Mohave.net

Mohave.net
Discussing Mohave County Arizona Housing Market and other topics

Mohave County Realtors

April 18th, 2008

I am totally disgusted with the efforts of the mohave county realtors board to prevent anyone from looking for a home in this county. They continue to make it nearly impossible. I feel no empathy for the local realtors based on their efforts against buyers.

In the nearby states (and for that matter 99% of the country) realtors attempt to make their properties visible to as many potential buyers as possible.

But not our local realtors board. They are so egotistical that they think people are going to fight to find a home here rather than just go somewhere that the realtors actually want to sell a home.

They managed last year to remove all addresses from realtor.com, a public site that millions of people use. A site which displays addresses for California and Las Vegas and most of the rest of the country. The explanation I got at the time from a realtor was that it was dangerous to display the address.

So apparently California and Nevada and the rest of Arizona are considerably safer than Mohave county. In fact we apparently are more dangerous than 99% of the country, it is not safe to let buyers here find out addresses. Heaven knows what we might do with them. Buyers might actually find a house they are interested in purchasing and they still have to go through a realtor to view or purchase a home. I’m not sure what the boards real objective is here. Their egos outway their concern for sellers and/or buyers.

Realtors don’t advertise in the paper here. We have a “homes for sale” book, but very few realtors advertise in it. They don’t allow people to use the internet to find out properties for sale, every site that tries is stopped. If I was trying to sell a house here, I would wonder exactly why I use a realtor.

I could get the information out there in multiple places and save the realtor fee. I don’t see that the local realtors really want to sell homes, they are still stuck in the “everyone wants to live here, millions of baby boomers are moving here” stage.

I’m sure they are working on getting signs outlawed at this very moment. Because now, if you don’t care about the gas, you can drive around the areas you are interested in and see most of what’s for sale. I’m sure the board will want to nip that option in the bud.

The last straw happened last week. My realtor subscribes to a service that is similar to zip realty, a service buyers in many areas including California, have access to. Zip realty, however, is public and anyone can sign up, with or without a realtor. You can find out everything about properties in an area you are interested in. You can save info on properties and keep track of them. There are dozens of sites like this in other areas, zip just happens to be one of the largest and most well known.

The site my realtor uses is only available for someone working with a realtor, it is not a public site. According to my realtor, there is no cost to her to use the site. The buyers access expires every month or so and and if your realtor does not send you emails of new listings, you cannot view a new listing.

It was a great service that a realtor could provide to a potential buyer. You could save properties that you were interested in following and be notified every time something changed or pictures were added. You could search by a street name if you were interested in seeing what was available on a certain street. You could look up mls numbers from realtor.com and find out where a property was.

Last week the addresses were removed from the site, including the addresses that were on properties that I had saved. The directions to the properties were also removed, as well as the map views. Now the site is basically useless to a buyer.

I know the owners of the site wouldn’t take information off unless they were required to by the local board of realtors. So once again the local board of realtors has squashed an attempt by buyers to find out what is available in this county. They have taken what was a great tool for realtors/buyers and made it useless. All apparently in the name of “we don’t want our info “given away”".

I knew this was probably coming, based on a local board member trying to get the name of the site out of me a while back. He acted like I was doing something illegal by having access to the addresses of properties for sale. It probably took a little effort on their part, but they apparently figured it out and they’ve managed to get rid of another buyers/realtors tool. Congratulations TT, you’ve saved the home sellers from possibly getting interest in their homes.

Just when I thought, based on falling prices and foreclosures available, that I might actually be able to find a home that suits our needs. The local board of realtors has struck again. They are determined to get rid of those pesky potential buyers and I’m about to let them have their way. It’s just too much work trying to find out what’s available in this county, so they win. Between that and the anti senior/retirees sentiment expressed by the local realtors, why anyone would choose to retire here anymore is beyond me. If the realtors have any say in this, and apparently they do, we are obviously not welcome.

And sellers, you might want to rethink having a local realtor try to sell your home. They are determined to not allow anyone to even know it’s for sale.

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NPG Cable

March 26th, 2008

I visit topix.net forums and about 10 days ago could no longer go to the site.  After several emails to topix and being able to access the site if I wasn’t using NPG, it appears that NPG cable has recently blocked access to topix.net.  Not intentionally, I’m sure, but never the less, as far as I can tell, you cannot visit that site using NPG cable.  I don’t understand enough to try to deal with NPG cable’s tech people but if you use NPG cable and cannot get to Topix.net, you are not alone. If anyone understands dns servers, which I have been told is the problem, and can get NPG to fix this, I’m sure it would be appreciated.

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Housing and Credit Bubbles

March 19th, 2008

This file has apparently been removed from the web site.  Since it belonged to an investment company, they probably made them take it off.

 This pdf file from an investment firm has a lot of excellent charts showing what the credit bubble is all about and why it is far from over.  It’s 75 pages but a very good read.

***link removed***

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Credit & The Economy

March 19th, 2008

I’ve kind of stopped posting on here because of hostility from the real estate groupies.  But there is so much “un” truth being tossed around, I decided to at least start posting links again.  I don’t know if any “real” people read this, but I hate to think the realtors “buy now before prices shoot up again” spiel is being bought by anyone.  The country is in trouble and no one should buy a house thinking they can sell it for a profit.  If you want to buy and can afford the payments and have money in the bank to cover the payments if you lose your job, then you should be OK.  Otherwise buying now is a real gamble and could create major financial problems in the near future for those unprepared.

****** 
Chrysler to shut down for 2 weeks in July
http://www.marketwatch.com/news/story/chrysler-shut-down-two-weeks/story.aspx?guid=%7BB6AC5A33%2D1C78%2D470A%2DBDF6%2DAD8B7D51E53B%7D&siteid=bnb

*****
Freddie Mac sees home prices falling further
http://www.marketwatch.com/news/story/ceo-says-freddie-mac-sees/story.aspx?guid=%7B4980245A-5B7E-4EA6-B68B-8119100162E4%7D

*****
U.S. regulators unveil plan to revamp mortgage rules
http://www.reuters.com/article/bankingFinancial/idUSN1225290820080313

*****
The Fed is delaying the day of reckoning
http://www.ft.com/cms/s/0/5e9f14d6-f039-11dc-ba7c-0000779fd2ac,s01=1.html?nclick_check=1

*****
Most Economists in Survey Say Recession Is Here
http://online.wsj.com/article/SB120534519452630845.html?mod=hpp_us_whats_news

*****
Dollar Slumps Below 96 Yen to 12-Year Low on Subprime Losses
http://www.bloomberg.com/apps/news?pid=20601083&sid=a9Z0lnYk3QBQ&refer=currency

*****
Bear fire sale sparks rout on eve of Fed rate cut
http://www.reuters.com/article/newsOne/idUSN1650564120080317?pageNumber=4&virtualBrandChannel=0

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House Of Cards: The Mortgage Mess

January 27th, 2008

Here is the link to the 60 minutes transcript and video. It four pages long, but worth reading. The last time I looked there were over 20 pages of comments also:

http://www.cbsnews.com/stories/2008/01/25/60minutes/main3752515.shtml#

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Countrywide Soft Market County Index

January 27th, 2008

Kingman just hit the top of a list and not a good one, we’re a category 5. This is a list countrywide is using for lending criteria. The categories mean for loans:

For Countrywide Purchase Loans:
Soft Market Category 4-5 loans: Maximum financing will be reduced by 5%

Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.

For Countrywide Home Equity Loans:

Soft Market Category 5 loans: Maximum financing will be reduced by 10%

Soft Market Category 4 loans: Maximum financing will be reduced by 5%

Soft Market Category 1-3 loans: Maximum financing will be reduced by 5% if the appraisal or appraisal review indicates any of the following: Declining Market, Oversupply, Marketing time over 6 months.

Here is the complete chart:
https://www.cwbc.com/ContentManaged/files/SoftMarkets.pdf

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Southern California Pasadena LA Times Reporter Renter

January 19th, 2008

Three pages long, but an interesting read:

http://www.latimes.com/business/la-fi-shortsell20jan20,0,1815515.story?coll=la-home-center

How we cashed in before the housing crash

Friends thought he was nuts when a Times reporter sold his home and started to rent in 2005. But for him, the warning signs were just too hard to miss.

By Peter Y. Hong, Los Angeles Times Staff Writer January 20, 2008

Our friends said we were crazy. Relatives asked whether we were in financial trouble. But in April 2005, my wife and I bailed out of the American dream. We sold our two-bedroom Pasadena condominium and became renters again.

We got nearly three times what we had paid for the place nine years earlier. It seemed to us like a staggering profit — and a sign that the market had been pumped up beyond reason.

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The Deflation Time Bomb

January 19th, 2008

http://www.lewrockwell.com/orig8/whitney5.html

The Deflation Time Bomb
by Mike Whitney

Is there anyone who still does not understand that talk of ‘inflation’ by officialdom is just a red herring intended to distract us from the far more dangerous dragon of deflation?
~ Mike Shedlock, Mish’s Global Economic Trend Analysis

We are to about see how much George Bush really believes the “supply side” mumbo-jumbo he’s been spouting for the last seven years.

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WaMu accused of appraisal fraud

January 17th, 2008

For those who think the banks were innocent bystanders and deserve to be bailed out:

http://money.cnn.com/2008/01/17/real_estate/wamu_lawsuit.moneymag/?postversion=2008011712

NEW YORK (Money) — A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.

Jeniffer Wertz, who is seeking unspecified damages, says WaMu stopped accepting her appraisals in mid-2007 a month after she reported that her local housing market in California was “declining.”

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SoCal Housing Articles

January 16th, 2008

For the Kingman realtors that think Kingman houses will gain value and/or stay at the current values, perhaps they should check out the SoCal market. Many areas of Socal are already less expensive than Mohave County and have further to fall.

http://www.dailybulletin.com/ci_7981286
I.E. home sales tumble
By Michael Rappaport, Staff Writer
Article Created: 01/15/2008 06:57:15 PM PST

December usually isn’t a bad month for home sales, but December 2007 was one for the books.

According to Tuesday’s monthly report from DataQuick Information Systems of La Jolla, only 13,240 new and resale homes and condominiums were sold in Southern California last month, the worst December on record by a wide margin.

Nearly 24 percent fewer homes sold last month than in December 1990, the previous worst.

The median price of a home in Southern California has dropped from $490,000 to $425,000 in the last year, with every one of the six counties in the region down by more than 10 percent.

San Bernardino County’s off 14.9percent to $315,000
*******

http://www.pe.com/business/local/stories/PE_News_Local_B_dataquick16.3537580.html

Region’s housing market stays in ‘midst of turbulence’
10:00 PM PST on Tuesday, January 15, 2008
By JACK KATZANEKThe Press-Enterprise

Home prices in Inland Southern California continued to fall in December, and sales numbers in Riverside and San Bernardino counties are down about 50 percent from where they were a year ago, DataQuick Information Systems reported.

The record highs were $432,000 in Riverside County and $380,000 in San Bernardino County, both set about a year ago. Five years ago, the median home in the Inland area sold for about $200,000.

And this statement from the article says it all:

Esmael Adibi, chief economist for Chapman University, said mortgage rates are looking favorable right now, but prices won’t start to rebound until the buyers come back to the table. Right now, Adibi said, most are not earning enough money to qualify.

And that is the problem, prices got out of control everywhere and it wasn’t a problem because no one was required to qualify for the loans. Now that banks are starting to act responsibly, prices will have to drop to a price that is affordable to buyers.

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