Ok what it is new that we do not know!!!!

http://finance.yahoo.com/blogs/daily-tic...-161445494.html

Yes, apparently I missed my calling as an economist, since every time a negative jobs report comes out they all act as if they're mystified. And don't even get me started on NAR's "economist" Lawrence Yun. We're in big trouble, my friends, not just as an industry, but as a country. If there's one thing I hate to be, it's pessimistic about my country. But the things going on now scare the tar out of me, and if the "mainstream media" is finally catching on, you can guarantee it's even worse than we know. IMHO.

The most suprising issue about the current state of affairs is that people are suprised. The government is borrowing 40 cents of every dollar spent. Along the lines of the housing market's "cash out refi". If the government was a private enterprise they would be forced into bankruptcy and the CEOs and CFOs would be doing jail time for fraud.
The up side is that as long as there are irresponsible folks making stupid decisions, smart folks will make a profit from it.

I agree. If we see it on the news, its much worse. Ususally main stream media only reports the tip of the iceburg, once they catch on. I also agree that what is going on in gov't would be treated very differently in the private sector. I screamed at the tv back when we were told the gov't would bail out the banks. I was ok with the auto industry being bailed out, there were strick guidelines put in place and so far it would seem that industry is trying to fix all the issues that put them there. I found it interesting that Ford is retooling a factory in Kentucky and adding 1800 jobs, but due to the state of the jobs market they have 17,000 applicants. They did not take a bailout per say but they did take advantage of tax credits and low interest loans, turning their focus to more energy efficant cars, which in turn changed their market share. They knew they had an issue and are trying to fix it. What if the banks took the same approach and started seriously streamlining loan mods and short sales? What if our gov't really started to focus on where they were spending money and instead of trying to freak people out by threatening to cut social security and medicaid and took a long hard look at other programs that only benefit certain interest groups or how about their own paychecks and number of staff members on the payroll? Moodys is not only threatening to lower the US credit rating if an agreement is not acheived, they will cut it if the gov't does not put spending cuts in place. It has been said over and over, but every sector out there needs to figure out how to cut spending and increase revenue. Its just like us, BPOs and REOs are down, so we have to figure out how to increase our share of the assignments, perhaps add other real estate activities, and cut spending. This is not a political statement, it is not a private sector statement, or any kind of business plan. All of us are feeling the crunch right now, we have to figure out how to make more money to replace lost revenue, and cut spending. My point being, if you got a bailout, if you have to work out a plan to raise the debt ceiling, you have a cash flow issue, and no amount of credit or bailout is a long time solution. Although if anyone feels that they would like to bail out a realtor sitting in Ohio, go right ahead.
I will put one more thing out there. Once we see the release of the assets that are currently being held by the banks, I beilieve it will be a very controled release, so that the prices do not drop like a stone. No wave, just a nice steady flow, which would be a welcomed change to the drip, drip, drip that is going on.

First of all, Over the Edge, if anyone is going to be bailing out Ohio Realtors, ME FIRST!!
I saw over on another thread that banks are now heading down the short sale route by choosing "preferred" agents, etc. I don't know how true it is or how widespread it will be because there is still such a backlog of vacant inventory, but I don't see anything good coming out if that actually becomes the trend down the road, at least for agents. I'm with you that I wouldn't mind seeing a controlled release of REO inventory, or actually ANY release at this point. My concern is that it's already too late for a controlled release because the inventory is simply too high and they can't continue to sit on them forever. Just a few years ago I thought being a Realtor was the profession I'd retire from (or not retire from, since Gen-Xers like me probably won't be retiring as we know it now), but honestly, if something else came along that was even slightly inferior in income with a chance to advance, I'd probably take it. Not trying to be defeatist, just looking at my bottom line and trying to be realistic. The trends I've been seeing from the REO/BPO companies, you know the ones, where they come up with new and ever-more-clever ways to pick the listing agent's pocket, are only going to get worse, and another 20% reduction in market value ain't gonna help!

I'm not sure if I agree with the sentiment regarding the media here. I think we need proper context. They're only surprised because their Savior is in charge. Don't forget, unemployment was unacceptable at 5% under Bush. Good news was ignored, and all bad news was highlighted. I'm not saying the media's biased. I'm saying they're retarded. They believe that with Obama, the economy was just going to turn around. Funny thing is, the economy has more than one variable.

Hey Steve, I'd go with biased AND retarded. And I mean no offense to those with actual learning disabilities. Sometimes there just no other word to properly describe something! I wasn't trying to give the media any credit or reduce their culpability, I just meant that if we're actually hearing it from them, you KNOW it's bad. According to them, if you were to hear this information from some other source(s) over the past few years (and are therefore not surprised by it now), well, it had to be crazy talk, right? Probably hate speech or something. But now THEY'RE saying it, and when something distracts them enough to quit carrying water for The One...yep, it's way worse than we know.

pretty soon they'll be paying buyers to buy houses...LOL

Prices are stabilizing in my area of Florida. Highly influenced by the reduction in REO's on the market no doubt. Once they are released again its anyone guess..
I find mainstream and foxstream representations of the facts distored. I always go to the actual clip of say Obamas comments vrs Ryan or whoever and make my own judgements based upon facts. I research multiple outlets, flip the channel as well as the search engines.
You do that routinely and you will be solidly in Obama's camp...I know most people dont bother to research the facts or flip the channel for the most part..its the sad state of the current voter.

OvertheEdge, even if the Banks started seriously streamlining loan mods and short sales if there is no Jobs how those folks are able to keep their homes, I have friends/clients that they have a Loan mod already two-one year ago and now due to income decreased they can not make payments......In the other hands we still dealing with those folks that they do not want the house anymore just because they are upside, they are able to pay still the fact that the neighbor next door just bought the same for half price that does not make them happy...This has a lot to do with all the mess we have, as Jackreo said there is smart folks making a profit of all this, and as 75Corvette I do not like been a pessimist but somehow this is scary....Jobs more Jobs is what the Gov should focus on!!