Got Foreclosure! - Blog

If you’ve read the latest figures of median home
price declines you are bound to draw the wrong
conclusions. Because media writers have no clue,
the statistics are in serious need of interpretation,
and the main stream press is trained to deliver
bad news because that’s what sells.

Need proof? Go read some of the comments that
are on mainstream real estate bust blogs…

Believe me, I’m not trying to talk up the market,
nor have I changed to the realtor camp to generate
a few transactions…

My point is in this formula:

1. Most buyers in this market are value-driven investors,
landlords and a few super-savvy move-in buyers;

2. Banks are budging on price to get rid of inventory

The result: A median home price that’s nice and low.

So, it’s important to realize that not only the composition of
homes that sold in each of the compared time frames are
different (and most of the times difficult to know), but
also the type of buyers, condition of the homes, and the
terms of the sales.

Knowing that, it’s OK to let the media ramble on. The more
people are scared away from the market the better deals are
out there for the rest of us…