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4plexowner
14 years ago

I’m confused Rich – I thought
I’m confused Rich – I thought we had reached the conclusion that median prices were pretty much useless yet your last two posts have used median prices

“as opposed to guessing based on the size-adjusted median”

I guess that’s part of the answer?

(former)FormerSanDiegan
Reply to  4plexowner

In the Bubble primer, Rich
In the Bubble primer, Rich also used median prices to make the assessment that homes were overpriced.
In retrospect they seem to have been pretty useful for that.
We all know that the median is flawed since it is sensitive to changes in market mix.
But that does not mean that these are not useful indicators.

4plexowner
14 years ago
Reply to  Rich Toscano

we talk about median prices
we talk about median prices and their shortcomings often enough that perhaps an ‘Explanation of median prices and their use’ link on the home page is worthwhile – I looked for such an animal this morning and didn’t find one

as always, Rich, the info you provide on this site is invaluable and I appreciate it

thanks for this latest medley of charts

Anonymous
Anonymous
14 years ago

Rich,
I am going to sit back

Rich,

I am going to sit back and continue to read this website often and take your advice over our financial planner. Much props to you and your website. We moved to S. Cali three years ago. We have been reading your website, took your advice, and decided to wait and buy. You have saved us hundreds of thousands of dollars (now we have a nice nest egg as we kept our money in the bank after we sold at the peak in FL) and thanks to you…we are not in the same mess that most are in. Words cannot express my gratitude of thanks.

Anonymous
Anonymous
14 years ago

Hi,
I had commented a while

Hi,

I had commented a while back that Im a REO broker in L.A. county and I spoke of the moratoriums that had held back inventory.

The last month or so we have been doing BPO’s night and day to keep up with the banks’ demand. Bpos are ‘broker price opinions’ the banks use (usually along with a full blown appraisal) to see what they have is worth. It’s the first step when they have taken back properties. Then we go out and see if the property is oocupied.

Anywho, I was asked to report back when things changed on my end. Well, things have changed and reo’s are being dumped on the market as I type. We are swamped and I will complain about it until it’s over, but I have been working toward this time for a couple of years now.

If they dont pull another moratorium trick or something else, the inventory should explode in the coming days/weeks.