.

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