How long can Tampa Bay keep piling up these foreclosure filings?

It's reaching the point where discussing month-to-month changes in Tampa Bay foreclosures is missing the point.

Take October. RealtyTrac says we had 6,216 foreclosure filings in October, down from 6,709 filings in September. Hip, hip, hurrah? More like hip, hip, horrible.

Here's the spread sheet: Download Realtytracoct09

We're missing the dinosaur in the den. Let's talk Lis Pendens, the Latin name for foreclosure lawsuits lenders initially file against delinquent homeowners.

Lis Pendens cases totaled 4,415 in October, a hair below the 4,586 Lis Pendens filed in September. But if RealtyTrac is counting properly, these are fresh cases each and every month.

Pasco County showed large declines in foreclosures measured month to month and year to year. Let's hope that continues. Pasco, together with southeast Hillsborough County, was the epicenter of over-construction through 2007.

How long can a housing market tolerate this never-ending assembly line of foreclosures? Where's the cut-off switch? We can only hope that economist predictions of another wave of foreclosures next year is untrue.

 

Comments

[Fuzzy Bear]

"How long can a housing market tolerate this never-ending assembly line of foreclosures?"

This will continue until this wave of option arms comes to an end. That should be around 2011, but it will slow down by the second half of 2010.

"Where's the cut-off switch?"

Most of these are the so called liar loans or stated income loans. It looks like many of these properties are from the "hidden Inventory" or shadow market whereas the values have plummeted as the investor had waited thinking the values would rise again and are now upside down. They are walking away from these investments. The cut off will be when these types of properties are sold or foreclosed and employment begins to rise in the Tampa Bay area.

"We can only hope that economist predictions of another wave of foreclosures next year is untrue."

As I mentioned above, I think by the second half of 2010 it will begin to subside and when employment begins to rise in the Tampa Bay area.

[Albit Caban]

Time is the most critical factor in any foreclosure proceeding. Homeowners never seem to have enough of it, and every solution to the problem takes too much of it. And all the while, the bank is accelerating fees and charges as time goes on, while its attorneys file one motion after another with the court to push the foreclosure through as quickly as possible. This is why borrowers who are defending against the lender need to obtain as much additional time as they can.

Obviously, there are numerous ways to do this, from requesting that the bank simply put the process on hold to filing bankruptcy to stop foreclosure. These methods can be quite effective, and most homeowners overlook simply asking the bank to give them an additional month to sell, refinance, or find another solution to foreclosure. And although most borrowers consider bankruptcy a last resort to save the home, it will put the foreclosure on hold indefinitely until the courts have sorted out the bankruptcy case.

But homeowners can also use their local court to gain additional time to save the house or put together a more suitable defense to the foreclosure lawsuit. By filing a Motion for Extension of Time, borrowers can typically receive at least an additional thirty days to file an answer with the court. Most of the time, lawsuit defendants are given 15-20 days to respond to an initial complaint, which may not be nearly enough time to research the applicable issues and put them into a coherently organized defense.

Borrowers who are facing foreclosure are also notoriously stressed out and uncertain of just how to proceed with their lives. Losing a job or facing a medical emergency can create a crisis moment in the life of a family, and having roughly two weeks to put together a defense to a lawsuit may be impossible.

Thankfully, courts are mostly favorable to a Motion for Extension of Time, and banks rarely even oppose them by filing an objection, especially if the request is for a reasonable amount of time. Of course, if the homeowners ask for an additional year in which to file their answer without repercussions of foreclosure, the courts will view this as nothing more than a blatant attempt to take advantage of the legal system and keep the foreclosure on hold forever.

But reasonable requests for additional time will most often be granted. Once the extra time has expired, however, the homeowners better have filed their answer, if they hope to utilize the government courts to stop foreclosure for good. If the answer if filed after this date, it will probably be thrown out and a default judgment awarded in favor of the lender. Thus, if a Motion for Extension of Time is filed, borrowers must use that time to put together their thoughts and answer the complaint.

Of course, if there is reason to file a Motion to Dismiss instead of an answer, this should be done. As discussed previously, an answer to the complaint does not have to filed until the hearing for the Motion to Dismiss has been held. If homeowners use their additional time from the Motion for Extension of Time to attack the bank's ability to bring the lawsuit at all, they can file a Motion to Dismiss, and avoid filing their answer to the complaint. This will drag out the foreclosure process even longer and make the bank defend its standing to sue in the first place.

The longer a foreclosure lawsuit takes, the more the bank may be willing to come to the negotiating table and offer the borrowers are beneficial solution. Few homeowners utilize the courts effectively and even attend the initial hearing for fear of being thrown into a mythical debtors prison or publicly humiliated, let alone defend the bank's efforts to take their property. But a few simple motions, filed in accordance with the applicable rules of procedure, will put lenders on notice that homeowners will not go down without a fight.

Time is the most critical factor in any foreclosure proceeding. Homeowners never seem to have enough of it, and every solution to the problem takes too much of it. And all the while, the bank is accelerating fees and charges as time goes on, while its attorneys file one motion after another with the court to push the foreclosure through as quickly as possible. This is why borrowers who are defending against the lender need to obtain as much additional time as they can.

Obviously, there are numerous ways to do this, from requesting that the bank simply put the process on hold to filing bankruptcy to stop foreclosure. These methods can be quite effective, and most homeowners overlook simply asking the bank to give them an additional month to sell, refinance, or find another solution to foreclosure. And although most borrowers consider bankruptcy a last resort to save the home, it will put the foreclosure on hold indefinitely until the courts have sorted out the bankruptcy case.

But homeowners can also use their local court to gain additional time to save the house or put together a more suitable defense to the foreclosure lawsuit. By filing a Motion for Extension of Time, borrowers can typically receive at least an additional thirty days to file an answer with the court. Most of the time, lawsuit defendants are given 15-20 days to respond to an initial complaint, which may not be nearly enough time to research the applicable issues and put them into a coherently organized defense.

Borrowers who are facing foreclosure are also notoriously stressed out and uncertain of just how to proceed with their lives. Losing a job or facing a medical emergency can create a crisis moment in the life of a family, and having roughly two weeks to put together a defense to a lawsuit may be impossible.

Thankfully, courts are mostly favorable to a Motion for Extension of Time, and banks rarely even oppose them by filing an objection, especially if the request is for a reasonable amount of time. Of course, if the homeowners ask for an additional year in which to file their answer without repercussions of foreclosure, the courts will view this as nothing more than a blatant attempt to take advantage of the legal system and keep the foreclosure on hold forever.

But reasonable requests for additional time will most often be granted. Once the extra time has expired, however, the homeowners better have filed their answer, if they hope to utilize the government courts to stop foreclosure for good. If the answer if filed after this date, it will probably be thrown out and a default judgment awarded in favor of the lender. Thus, if a Motion for Extension of Time is filed, borrowers must use that time to put together their thoughts and answer the complaint.

Of course, if there is reason to file a Motion to Dismiss instead of an answer, this should be done. As discussed previously, an answer to the complaint does not have to filed until the hearing for the Motion to Dismiss has been held. If homeowners use their additional time from the Motion for Extension of Time to attack the bank's ability to bring the lawsuit at all, they can file a Motion to Dismiss, and avoid filing their answer to the complaint. This will drag out the foreclosure process even longer and make the bank defend its standing to sue in the first place.

The longer a foreclosure lawsuit takes, the more the bank may be willing to come to the negotiating table and offer the borrowers are beneficial solution. Few homeowners utilize the courts effectively and even attend the initial hearing for fear of being thrown into a mythical debtors prison or publicly humiliated, let alone defend the bank's efforts to take their property. But a few simple motions, filed in accordance with the applicable rules of procedure, will put lenders on notice that homeowners will not go down without a fight.

[Tino]

"It's reaching the point where discussing month-to-month changes in Tampa Bay foreclosures is missing the point... How long can a housing market tolerate this never-ending assembly line of foreclosures?"

Well, well, well. Sounds like a line from the Tino manifesto.

I have been harping on this very fact since LP filings took off two years ago and caught a flat-footed court system by surprise.

As the foreclosure queue has expanded and desperate owners/attorneys continue to muck up the system (see Mr. Caban's tortured defenses, above), the courts have fallen further and further behind. That's why cases are are celebrating their 3rd birthday in the line with no end in sight.

Yeah, Mr. Lee, I said LINE, just like the original article. You may commence your wailing and gnashing of teeth below:

[Frank Lee]

"Well, well, well. Sounds like a line from the Tino manifesto."

Spoken like a truly misinformed narcissist, Tino.

We are still waiting on your answer:

"Is the entirety of the 8.82% HOMES?"

And Fuzzy's:

"A) Where's your reputable link verifying the 50%+?
B) Are you saying the ratios of commercial, residential, duplicates and unmatched filings don't matter?

[Frank Lee]

Speaking of questions, it has been a week since I posted 5 simple ones for James Thorner.

Let's review where we stand...

1) Why have you not policed your blog according you your WRITTEN RULES regarding harassment, threats, abuse and inaccuracies?

2) Why have you not contacted the Hillsborough County Clerk's Manager over foreclosures (I think her name is Amanda, but don't hold me to this) and verified her statement to me: "There is no hearing queue". Don't you think this is a bold and telling statement?

3) Please answer the questions from my statistical post above: Where did your "facts" originate (who made your spreadsheet)? Why do they differ from the court's own website?
(this is referring to the original thread from: http://blogs.tampabay.com/realestate/2009/11/hillsborough-county-foreclosures-up-10-percent-year-over-year.html

4) Please address THIS post: http://blogs.tampabay.com/realestate/2009/10/pinellas-county-chief-judge-irritated-by-foreclosure-lawyer-tactics.html
(October 20, 2009 at 12:20 PM)
It must have slipped by your insanely busy schedule...I'm not faulting you, but I still want the clarification.

5) Why have you not reported the COURT'S version of how the foreclosure process actually works? Details please.

>>>>To date, you've answered the first half of #3 with "Mike Bridenback".

I'll check back next week to see where we are with the others.

[Frank Lee]

"Yeah, Mr. Lee, I said LINE, just like the original article."

I believe he used the term "assembly line" and not a "line" as the processing of pre-foreclosures, Tino.
By your logic, a "blasting cap" is worn on one's head. Nice work.

[Tino]

If that's all you've got, I'll just declare victory here and move on to the next article that further verifies my predictions of the housing market.

[George Bailey]

I am serious as a heart attack when I say that the NAR ought to be dragged into court and sued for market manipulation! http://finance.yahoo.com/news/Realtors-home-prices-to-rise-apf-935437126.html?x=0

[James Thorner]

Fun with numbers, George. You can always take an unusually poor selling month and compare it the same month a year later. Perfect example: Home prices in January 2009 were artificially low from the near financial collapse in late 2008. I assure you prices in January 2010 will be "up 13 percent" or something like that. With so many foreclosures around, I don't see how prices can genuinely improve during most of 2010. Flat prices? Realistic. But appreciation seems like fairy dust. That said, people who bought homes in foreclosure for 50 cents on the dollar MIGHT see appreciation on paper.

[David]

George,

Is that not just NAR's Lawrence Yun saying for the third year in a row that things will be getting better next year.

[Fuzzy Bear]

Frank says:"And Fuzzy's:

"A) Where's your reputable link verifying the 50%+?
B) Are you saying the ratios of commercial, residential, duplicates and unmatched filings don't matter? "

More of your garbled nonsense!

[Fuzzy Bear]

George says: "Is that not just NAR's Lawrence Yun saying for the third year in a row that things will be getting better next year."

George,

I would have to agree with you as the NAR does not care about the consumer and is only concerned with getting sales to line the commision only pockets of it's members. With that said, the consumer should keep this in mind when hearing the advice of the special interest groups such as the NAR.

[Fuzzy Bear]

Interesting article regarding foreclosures:

http://www.cnbc.com/id/33986655

As I mentioned in the past, I believe the bottom in terms of price declines will be in the first half of 2010. The number one isue as mentioned in the article is jobs and the jobs picture needs to improve before things get better for the consumer.

[Tino]

So, Fuzzy, what financial metric is going to improve in the next 6 months to drive a bottom (and resulting increase) in real estate prices?

Better yet, what moves are being made by the current administration to improve those metrics?

As I've reiterated since 2007, I see no reason for prices to improve and many, many reasons for them to continue their fall.

[Tino]

3Q mortgage delinquencies in Florida jump again:

http://apnews.myway.com/article/20091117/D9C18RSG4.html

When it was 7.8% a year ago (up from 4% or so the year before), I claimed that it would continue to increase. Mr. Lee did nothing but argue that the statistics were flawed and that TransUnion is a biased organization that shouldn't be trusted. He would not provide any forecast of his own but continued to claim that these numbers were all lies.

Fast forward one year.

13.3% of all Florida mortgages are now delinquent. In the next couple of posts, Mr. Lee will pop in to argue whether these are commercial or residential and probably claim again that TransUnion is a fraud of a company for posting numbers that don't agree with NAR's "economists". This whole diatribe will ignore the fact that the rate continues to increase.

Sad.

[Fuzzy Bear]

"So, Fuzzy, what financial metric is going to improve in the next 6 months to drive a bottom (and resulting increase) in real estate prices?"

Based on what I am seeing is one, the credit markets should loosen up after the first of the year. The second issue is there has been an increased attempt by the banks to reduce foreclosures. The tax credit should also help reduce some of the inventory in the next 6 months. The last factor is that according to the information in the Case-Shiller index, it clearly details that the pace of property values declining has slowed at a considerable pace.

My concern is jobs and the cost of oil that could throw a wrench into the equation and put a stop to it, but only time will tell if this will happen.

Good question Tino!

[Fuzzy Bear]

"13.3% of all Florida mortgages are now delinquent."

And I'll add that over 50% of the current Tampa Bay homeowners are upside down in their mortgages and that is not good.

Many of the foreclosures are properties that were rented by investors for less than what they owe and who's values have dropped to the point it is no longer worth holding on to an asset declining in value.

Tino, I might also add in addition to what I mentioned in my last reply that the Tampa Bay area, specifically the Hillsborough County area is in bad shape and may not recover in the first half of 2010. However, I think Pasco and Pinnelas Counties are in much better shape.

However, jobs and credit are the main factors that will determine the outcome as I mentioned earlier.

[Fuzzy Bear]

"This whole diatribe will ignore the fact that the rate continues to increase."

I agree 100% with you Tino as it has been very clear that the person you mentioned just does not understand the foreclosure process.

Most do not understand that Federal and state regulations require bad loans to be passed through three "cauldrons or phases in the foreclosure process.

The quarter that ended on June 30th of 2009 for phase one for mortgages 30-89 past due pot, according to FDIC data, was around $68 billion nationwide. The second phase has almost $65 billion and the third phase had about $83 billion.

Now given that Florida is considered the epicenter of the mortgage foreclosure meltdown, that means that the lions share of failed mortgages are right here in Florida.

That is why one must look beyond the clerks office in the local jusidiction to see the true picture of what is to come in the future in terms of foreclosures!

[Tino]

"Based on what I am seeing is one, the credit markets should loosen up after the first of the year."

Plenty of money is available right now if the buyer has decent credit. Are you suggesting that banks will start handing out free money to people that don't deserve loans?

"The second issue is there has been an increased attempt by the banks to reduce foreclosures."

If you mean that they are refusing to take title to delinquent properties and let them fester in the foreclosure queue, then you are correct. That is why the queue, in Hillsborough alone, is tens of thousands of properties long and growing quickly. All of these need to be dumped onto the market at some point, unless the banks are just going to let deadbeats squat in those homes forever.

"The tax credit should also help reduce some of the inventory in the next 6 months."

The government borrowing money to give to buyers to temporarily prop up the market and feed a few realtors is not a reason why property prices should increase.

"The last factor is that according to the information in the Case-Shiller index, it clearly details that the pace of property values declining has slowed at a considerable pace."

See your third point -- government subsidies are slowing down the decline [overlay government subsidies to the curve; they match]. That's not a recipe for long-term success.

"My concern is jobs and the cost of oil that could throw a wrench into the equation and put a stop to it, but only time will tell if this will happen."

Oil won't be a problem, as the economy will not recover strongly enough to spike the price again. As for jobs, I will restate my original position: the current administration is doing the OPPOSITE of what is required to improve the economy, the jobs that go with it, and the homes that people buy with their salaries.

There are no structural improvements taking place that portend a reversal in home prices.

[Fuzzy Bear]

"That is why the queue, in Hillsborough alone, is tens of thousands of properties long and growing quickly. "

I would have to agree with you from that standpoint. The problem with the tax credit for homebuyers or the first time homebuyer is the lack of buyers that have money to put down.

However, from a nationwide aspect, I think there will be a recovery. As I mentioned in my second response, I think Hillsborough County will not recover for some time to come, but the other two counties seem to be headed that way. As for Florida in general, it will lag the rest of the nation in terms of recovery.

[Frank Lee]

Tino, why must you post all that flaming garbage to bury a simple question?

The debate was over FACL's report concerning the makeup of their 8.82% filings figure. You childishly claimed "victory" and created some other talking point to evade a simple statistical truth. You and James Thorner BOTH added "homes" to FACL's report which didn't delineate that percentage. You ignore its significance, even though Thorner's colleagues clearly outlined that only an approximate third of Hillsborough's filings are actually "homes". You make sweeping assumptions that rates affect the different real estate sectors the same percentage across the board. You sir, could not be any further from the truth than you are right now.

You are also lying about TransUnion. I've made no such comments. So tell us, are you going to test Thorner's rules with all of your lying, misrepresentations, misdirections and insults too? Shameful.

[Tino]

Tino's claim: Mr. Lee would enter the fray and not challenge a single statistical point I made. Instead, he would try to change the subject by complaining about everything else.

The house is on fire and he's complaining about the color of the curtains.

As for last paragraph, I direct the reader to

http://blogs.tampabay.com/realestate/2009/06/mixed-message-on-florida-mortgages.html

In this post, Mr. Lee refers to the blog post about TransUnion with the charge of being a "faulty website" and also includes RealtyTrac and First American Core Logic in his rant. You see, those companies do their own research that isn't as sunny as the realtors' fantasy numbers, and that makes him VERY ANGRY.

[Frank Lee]

"Mr. Lee would enter the fray and not challenge a single statistical point I made."

LIE. You've not answered my challenge to your FACL 8.82% "homes" claim. Let's have it!

You said: "The house is on fire and he's complaining about the color of the curtains."

Unfortunately, your "fire" is more smoke and mirrors than flame. I've said NUMEROUS times that there IS a foreclosure problem. Nobody here is denying this, yet you're trying to make everyone believe that there are 200% more lis pendens filings on homes than actually exist. This is simple misrepresentation of statistical fact, and THAT should insult anyone's intelligence.

As for Trans Union, I read your link and I never mentioned them. As for RealtyTrac and FACL, I absolutely without a doubt question their accuracy. James Thorner posited the same for RealtyTrac long ago. Unfortunately, those companies' research does NOT match the county records so their numbers are suspect. The Realtor organization doesn't report on foreclosure filings, and that's a well-known fact. So, chalk up yet another LIE from TINO.

This is a decent article explaining third-party statistics games...

http://www.ocregister.com/articles/realtytrac-12877-foreclosure-data.html

[Tino]

"I've said NUMEROUS times that there IS a foreclosure problem."

Not in that blog entry I just posted. You got VERY ANGRY at everyone who mentioned that foreclosures were rising, just like you are getting VERY ANGRY here.

VERY ANGRY!

"The Realtor organization doesn't report on foreclosure filings, and that's a well-known fact."

They don't even ACKNOWLEDGE foreclosures, which is why their economic analysis for the past 5 years has been worse than monkeys throwing darts at a dartboard.

[Frank Lee]

Come on, Tino. Your lies are piling up higher than the misrepresented foreclosure filings you tout. Stop ducking the question... Why did you add the "homes" to the entirety of the FACL percentage?

[Tino]

Who cares? The rate of homeowner defaults and commercial defaults are both high and rising, as I have predicted for the past two years.

I think that you are staring at a piece of bark on a tree and missing the whole forest.

[Frank Lee]

People who care about THE TRUTH would have plenty to say of your misrepresentation and lying, Tino. We we're NOT debating defaults. The figure was FACL's 8.82% "Foreclosure Rate" which you claimed were all "homes" even though Thorner's colleagues clearly exposed filings for Hillsborough were approximately one-third "homes".

Attempting to throw in bogus statistics on someone else's report is just plain idiotic. You were caught and now you insanely claim "victory" and tout "who cares"? Whoa! I think most would forgive the error if you were honest about it, but you've taken the low road.

Your like these television reporters that find the only flooded street in town, walk out in the middle, get on their knees in ankle-deep water, and tell us that the entire city is a disaster area. Nice work, Mr. Reporter.

[Tino]

The 8.82% was a blended rate. Perhaps the homes were a 9% rate and the commercial mortgages a 8.5% rate. Perhaps they were 9.5% and 8%.

While you were busy being obsessed with what each rate is, you completely missed the fact that this rate keeps doubling every year.

That is why you (and the rest of the realtor community) are missing the boat. While you moan and complain over nitpicky details (now was it 8.82%, or REALLY 8.80???), you don't understand the mechanisms that are taking place that are causing foreclosures to skyrocket.

You shouldn't just be a realtor -- with your lack of insight, you could be their chief economist!

[Fuzzy Bear]

Frank Says:"Your lies are piling up higher than the misrepresented foreclosure filings you tout."

Here is a question for Frank: Why can't you comment like an adult and act like a professional instead of calling everyone who disarees with you a liar or tell them they lie?

You bring the problems upon yourself with you lack of morals, ethics and respect for others opinions Frank Lee!! Why not try to respect others or are you just a jerk?

[Fuzzy Bear]

"There are no structural improvements taking place that portend a reversal in home prices."

Tino: Sorry I did not have a chance yesterday to finish responding to you as I am very busy.

There are some temporary structural improvements, but the main issues for the housing market come down to three things. These are:

1. Credit markets are very tight. This means that a small to midium business are having a tough time expanding as credit is very tight and banks will need to loosen up on the lending before the economy takes off again.

2. Jobs. With credit being tight for small business which happens to be the nations largest job producer, then jobs will not be created until banks start lending again.

3. Consumer spending. Without jobs and flowing credit markets, the consumer confidence sinks and consumers do not spend which in turn leads to businesses not creating jobs.

All three areas are dependent on each other. Until the banks start lending and credit begins to flow, etc., there is not much that can be done to get the markets working again. The majority of the consumers are in debt up and beyond their eyebrows and trying to pay down the debt. That will certainly constrain spending.

Of those with good credit and that have a 20% down payment, only roughly 5% will purchase a home next year.

However, I am still sticking to my original prediction that the bottom in terms of more price declines will happen in the first half of 2010 as stabilization in home values could be the fourth item on the list.

One other interesting note and observation is that we and others with the exception of one person on this site can agree to disagree and be civil about it without having to resort to immature manners by calling a person a liar, etc. That is what true professionals do and those who impose such immoral methods end up in the unethical and lack of morals bucket.

[Fuzzy Bear]

"Oil won't be a problem, as the economy will not recover strongly enough to spike the price again."

I would agree with you on that oil will not rise as much in the past. However I do see it as a threat to the economy as cashed strapped consumers are hurting and high oil and gas costs only takes away from their spending on goods they would normally spend on other than oil and gas.

Even more interesting is the below link that just came out on the same topic today.

http://money.cnn.com/2009/11/18/news/economy/oil.prices.fortune/index.htm?cnn=yes

[Fuzzy Bear]

"They don't even ACKNOWLEDGE foreclosures, which is why their economic analysis for the past 5 years has been worse than monkeys throwing darts at a dartboard."

Tino, you are correct and the numbers clearly show that there is a major foreclosure issue with residential and commercial RE loans.

Those or should I say one person in particular has repeatedly said that you lie on this topic. This person is totally incorrect and there is substantial evidence that proves it beyond any reasonable doubt.

In fact there have been numerous media articles on the topic that totally disputes this persons claims that you are lying.

Here is what I believe is behind this persons continued attacks on the two of us. Most people would never repeatedly say to a person that they lie unless that person had a hidden agenda. A hidden agenda such as being a property flipper who is now upside down and in such a finacial bind that they look to blame others for their problems they created. Their thinking is that by attacking those who dispute their claims will make their situation better.

The problem for this person is that neither you or I or both combined will control this RE market correction no matter what we say.

[Frank Lee]

I don't see how anyone caught lying on several occasions can escape the title.

To spam lengthy hypocritical posts in hopes of burying the truth is a tired, old, and sad tactic.

...on to the next debunking...

"Mr. Yun said that while foreclosures will continue to depress the market, "rising sales from the expanded tax credit should stabilize home prices by next spring."

http://online.wsj.com/article/SB125790574094242915.html

I'm not a fan of of Mr. Yun, but how are you going to bury what you just wrote about the organization not recognizing foreclosures?

It's hard not to recognize foreclosures when the members of the organization are probably the largest representative agency in their marketing and sales.

The exposé continues...

NEXT!

[Tino]

the realtor organization still denies that foreclosures are future inventory. The only reason he mentions it here is because he ALWAYS thinks things are getting better.

ALWAYS.

If they followed foreclosures, then they wouldn't have missed the whole real estate crisis of the past 5 years!

Yun really is that incompetent. He's not an economist -- he is a paid cheerleader. Until very recently, he was claiming that, in light of all the data, real estate prices were going UP. Do you need references for that?

Oh, forget the 8.82% rate (OR IS IT 8.80563???). We've got banks that are seeing 24% of their loans going bad:

http://tampabay.bizjournals.com/tampabay/stories/2009/11/16/daily45.html

[Frank Lee]

"the realtor organization still denies that foreclosures are future inventory."

If more agents took this blog seriously, you'd probably have a pile of comments disclaiming such a preposterous AND faulty insinuation. Regardless, A) it's simply not true and B) A "Foreclosure" is property that actually completes the process and is (possibly) offered by the title holder. It's wise to consider that a larger portion of the filings never complete the process and are either corrected my the mortgagee, sold via short sale, or postponed indefinitely via legal process (bankruptcy and other entanglements). You are also conveniently discounting unmatched and duplicate filings. In either scenario, its easy for a person such as yourself to disregard these facts and count EVERY filing towards a rate. Nonsense!

Speaking of which, I see you're still trying to bury your debacle with the FACL rate. Why bother?
And that comment "We've got banks.." The article only shows ONE offending bank. Nice work, Mr. Reporter.

NEXT!

[Tino]

The rate is now 11%. See? While you were sitting in the corner crying, the rate went up again!

We can move your denial over to the latest blog post:

http://blogs.tampabay.com/realestate/2009/11/more-than-1-in-10-tampa-bay-mortgages-two-months-late.html#comments