Error-Ridden Reporting
Okay this post is going to come across a little harsh, but seriously, I thought professional news outlets were supposed to be, you know, professional. However, they're apparently letting five year old children write real estate news briefs in Federal Way:
Median price of homes hits $519,000Bzzt—wrong. The median price for houses was $419,500, an 18 percent increase over a year ago. The median price of homes (houses + condos) was *achem* "just" $377,000 (up 17%).
The median price for homes in King County last month was $519,000, a 16 percent increase over the same period a year ago.
According to the Northwest Multiple Listing Service (NMLS(, a residential real-estate organization that tracks the housing market regionally, the median asking price in King County in April 2005 was $447,000.The correct abbreviation for the Northwest Multiple Listing Service is NWMLS. You know, as in NWMLS.com? Also, the key you were looking for is ")".
In its report on last month's market activity, King County was one of only three counties in western Washington that had fewer houses on the market than it did 12 months ago, according to NMLS.Bzzt—wrong again. Only two counties had fewer houses on the market in April than they did last year (Cowlitz: -1%, Grant: -2%). However, King County did have slightly fewer homes on the market than last year (-1%), since condo inventory decreased almost 14%.
J. Lennox Scott, chairman of John L. Scott Real Estate, called the job centers in Bellevue and Seattle "the epicenter of sales activity." He added, "We continue to see a quick-action market and a strong surge of buyers, but there simply isn't enough housing supply to meet the demand."Bellevue (area 530): Pending sales down 13%—closed sales down 40%. Seattle (area 140): Pending sales down 16%, closed sales down 8%. Yeah, those definitely sound like "sales epicenters" to me.
Despite modest increases in mortgage rates, attractive financing, including multiple options for first-time buyers, is sustaining activity, NMLS reported.Is that, even, a, sentence?
I don't think I've ever seen an article with so many errors, and the whole thing—title included—is only 211 words! I'm no big fan of the real estate reporting in the Seattle papers, but at least their writers passed high school English. You would think with five days to prepare (NWMLS stats were released on Friday), they could have at least gotten the headline correct.
(Federal Way Mirror, 05.10.2006)
9 comments:
I'm really curious about the part in that article that states that Seattle inventory is slightly less than last year due to fewer condos on the market.
Here's why: it looks as though many of the available condos (downtown at least) are NOT listed in the NWMLS.
So, if those condos were included, what would happen to the inventory numbers?
Now that was just rude.
But you're absolutely right, the bubble has made oh so many people oh so rich! Why, it's as if the money was just sitting there waiting for someone to snatch it! We sadsacks must seem like morons for not scoring a sweet ARM while the getting was good . . . boy do we regret it :(
Those property "owners" who display frantic-ness over the bubble burst, like Bubblerider and others on this list, deserve our compassion.
If they were trully in a secure finacial position, they would not even be paying attention to the bubble reports.
I mean really, if you bought your house to live in, and not for percieved "appreciation", why would you care when the market tanks?
If you bought your home at terms you can comfortably afford come what may, why would you care when the market tanks?
There are a lot of scared people out there. They know full well that they made a shaky financial decision.
People who bought a home responsibly could care less what happens to the housing market.
Wow. that Bellevue number is HUGE- closed sales down 40%?
that's one of the highest numbers I've seen for ANYWHERE in the US.
Looks like our "Seattle RE Investor" is spending too much time listening to realtors and reading newspapers to pay attention to what's actually going on in the market.
In his new post he notes that the property he's interested in has been on the market for 95 days and says"that's unheard of in Seattle"... lol!
He needs a Zip Realty account.
The thing that really kills me about him is that he just STARTED investing in RE when the market was peaking- last July or August I believe.
But most of the "RE Investor" blog people started last year. They're the "shoeshine boys" of the 20's.
On another topic (toxic loans) but an equally gripping read check out this brokers blog where they're discusing toxic loans and way-too-expensive RE in general.
I got it from the NNJ Bubble blog.
http://tinyurl.com/ho4kp
Thank God he pulled out of the Belltown condo deal!
That's going to be one major wreck for people wanting to flip. There are a LOT of new condos coming down the pike for downtown.
It's the truth- the brutal truth- versus the spin.
So Dukes, do you think that all those empty condos are listed in the NWMLS? Because it seems like condos are frequently sold thru the developer at first, aren't they?
The Sunday Times has so many adverts now for them.
Hi Everyone...
Here's an update on inventory:
Today
King County: 7,255
Seattle: 2,096
May 2005
King County: 6,782
Seattle: 1,827
May 2004
King County: 9,792
Seattle: 2,454
May 2003
King County: 12,422
Seattle: 3,169
So we now have slightly more inventory then last year. But far less the in previous years (2004 and 2003)
'm
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