Headlines and Bad Foreclosure Realtors

Okay, first the headlines from the LAT: Sales were up 65% last month over September 2007. This is largely due to the number of bargains and foreclosures that are on the market. And the median price in the county is now $308,500 -- that's what? Down 25% from last year? Or more? We are still seeing more price stability in many neighborhoods, though, such as Burbank, Toluca Lake, Studio City, etc. Yes, prices have come down, but not by 25%.

And, thanks to the new California law that requires lenders to contact home owners before they foreclose, there are now 61% fewer Notice of Defaults filed than there were last quarter, and 45% less Notices of Trustee Sales. So you're right if you think there's less inventory out there.

Unfortunately, the downturn in the market has not attrited out the lousy Realtors. Here's how not to sell your foreclosure or trust sale: list with a Realtor that doesn't return calls, doesn't give property status, doesn't list things correctly in the mls, doesn't bother placing pictures on the mls, and doesn't give correct lockbox or combo code information. I attempted to show four short sale or REO properties in Altadena this weekend; two houses we tried to see are listed with Reators like this. So if a short sale or foreclosure is on the market in the current climate for over 70 days and you're wondering why, it's likely because of the Realtor.