![](/uploads/blogger/_Jh_xMGqQwmg/ST4AnaR41EI/AAAAAAAACFs/LdMMqO6qd5s/s320/speechjpg.jpg)
We are going to try not to be surprised about grim tidings from the local RE market in the coming weeks. The writing is on the wall.
It's also on the blogs.
Two local realtors with fairly active blogs have turned in some bearish posts this week.
Kaye Thomas, whose straight-shooting we often praise here at MBC, says…
![](/uploads/blogger/_Jh_xMGqQwmg/ST4AnaR41EI/AAAAAAAACFs/LdMMqO6qd5s/s320/speechjpg.jpg)
We are going to try not to be surprised about grim tidings from the local RE market in the coming weeks. The writing is on the wall.
It's also on the blogs.
Two local realtors with fairly active blogs have turned in some bearish posts this week.
Kaye Thomas, whose straight-shooting we often praise here at MBC, says that the
11 closed sales in all of MB in November were "
an all-time low." (She's right, for as long as anyone can tell – MLS data from 2000-2008 show
13 as the previous low, reaching in Nov. 2007 and Jan. 2008; our DataQuick numbers going back to 1988 show nothing even close to that low.)
Kaye also frets that lower mortgage rates aren't helping many buyers, as fewer can qualify or want to jump into a purchase as the economy worsens.
Blake Roberts offers two great tidbits from the world of appraisals. Banks don't trust them anymore, so they're getting multiples.
And there's this – a not-uncommon rule of thumb now is to
discount comps by 1% per month that has elapsed between that comp's sale date and the new appraisal date on a home in escrow.
Put that another way: Appraisers are
baking in expected price declines at a rate of 12%/yr. That would be a stunning reversal of the cheerleading role we often saw appraisals play during the boom.
That's where we are, heading into 2009.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of August 25th, 2024 at 7:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.