When will the flood of listings come? Predictions?

[Farside]

Here is an interesting article :
http://www.cnbc.com/id/28898377

It is in regards to the US I know but it does raise the issue of a delay in a flood of foreclosed listings and why the banks are not listing as many homes as they should be.

Another reason which isn't stated is that most mortgages in the states have been packaged into derivative products meaning that the actual owner of the mortgage can not easily be determined as parts of the mortgage are owned by multiple parties. I don't know if this has happened in Canada but is something to think about if the bank comes knocking... Just ask them to prove to you that they own 100% of your mortgage.

[monk]

Here is an interesting article :
http://www.cnbc.com/id/28898377

It is in regards to the US I know but it does raise the issue of a delay in a flood of foreclosed listings and why the banks are not listing as many homes as they should be.

Another reason which isn't stated is that most mortgages in the states have been packaged into derivative products meaning that the actual owner of the mortgage can not easily be determined as parts of the mortgage are owned by multiple parties. I don't know if this has happened in Canada but is something to think about if the bank comes knocking... Just ask them to prove to you that they own 100% of your mortgage.

Interesting point. I'll be very interested in knowing if such a challenge to the banks' "authoritah" will hold up. Keep me posted.

[thinktom]

Tom, when is your entertaining show coming back?

Hello xrouge,

Thank you for asking. I started again yesterday. A death in the family made January a total washout.

You guys, especially the BEARS, might find this one amusing. Ian Watt and I had a lot of fun with this a few days ago.

http://www.youtube.com/watch?v=-PUpod6rlUg

Tom
www.ThinkTom.com

[registered]

[grantness]

You guys, especially the BEARS, might find this one amusing. Ian Watt and I had a lot of fun with this a few days ago.

Cute video! "it's funny because it's true"

A year ago we faced a staffing crunch in my restaurant. But since December, we've had several realtors applying to be waitresses.

[thinktom]

A year ago we faced a staffing crunch in my restaurant. But since December, we've had several realtors applying to be waitresses.

I think we should define the term 'realtor' to mean somebody in the business who has a certain amount of time/sales/volume of deals/grey hair/wrinkles/alcoholism, whatever, under their belts.

With all due respect, I recently was chatting with someone who told me they were a realtor. They also said they didn't have one sale in 2008. I don't consider that person a realtor at all. Even part timers gotta' do 1 deal a year, don't they??? Whatever happened to GlenGarry Glenross??? Alex Baldwin woulda' throw that guy into the dumpster after 3 weeks!!

55 New Listings.
1 Back on Market
30 Price Reduct.
21 Sales.


Tom

[grantness]

I think we should define the term 'realtor' to mean somebody in the business who has a certain amount of time/sales/volume of deals/grey hair/wrinkles/alcoholism, whatever, under their belts.

I think we should define a "realtor" as a licensed member of a real estate board. Isn't that what grants a person the right to use the trademarked term?

It seems your definition differs from that of your organization.

With all due respect, I recently was chatting with someone who told me they were a realtor. They also said they didn't have one sale in 2008. I don't consider that person a realtor at all.

According to your own standards, you weren't a "realtor" until you'd made your first sale. Yet how did you get your first sale unless you had acquired clients under the guise of being a realtor?

Sounds confusing. I wonder if that's the point.

[rentah]

Agree with grantness 100%.
Hard luck, thinktom, those waitresses ARE in the same club you're in!

[betamax]

55 New Listings.
1 Back on Market
30 Price Reduct.
21 Sales.

Congrats, you win a set of steak knives.

[thinktom]

I think we should define the term 'realtor' to mean somebody in the business who has a certain amount of time/sales/volume of deals/grey hair/wrinkles/alcoholism, whatever, under their belts.

With all due respect, I recently was chatting with someone who told me they were a realtor. They also said they didn't have one sale in 2008. I don't consider that person a realtor at all. Even part timers gotta' do 1 deal a year, don't they??? Whatever happened to GlenGarry Glenross??? Alex Baldwin woulda' throw that guy into the dumpster after 3 weeks!!

The post was supposed to be a little light-hearted. Oh well. Wholly semantics. I certainly wouldn't hire someone to sell my home if they hadn't had a sale in a year but others might disagree. I'd definitely consider a person with these statistics (0 sales) to be 'part time' and I said 'with all due respect' not meaning to make light of difficult markets and hardships for people. I would dig ditches for my children, no problem. Note I did not mention new realtors at all. You guys can take it how you wish. This was also just a remark about the sales pressure of being in real estate which led to the GlenGarry comparison, a topic mentioned on another thread.

As for you Beta, is that all you got??? This is a thread about following the 'flood of listings', champ. Best way to do that is the day-to-day hotsheets. Don't like it? Too bad. Thanks for the knives though. Sweet.

Tom[/quote]

[freako]

To borrow some conventions from JH:

We have realtors, Realtors, and REALTORS.

[betamax]

As for you Beta, is that all you got???

Nope. It was just a light-hearted reference to Glengarry, but knock yourself out.

[thinktom]

Fair enough, Beta. Seemed a bit abrupt but I apologize then.

58 New Listings.
2 Back on Market
23 Price Reduct.
14 Sales.

Lost out on a multiple offer tonight at 70th and SW Marine Dr. Just under 1100 sq ft for $350k, 2 bed, 2 bath top floor, 22 year old building. Apparently, even with two offers, it didn't go above asking, not really even close I heard but won't know till subs removal. My buyers weren't emotional and wanted to grind a great deal and didn't offer too high. Heard it's fairly busy in the lower end of the market in Van but there were quite a few listings this week.

Freako should be happy, February has picked up, listings wise, for sure.

Tom

[betamax]

Fair enough, Beta. Seemed a bit abrupt but I apologize then.

And I apologize for being abrupt. I wasn't trying to be a dick, but I see now how it could seem that way. Peace out.

[Thompson]

To borrow some conventions from JH:

We have realtors, Realtors, and REALTORS.

Hahaahha...I like it. JH is right!