Inflation is here Home values up almost 10% in California...in 1 month!

Discussion in 'Economics' started by peilthetraveler, Jun 19, 2009.

  1. Ooops. California Association of Realtors to revise downward recent home sales in Bay Area due to glitch in MLS software.
     
    #21     Jun 30, 2009
  2. Eight

    Eight

    There are two sets of consumers out there, same division as always, hippies [those guys banked lots of money believe it or not] and flash boys [buy stuff on credit and hope it goes up faster than the payment].. the hippies are the current drug dealers and just frugal people that minimize expenses and value savings. My dad knew a banker back in the hippy days, he told dad that were it not for the hippies there would be no money to lend. They worked at jobs, lived twenty to a house and came to the bank on payday and put the whole paycheck in the savings.. so maybe the hippies are coming out of the woodworks and buying real estate so they can have some more of it... I knew a guy that was a really big real estate investor.. you would never know it by looking at him, he fixed his own car and it was pretty old, a great choice but nonetheless it had some miles on it. He wore Jeans and Tee shirts until he wanted to make an appearance somewhere and he could dress really well but he rarely did.. and get this, he saved up the money and paid cash for his rentals all the way... he went shopping when the pessimism was so thick you could cut it with a knife and he bought in the less desirable but incredibly volatile asset class... trough to peak a gain of tenfold is doable if one knows what to buy and he bought that stuff... I was wasting my life in a corporate job and the guy was on perma-vacation, the cheapskate :D
     
    #22     Jun 30, 2009
  3. Banjo

    Banjo

    Links to this post
    May San Diego Home Sales Increase Revised From 89% to 6.5%
    Posted by Tyler Durden at 4:57 PM
    More and more economic data manipulation is coming to the fore, none of which as blatantly obvious as the California housing market. Some of it is palatable, but when home sales in San Diego get revised from 89% to 6.5% due to a "data glitch", it is no wonder that increasingly more Americans realize every single day they are being blatantly lied to by an Administration whose sole purpose in life is to give out 10 pair of rose-colored glasses to every possible voter in the next election. For the most recent take on this the WSJ chimes in:

    The California Association of Realtors expects to make sharp downward revisions in its recent monthly reports of soaring home sales in the San Diego area, Robert Kleinhenz, deputy chief economist of the trade group, said in an interview. Those revisions will mean modest downward revisions in statewide sales, he added.

    The revisions are likely to be announced in late July, when the Realtor group reports home sales for June. The problem resulted from a glitch in data from a multiple-listing service in San Diego, Mr. Kleinhenz said. He said a change in computer systems used there resulted in incorrect data being sent to the Realtor association over the past year or so.

    Thomas Lawler, an independent economist in Leesburg, Va., who tracks home sales nationwide, raised questions about the San Diego data in a report last week. Mr. Lawler noted that the numbers reported by the Realtors vastly exceeded those from MDA DataQuick, a research firm in La Jolla, Calif., and other sources.

    The California Realtors have reported that San Diego sales in April were up about 63% from a year earlier. Mr. Kleinhenz said that is expected to be revised downward to a gain of about 20%. For May, the group reported an 89% increase in sales in San Diego; that will be slashed to about 6.5%, the economist said.
     
    #23     Jun 30, 2009