NWMLS: Never Mind the Mix, Home Prices are Soaring!

June market stats were released by the NWMLS this afternoon. First up, here’s a snippet from their press release:

Sales volume, home prices around Washington state rising amid inventory shortages in many areas.

June may have been cooler and wetter than normal, but weather did not seem to deter home buyers and sellers around western Washington. “Close-in Seattle neighborhoods have been experiencing the most intense buyer activity since 2006,” one broker remarked.

I feel it is worth noting that when prices were falling year after year, “bad weather” was frequently an excuse given by the NWMLS and its members for the decline.

While the press release headline touts “rising prices,” they do allude to the dramatic change in the mix of what’s selling… twelve paragraphs in:

MLS director Diedre Haines, regional managing broker in Snohomish County for Coldwell Banker Bain, said bank owned (REO) property listings are nearly nonexistent compared to a year ago…

The share of sales each month that are bank owned homes is absolutely plummeting, falling to its lowest point since May 2010. This is no doubt the primary driving force behind the dramatic increase we’ve seen in the median price over the last few months. Home prices are indeed going up, but when you account for this change the increase is much less severe.

Bank-Owned: Share of Total Sales - King County Single-Family

All righty, on with our usual monthly stats.

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):

June 2012 Number MOM YOY Buyers Sellers
Active Listings 5,091 +1.0% -37.7%
Closed Sales 2,117 +3.0% +12.4%
SAAS (?) 1.32 -0.9% -20.7%
Pending Sales 2,776 -6.9% +16.3%
Months of Supply 1.83 +8.5% -46.5%
Median Price* $380,000 +5.0% +10.1%

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

If 2012 is like most recent years, June will probably be the peak for closed sales.

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

King County SFH Inventory

Another increase, but just barely. Still at record low levels of on-market home selection.

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

Same basic story we’ve been looking at for a year. Definitely a seller’s market as far as supply and demand goes.

Here’s the median home price YOY change graph:

King County SFH YOY Price Change

Double digits, thanks mostly to the big change in the sales mix mentioned above, with far fewer bank-owned homes selling this year than last.

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

King County SFH Prices

June 2012: $380,000
July 2005: $375,000

Here are the Times and P-I headlines.
Seattle Times: King County median home price up 10 percent from year ago
Seattle P-I: King County house prices rise by double digits

Check back tomorrow for 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.

57 comments:

  1. 1
    WestSideBilly says:

    Looks like you’re going to need to rescale the inventory chart sometime this fall…

  2. 2
    Carl says:

    There is also no doubt the primary driving force behind the dramatic decrease in prices we saw between 2007-2011 is the increase of foreclosures during that time. So it makes sense that less foreclosures mean higher prices. Perhaps if you could do a chart of prices with “normalized” foreclosures, that is a better comparison.

    The bottom line in my view is that the decrease in foreclosures means that the market is healing.

  3. 3
    Ahau says:

    So, how would we correct the median price to account for the mix shift? Am I headed down the right path here:

    16.5% less 9.5% equals 7% (the delta in the proportion of total sales made up by REO’s, YOY), multiplied by the average discount one would pay for an REO? Let’s figure 35%, so this mix shift might account for about a 2.5% fluctuation in the median?

    How do short sales compare YOY with respect to their portion of total sales?

  4. 4

    RE: Ahau @ 3 – It would be much easier to just look at the median without REOs and short sales. Unfortunately you can only do that back to some point in 2008, when the NWMLS started to have SS and REO as categories, so there will be a bit of a gap.

    Even that though would leave some other changes in the mix.

  5. 5
    corndogs says:

    In my opinion, the Seattle Bubble only lasted approx 18 months after the 2007 peak resulting in a 22% decrease in values across all tiers, essentially wiping out gains made from 2005 to 2007. The last three years has been the fallout of the Bubble and that stage is now coming to a close.

    The lower tier was decimated by foreclosure activity as people who should have never qualified to own a home in the first place lost their houses to investors who bought them at an appropriate price based on rental cashflow. This difference was shouldered by you the American tax payer.

    The upper tier has been essentially flat for the past 3 years, this tier has no where to go but up, pent up demand coupled with the lack of new construction, will create one of the most competitive marketplaces you have ever seen in the upper tier.

    The void between Rich/Poor is only going to get worse… It isn’t going to make any difference if you start messing with the charts at this point. You should find something that meets your needs that you can afford and buy it.

  6. 6
    Pegasus says:

    RE: Carl @ 2 – Is that why there are 40,000 plus homes in Washington that are currently in default on their mortgage?

  7. 7
    wreckingbull says:

    Given this inventory, one would have to be pretty desperate to be home shopping right now. I think those that wait it out will be rewarded. Things have not healed. When U6 and defaults shrink back to historical norms, we can talk about healing.

  8. 8
    whatsmyname says:

    WARNING, WARNING! The mix is being skewed by being less skewed!

  9. 9
    whatsmyname says:

    By Pegasus @ 6:

    RE: Carl @ 2 – Is that why there are 40,000 plus homes in Washington that are currently in default on their mortgage?

    We both know many of those homes will not ultimately be foreclosed, but more important is how you’ve been done by the fallacy of seeming big numbers. With 2,577,000+ households in the state, your entire 40,000 is only 1.55% of households, and probably heavily weighted to areas with depressed economies. Part of me wants to silently watch you wait for the tsunami forever; but I just don’t have the discipline.

  10. 10
    2kt says:

    RE: Pegasus @ 6

    I doubt the number is this high. Probably many homes are double-counted when they go through various stages of foreclosure process and also the inventory that sells later probably does not get removed from the books in a timely fashion either.

  11. 11
    Carl says:

    RE: wreckingbull @ 7

    When we are back to historical norms, i consider that “healed”. When we are working towards historical norms, i consider that “healing”. Perhaps just semantics though.

  12. 12
    Carl says:

    RE: Kary L. Krismer @ 4

    A very good point. Tim, what is the historic norm for percentage of sales that are distressed? If that percentage is close to where we were for June, doesn’t that argue that the sales prices are not abnormal, but rather normal?

  13. 13
    Pegasus says:

    RE: 2kt @ 10 – Not so. It is probably higher as this is the number for only Fannie and Freddy loans and does not include private loans.

  14. 14
    Carl says:

    RE: Pegasus @ 6

    Fair point. We are certainly not healed with even 1.5% of homes in default. But I think what the charts show is that we are getting better, not getting worse. You might argue, quite reasonably, that the trend might reverse itself into a decline because of macroeconomic factors. But to disregard the 3 month trend of healing and increase of sales price and activity seems odd.

  15. 15
    whatsmyname says:

    “The share of sales each month that are bank owned homes is absolutely plummeting, falling to its lowest point since May 2010. This is no doubt the primary driving force behind the dramatic increase we’ve seen in the median price over the last few months. Home prices are indeed going up, but when you account for this change the increase is much less severe.”

    Or put another way, if the delta is overstated because the previous median was too low, the new median is probably more representative of useful information than the delta. Now the question becomes “Is the new median still low”?

  16. 16
    David Losh says:

    Prices are high.

    Historically low interest rates, and price declines, no matter how minimal, have spurred a resurgence in buying activity.

    If you were even thinking of selling now is the time to list your home, wait out the market, get it sold, and make wiser investments for your future.

  17. 17
    Pegasus says:

    RE: whatsmyname @ 9 – Rational logic dictates that most of those loans in default are where most of the households with mortgages reside….right here in Western Washington since Spokane is not Detroit. Since those figures cover only the total loans of Freddy and Fannie Mae in the state in a pool of about 800,000 mortgages your guess is far from reality. The figure excludes other mortgages. Not all of these loans will result in foreclosure as many will be resolved in other ways such as write-downs, etc. That still puts pressure downward on pricing. Let us not forget that the banking industry had to to delay many foreclosures because of Fraudclosure. Some of those homes will never go to foreclosure but will be encouraged to become short sales because the proper foreclosure paperwork can never be produced.

  18. 18
    Carl says:

    RE: Pegasus @ 17

    Is the more useful metric: total default/ total homes?

    Your metric of total default/ pool of mortages would seem to overstate the problem. After all, there is a large pool of homes that have no mortgages. I am more interested in total number of defaults as a percentage of total number of homes. That gives a better indication as to how much inventory overhang there is due to default.

  19. 19
    David Losh says:

    RE: Carl @ 14

    I’m having a hard time with the term healing, or healed.

    It would take decades to forget that the price of property plummeted. Real Estate going down in price is still a hard concept for people to deal with.

    The price of property may be propped up for a long time as adjustments are made to the interest rates, but the facts are that the consumer, you, me the person up the street, are tapped out.

    Let’s say you do buy rather than rent. Will your job be there five, ten, or fifteen years from now? Will you be required to relocate to keep your job?

    I don’t see people as certain as they were before the bubble.

    Some, if not many have bought properties that are less than they can afford as a way to hedge the bet of buying. They may have paid a premium price for a property that looks good, but it is below the threshold they set when they started the home buying process.

    So, yes, I think prices have risen, but that the price is skewed more by the condition, and price compared to what that price was in say 2007.

    It would be more clear to say people are paying 2009 prices for properties that look better than the inventory did back then.

  20. 20
    whatsmyname says:

    RE: Pegasus @ 17
    Indeed, Peggy. You prove me the fool for using your own numbers in the debate!

    Your new numbers suggest 5% of households. But again, I don’t think half of households hitting the NOD ever get foreclosed. Certainly the numbers in Monday’s post on filings won’t leave you much to get wet about. I do agree that there is downward pricing pressure from the default world, although it is a declining pressure by the numbers.

    Also, It’s a very big state geographically (even the western side), but you will certainly find degrees of asymmetry in poverty and foreclosure where economies have declined. Still, chin up. You may yet find your nearly free, REO Seattle dream house. Whether it be in Aberdeen or Longview, I don’t know.

  21. 21
    Carl says:

    RE: David Losh @ 19

    Very good points you make. Healing, either individually or collectively, is often not a pleasant process.

    To those who didn’t think real estate could go down, shame on them. They have certainly paid the price.

    The bubble burst in 2007, but even the most catastrophic bursting bubble will eventually lead to recovery. I can think of no commodity that has not recovered from a burst bubble, albeit some take longer than others. 5 years might be too soon or it might be just right. We will only know the answer in perhaps another 10 years. It is encouraging, and not discouraging, that people are less certain now about home ownership than before. As they say, perhaps this market is “climbing the wall of worry”.

    On the renting option, again that is indeed a very viable path for many. But like home ownership, renting is also subject to supply and demand.

    Finally, your observation that we are more rational now is well taken. Indeed, the houses moving now are much better than those moving in 2007. The optimist in me views this as a positive as well.

  22. 22
    2kt says:

    RE: Pegasus @ 13

    I have not looked at the foreclosure numbers for some time. That said, last time I have, about 1 in 4 that receive NOD ends up being foreclosed upon (I think I read this at Tanta’s blog on CR). So, you are looking at 10,000 homes (potentiall) coming into supply. A large number, but hardly scary considering 1,700-2,000 homes being sold each month and complete lack of inventory.

  23. 23
    Pegasus says:

    RE: whatsmyname @ 20RE: 2kt @ 22 – Don’t forget that every month new people default. You are not clearing up only a pre-defined inventory but also you have new defaulters every month. Numbers have improved slightly recently but are far from historic norms. I have never seen a statistic that only 1 in 4 NOD’s get foreclosed or even 1 in 2. Most defaulters once they have gone past 90 days are likely to either be foreclosed, short sold or have renegotiated their mortgage. They rarely can pull themselves out without some concession.

  24. 24
    whatsmyname says:

    RE: Pegasus @ 23:
    I’ll not forget that new people default each month if you won’t forget that currently foreclosed properties are sold each month. It’s really a matter of relative numbers, and I don’t believe the trends are in your favor. It appears that neither of us have good statistics on this, but if you believe people on this site who say it takes a year or more to be foreclosed, a quick comparison of the King County NOTS to Trustee Deeds charts at over a year apart makes 1 of 2 seem more than reasonable. That matches my unscientific personal observations, so I’ll stick with it. I should never argue with a guy who wants to rent, so peace my brother.

  25. 25
    Feedback says:

    As a fellow homeowner who bought at the bottom, let’s toast to our own great timing, Tim! We bought after waiting for the bubble to totally disintegrate, and now our investments are rising. We’ve done the right thing, Tim.

  26. 26
    Bingo says:

    RE: Pegasus @ 23

    The best incentive not to default is rising home prices. If prices continue to rise look for cure rates to improve.

  27. 27

    By Pegasus @ 17:

    RE: whatsmyname @ 9 – Rational logic dictates that most of those loans in default are where most of the households with mortgages reside….right here in Western Washington . . …

    You might as well say here in the United States. The economies of the various counties in Western Washington are hardly the same. The further away you get from Seattle, the worse it gets, by and large.

  28. 28
    Pegasus says:

    RE: Bingo @ 26 – True and if every home had sufficient equity above the mortgage there would be no problem with foreclosures. Unfortunately that is not the case. Another downturn in the economy brings more defaulters which in turn will depress prices even more. ISM’s New Orders Index registered 47.8 percent in June, which is a decrease of 12.3 percentage points when compared to the May reading of 60.1 percent. ISM’s New Export Orders Index registered 47.5 percent in June, which is 6 percentage points lower than the 53.5 percent reported in May, and represents the first month of contraction in the index since June 2009. It appears the global slowdown is underway and we are not immune……

  29. 29

    By David Losh @ 19:

    RE: Carl @ 14 – I’m having a hard time with the term healing, or healed.

    It would take decades to forget that the price of property plummeted. Real Estate going down in price is still a hard concept for people to deal with. .

    Is that a bad thing?

    Just as an example, before the peak I would try to convince people to sell their old house to take advantage of the gain on sale of personal residence exemption to taxes. That was an incredible gift by the government, but I don’t think I convinced a single person who was pre-disposed to rent out their old house and make a fortune. Even when I bought my new place I was bombarded by people saying I shouldn’t sell the old place.

    Another example would be people buying into places that they know won’t suit them in 3 years. That type of behavior is way down.

    It’s a good thing people know prices can go down.

  30. 30
    Pegasus says:

    RE: Kary L. Krismer @ 27 – My point was not about the economy of each county but about where the larger amount of those loans reside. That would be Western Washington due to demographics with King County holding the most of those mortgages. Capice?

  31. 31

    RE: whatsmyname @ 24 – One other comment to through out there. Many foreclosures are related to divorce type situations. Divorces happen all the time, of course, but they are also influenced by the economy, because couples in financial trouble don’t get along as well. So yes you will have foreclosures no matter what, but the cause of many foreclosures is likely to decline as jobs come back. Jobs come back faster than the real estate market improves.

  32. 32

    By Pegasus @ 30:

    RE: Kary L. Krismer @ 27 – My point was not about the economy of each county but about where the larger amount of those loans reside. That would be Western Washington due to demographics with King County holding the most of those mortgages. Capice?

    Yes, but that is too large of an area. Pierce County is different than King County, but even it is better than Island County.

  33. 33
    corndogs says:

    RE: Pegasus @ 23
    Sooooo, Corelogic tracks the shadow inventory, they confirm it is higher than historical norms but it is consistent and continually shrinking from the high in 2010…. There are NO mysteries, no secret hold-ups, the inventory countrywide is 1.5 M…which is 4 months of inventory. So divide by 50 (number of states), you get 30,000… pretty close to your 40,000…. sooooo. at 40,000 we can say we are similar to the country as a whole. We have higher then the historic norm of foreclosures but that is not an impending wave. The visible Seattle inventory of 2.2 months is well below historical norms. An inventory of 6 is considered a neutral market between buyers and sellers. Soooo, what do you get when you add the visible inventory and the shadow inventory?… OMG 6!

    But we all know, that some of these will not get to market and we also know that they will not all come at once and we also know Pierce and Snohomish will get hit a little harder, so the conclusion is, there is not enough inventory in the pipeline to change the Seattle market back into a buyers market… Also, Washington is a non-judicial foreclosure state, so we do not have the legal hold-ups they have in New York and California for instance……

    We also know that shadow inventory is low tier property, stuff in the 200K range.. So the total capital required to clear it is small. Seattle investors are like oil eating microbes, they already sucked up the Exxon Valdez and they’re clearly hungry for more.

    So, I guess what I’m saying is, give it up on the shadow inventory, it’s 4 months worth, just a snack really.

    http://www.calculatedriskblog.com/2012/06/corelogic-existing-home-shadow.html

  34. 34
    corndogs says:

    RE: Pegasus @ 30 – You need more than a simple chain of non-quantified statements to make an argument about real estate. You might as well say “OMG, It’s super much dude!”.. The scale of all things in KC are larger based on population, so what?, are you saying that there are more foreclosures, but not a proportional amount of buyers compared to other areas? What is your point?

  35. 35
    Pegasus says:

    RE: corndogs @ 33 – You continually try to difuse potentially negative facts by minimizing them with faulty logic. Why is that?

    http://blog.modernmechanix.com/mags/qf/c/MechanixIllustrated/8-1956/bubbles/xlg_bubbles_0.jpg

  36. 36

    One other point on the foreclosures. With an improving market, more of them will be bought by flippers and investors looking to rent. Actually right now there might be too few foreclosures for the flippers and investors.

  37. 37
    corndogs says:

    RE: Pegasus @ 35 – My logic’s quantified, you have nothing but a childish link. Use your mind, think, do some research.

  38. 38
    MS says:

    RE: Feedback @ 25

    Don’t speak too soon for the wheel’s still in spin…
    … The times they are a-changing.

  39. 39
    Carl says:

    Some random queries for the board:

    1) If we assume that there is still downside to the market, and we assume that buyers are rationale, why would buyers continue to chase low/poor inventory? Why not rent for the next 5-10 years until the triple or quadruple bottom is put in? Given the sales numbers, there seem to be quite a few willing buyers in King County.

    2) Re corndogs @5 – You make a pont regarding the lower tier being hit harder than the upper tiers. That is a disturbing societal trend. If the upper half of price points are still moving well, while the lower half of price points are more likely in foreclosure, that implies that the “rich” are getting less hurt, while the “poor” are being more hurt. Over the long term, this results in the rich becoming even more of a property owning class and the poor being less of a property owning class. This can’t be good for society when it is divided into land barons and sharecroppers.

  40. 40
    Lo Ball Jones says:

    Lots of stories injected into the media lately about rising rents.

    Took a trip to grocery a few miles away and noticed sign for 2 bedroom at a standard complex that was $100 lower than what was the standard around here for years!!

    I don’t see how the liars can have it 3 different ways to Sunday.

    If people buy more homes, there are fewer renters. I renters are at an “all time high” then there are fewer home purchases. Immigration is negative and population growth is nil…maybe also negative according to some NW studies. Interest rates have been consistently falling, not rising as the hucksters were claiming.

    At what point do we sent in regulators to cut off the head of the snake and its forked tongue ?

  41. 41

    By Carl @ 39:

    Some random queries for the board:

    1) If we assume that there is still downside to the market, and we assume that buyers are rationale, why would buyers continue to chase low/poor inventory? Why not rent for the next 5-10 years until the triple or quadruple bottom is put in? Given the sales numbers, there seem to be quite a few willing buyers in King County.

    2) Re corndogs @5 – You make a pont regarding the lower tier being hit harder than the upper tiers. That is a disturbing societal trend. .

    As to the first point, waiting five years of your adult life to do something on a hunch is not really rational. No one knows what property values will be in five years.

    As to the second point, the low tier was hurt more due to financing concerns, and because the low tier had been run up a lot prior to the peak. The former is probably a good thing–not allowing people to get loans they can’t afford. The latter is just undoing what happened in the run up, and it too is probably good, making housing more affordable.

  42. 42
    ChrisM says:

    RE: Carl @ 21 – “I can think of no commodity that has not recovered from a burst bubble, albeit some take longer than others.”

    Tulips?

  43. 43
    Explorer says:

    By Kary L. Krismer @ 36:

    Actually right now there might be too few foreclosures for the flippers and investors.

    That could be because they have already bought most of them up over the past two years, with cash. The percentage of speculators for rentals seems back up to bubble level. And rents are rising to the challenge, so to speak.

    http://www.calculatedriskblog.com/2011/05/existing-home-sales-investors.html

    Then there are those that don’t have a chance even join ,much less consider, a bidding war to get a reasonably priced house in the Seattle area that is not a major fixer. Shut out, even though they can afford it, but don’t have 100% cash…

    Some of those are buying a house in more reasonable markets outside of this state, where the prices are very moderate, and you get much more for the money anyway, Taxes aside. Hold on to it for 10 years, get a little income or even just break even, and it’s better than letting money sit in a savings account or in the retail stock market.

    Just my own anecdotal expereince.

  44. 44
    wreckingbull says:

    By Carl @ 21:

    RE: David Losh @ 19

    I can think of no commodity that has not recovered from a burst bubble, albeit some take longer than others.

    Many Japanese who owned property during their bubble may never see a recovery in their lifetime.

  45. 45
    Carl says:

    RE: wreckingbull @ 44

    Agreed. Japanese real estate and tulips 400 years ago are the only two examples so far.

  46. 46
    Pegasus says:

    RE: Carl @ 45 – It took the gold and silver bugs about 30 years to get their money back. About a generation….

  47. 47
    David Losh says:

    RE: Carl @ 39

    I’m going to put this in here because it’s the way rental property has worked in the past.

    Let’s say you need to grow your cash reserves, because of job loss, or financial crisis.

    You can rent a place, or find some one to rent a place for you, like in an apartment building, and move in as many people as possible. Every one works two jobs, pays the rent, and maybe finds another apartment to rent in the same building.

    It could also be a house, but let’s stick with the apartment building because it’s cheaper.

    If people pooled cash they can buy a house, or find some one to buy a house for them.

    Cash. It is all about cash. Going forward it will all be about cash, and how much money your cash can make.

  48. 48
    ChrisM says:

    RE: Pegasus @ 46 – Also you can pick various points in the Dow where it may have taken 20+ years to recover your money. A nice log graph of the Dow here:

    http://stockcharts.com/freecharts/historical/djia1900.html

    but I’m not sure log is appropriate – I’d prefer to see indexed against inflation.

  49. 49
    wreckingbull says:

    Time will tell, but bubble-era home owners in the U.S. southwest may be in a similar predicament as their Japanese counterparts. Take Riverside County, for example.

    I’d also be interested in running inflation-adjusted numbers of the Florida property bubble of 1926.

  50. 50
    corndogs says:

    RE: Carl @ 39 – It’s worse to have a government that tries to use legislation to make sharecroppers homeowners by giving them loans with no money down. Only the sharecropper can make himself a land baron through hard work and proper decision making…. It’s Government interference that is actually hurting the poor and stunting upward mobility.

  51. 51
    wreckingbull says:

    RE: corndogs @ 50 – Too bad Dubya did not agree with you, as you are correct.

    http://en.wikipedia.org/wiki/Ownership_society

  52. 52
    corndogs says:

    RE: Explorer @ 43 – Experienced Investors are buying all along.. They’re just looking at cap rates… If you only buy properties with 10% cap rate and hold lon term, it doesn’t matter if you buy in 2007, 2012, or 1912. That’s why the investors have been buying for the last three years because cap rates were there…. the only investors looking at median housing prices are the newbie would be investors….. by the time they see some charts go up the inventory is gone and they’ve already missed the good deals. That’s where most SeattleBubble.com posters are sitting at the moment. Already missed the boat, talking about median price charts, shadow inventory and the economy in Timbuktu.

  53. 53
    MichaelB says:

    China is slowing
    Europe is slowing
    Japan is slowing
    In the United States we have 9.2% unemployment with 14,000,000 unemployed. The United States is slowing.

    The main difference is that today there is a lot of debt throughout the world. $14 trillion is equal to about $50,000 debt for every man, woman, and child in the USA.

    Buying real estate in this climate is risky.

    The Great Depression may have started in 1929, or earlier – but it took until 1954 for the stock market to surpass 1928 values.

    It may be a bit premature to be calling an end to shadow inventory and the bottom of the bubble…

  54. 54
    apartment boy says:

    RE: Carl @ 45
    …and the NASDAQ.

  55. 55
    interested says:

    RE: corndogs @ 52 – you really are a corndog

  56. 56

    […] the comments on last week’s NWMLS stats post some readers asked what the median price would look like if you removed the distressed sales from […]

  57. 57

    […] much, but it is nice to get the perspective of someone not in the industry. I do get a chuckle when he takes apart the NWMLS press releases and other real estate reporting. Is there really a buyer ‘Frenzy’ going […]

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