On Thursday, September 16th the Eugene Register Guard published yet another article aimed at causing fear and panic. Please read the article and then come back to read my rebuttal.
http://www.registerguard.com/csp/cms/sites/web/news/sevendays/25297620-35/percent-august-2009-bank-sales.csp
Rebuttal:
Diane needed to do more research and verification for her article. I do not know from where RealtyTrac gets their information, but it is not correct as interpreted. Right now county records show 665 foreclosed properties in Lane County. This includes banks and private parties. A 30 second search in RMLS shows me there are 259 bank owned properties in active or pending status, suggesting 38% of foreclosed properties are listed. This doesn't mean the other 62% are being held. It can take a month or longer to get a house on the market after the sale date. My latest REO listing was very clean and nice and it will still take weeks to get on the market, just due to procedures. Diane's article shows 10% being listed. My guess is RealtyTrac's information includes houses which are currently in default, not yet foreclosed.
What experience did the Broker interviewed have in the REO market? There are agents in the area who have sold hundreds of REO properties and would have been a great resource to ask for more information.
Right now is a GREAT time to buy. Rates will likely be going up in the near future, so over a 30 year term, payments on a home purchased now will be lower and gives the buyer more purchasing power. We need more articles stressing the advantages of buying a home and less articles spreading fear and dread.
This article is just one more example of irresponsible fear based reporting by The Guard and other media sources.
I have sent my comments above to the Register Guard's letter to the editor. I generally get published when I do, so be watching for it.
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Hi Tara,
ReplyDeleteGreat post. I also question the source of their information. RealtyTrac is not a realiable source to get these numbers. They are out of date and often inflated. Going to a local title company would get you better results.
I've never heard of Don deGroote before and since I assisted Elliott Braaten for several years with his REO business, I learned who the big bank owned listing players are. He's not it.
This is pretty typical of Dianne at the Register Guard. It's a story with not all of the correct information or at least not enough of the truth to make it believable.
Good luck with your comments getting posted.
KayDee
They never did get published....Don is from California. He was first licensed here very recently. I did not know you assisted Elliott. He is such a gentleman. He and Bill took over a listing I had after it went to auction. One of them met me at the listing and carried my sign to the car...really neat guys.
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