July 12, 2024

San Diego California - www.brokerforyou.comOn 8-20-07, The Times of London quoted me in both their newspaper and on-line edition. The quote was:

To complicate matters still further, some real estate brokers claim that official house sales statistics are misleading and inaccurate. Bob Schwartz, broker based in San Diego, said: “The market is a lot worse than the published figures.

“The big thing is what the numbers don’t tell you. For sure, a property might sell for $600,000, but what you don’t see in that price are the buyer’s concessions. Buyers will now typically say: ‘We want $15,000-worth of closing expenses paid by the seller.’

“That’s legal fees, loan fees, escrow fees. This has been standard since 2005. So the price the seller actually gets is far lower.”

 To read the full article, visit: http://business.timesonline.co.uk/tol/business/markets/article2288878.ece

[tags]San Diego real estate,San Diego real estate market,Bob Schwartz,real estate bubble[/tags] San Diego real estate agent 

4 thoughts on “Times of London on San Diego Real Estate Bust

  1. Instead of giving a bunch of money to different levels of government, why not directly incentivize investors to pick up those houses and get them rehabilitated and back on the market? We all know that local and state governments are not the most efficient handlers of these situations. If they put stuff out for bids, the crisis will be over before they are able to move. If they don’t, they will send work to their friends… regardless of their ability to efficiently do the work.

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  2. It’s pretty bad in South Florida, too. I’ve lost about 18% on my home within the last 18 months. Ouch!
    I was reading the other day that we’ve lost $2.2 trillion in home equity in the US. That’s alot of money out of economy.

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  3. So, who is to blame for all this subprime lending? The Realtors proclaim their innocence from the highest mountains in all the lands, with seven flags from seven hills with bugles blowing and blazing through the night, with a PR campaign to boot and one, which is out of sight.

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