Blame real estate agents

Analyst: another 11 million mortgages will be foreclosed. If you really think that the only thing holding down home sales is the 5% real estate commission well, here’s my experience: the houses in Greenwich that are underwater owe such much to the banks that 5% makes no difference (and often, in the few short sales that have been accomplished, the bank will pay the fee) and for those homeowners who are still solvent, the difference between bid and ask is so wildly large that, again, it’s not the commission. My buyers are putting out solid bids based on thoroughly researched recent comps and the sellers are coming back with dream, 2006 counter-offers. So we all wait. New home sales in the NE are at an all time low today, by the way.

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2 responses to “Blame real estate agents

  1. Anonymous

    Laurie Goodman is one of the sharper mortgage analysts out there, and has been for some time, adopting contrarian views even while on the sell side back when she was at UBS. She’s definitely worth a listening to.

  2. digler

    The only one who considers her views to be a contrarian point of view is Inagua. Anyway, if this turns out to be true, Greenwich will not be affected since this market has already stabilized.