“You Had Better Be Afraid”
Chuck Ponzi October 16th, 2007
Marketwatch has a great interview with Dick Bove of Punk Ziegel & Co. No transcript of yet, but a realistic analysis of the Superconduit and thoughts about the Treasury getting involved (very bad signal, indeed)
Choice quote:
Sphere: Related ContentYou had better be afraid, because there’s a big problem and we can’t figure out how to solve that problem …
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I had an interesting conversation with a Realtor today.
I have a client interested in a bank owned property in Ladera Ranch that is listed for $659,900 (it previously sold for $755,000 in April 2005). It was originally listed at $720,000 only 12 days ago. My client is interested in making an offer and I wanted to ask the listing agent about the $60,000 price reduction after less than 2 weeks.
When I asked her if there had been an error when the listing was entered she told me, “When we originally did the Broker’s Price Opinion (BPO), we came up with a price of $720,000 and the bank listed it for that amount. Unfortunately, the bank later had it appraised and lowered the price based on that appraisal.”
I said, “You mean fortunately”.
She said, “No. We Realtors want to support the values in the area”.
“Why?”
“Because it’s bad for the neighborhood when prices fall”.
She said so with the certainty that “water is wet” and I didn’t have the heart to pursue it further.
It just makes me think of what the market would be if not for Realtors like her and the others who are saying what a great time it is to buy.
“We Realtors want to support higher commissions in the area, even if it means having our clients lose money chasing the market down.”
Idiot. Hopefully the place will not sell, the bank will find a new agent, and that one will find herself a new clerical job earning the $8/hr she’s worth rather than five-figure commissions.
I have been in agreement with you for years.I support your efforts to educate those willing to go against the “experts” advise. Those that sold the homes and made the loans, many that are now in some of the worst positions financially. Not worth $8.00 per hour for that kind of advice.