All is the same over the last month or so – same issues with short sales, foreclosures, etc
Agents are being more demanding and asking for shorter timelines – short sales are bringing out the worst in other agents. Agent’s frustration over short sales are carrying over into other transactions. Agents have an all gloves off mentality. Buyers and sellers are also frustrated because of timing of getting deals done, HVCC, TIL, etc.
Nip unprofessionalism behavior in the bud. Track all conversations in writing with agents.
First time buyers are antsy – wanting deals to be done so they get the tax credit, get rates locked in, and get closed.
Notice of trustee sales is at an all time high
The highest month of foreclosures were September of ’08 – trustee sales today are 30% higher than that
Market is slowing – sales are down because inventory levels are down
Commercial market is about to tank – financing is gone – only sources are pension funds, insurance money and conduit lenders are the only avenues. No new construction can be financed either. Churches and schools are building but back log is diminishing. Commercial market is in directly opposite of residential market. Death, divorce and relocation are our salvation as well – people have to move!
Titanium is in control of 31,000 people in our area who are in one form of distress – not foreclosed on by the bank yet.
The attached article was also discussed.
Outlying areas are coming back strong – we are doing better than other counties – including Maryland.
That’s it – go sell something!