Phyllis Harb almost on the news pertaining to the Los Angeles housing crash
Good Morning Phyllis,
My name is XXXXX, and I'm a researcher with NBC Nightly News. I'm working on a mortgage/home buying story and I came across your blog. I'd like to ask you a couple questions if you have any time today. My numbers are below.
Thanks and be well,
XXXXX
XXXXX - NBC Nightly News with XXXX
(O) 212-664 xxxx (Cell) 281-xxx-xxx
nightly.msnbc.com
This was the email I received yesterday and I was so excited that I might be on the NBC nightly news…or at least a mention. I quickly called XXXXX, but unfortunately his story is a negative story. He wanted to know about the people that can no longer obtain a loan.
The best I could come up with is my client with the large down payment but can’t qualify based on “verifiable” income and his loan rate jumped up 2 percentage points. Unfortunately that wasn’t negative enough.
The reporter reminded me of the drop in median prices, but I explained that the median means nothing. Half the homes sell for more and half sell for less than the median – what kind of figure is that? People with money don’t need to sell their homes, people with money have more expensive homes, and thus lower priced homes are selling which pushes the median price lower. We need to look at different statistics, but he isn’t interested in that because prices haven’t dropped as much as he thinks. Well qualified buyers are still buying homes and buyers that are marginal are not (they can't afford to).
I told him he needed to talk to someone in Lancaster or Palmdale, I simply didn’t have anything to offer for that story.
Trackbacks
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10/25/2008 9:55 AM
Los Angeles Real Estate Blog wrote:
Which Glendale homes are selling, and for how much?According to MLS stats, 27 Glendale homes have closed escrow (October mtd). From a 676 sq ft home which sold for $344,000 to the view home on Polaris which sold for $1,600,000. The homes which sold, continue to sell near final asking price, over 96% (to final asking). Average current days on market is 77. As escrows are "typically" about 45 days, that equates to approximately one month marketing prior to entering escrow. Note: the average selling price is $791,548 BUT the "median price" is only ... -
10/25/2008 9:57 AM
Los Angeles Real Estate Blog wrote:
Which Glendale homes are selling, and for how much?According to MLS stats, 27 Glendale homes have closed escrow (October mtd). From a 676 sq ft home which sold for $344,000 to the view home on Polaris which sold for $1,600,000. The homes which sold, continue to sell near final asking price, over 96% (to final asking). Average current days on market is 77. As escrows are "typically" about 45 days, that equates to approximately one month marketing prior to entering escrow. Note: the average selling price is $791,548 BUT the "median price" is only $670,000. ... -
1/21/2009 3:28 PM
Los Angeles Real Estate Blog wrote:
Which Glendale homes are selling, and for how much?According to MLS stats, 27 Glendale homes have closed escrow (October mtd). From a 676 sq ft home which sold for $344,000 to the view home on Polaris which sold for $1,600,000. The homes which sold, continue to sell near final asking price, over 96% (to final asking). Average current days on market is 77. As escrows are "typically" about 45 days, that equates to approximately one month marketing prior to entering escrow. Note: the average selling price is $791,548 BUT the "median price" is only $670,000. ...
So close and yet so far! Typical of NBC however to only want interviews that fit with their thinly veiled agenda.
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