Altos Research Real Data in Real Time

One of my biggest issues with many of the facts and figures reported in the media is that they are based on Fuzzy Math. 

Example: New Home Sales, which is the number of contracts signed in a prior month for a house that often times hasn't even been built yet.  40% or more of those contracts fall out (don't go to fruition).

Another issue I have is with old data.  Reports that rely on information from months ago.  Or broad based statements based on states and regions when we all know real estate is local, really local.  Zip code local.  That bothers people like Mike Simonsen as well.  Altos Research compiles data in real time, as it happens, and serves it up locally.

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When Business Week wanted to do a story on the best and worst performing zip codes, they naturally turned to Altos Research.

Here's a sampling of the various Real Time Charts they produce for Walnut Creek, CA.  I think you can see why the best in the industry turn to Altos Research for their data.

Real Estate Price Trends
The median single family home price as of August 03 2008 for WALNUT CREEK is $917,989
Explain this
WALNUT CREEK condo reports and zip-code level detail available for all subscribers. Subscribe today!

Housing Market Conditions
With a Market Action Index as of August 03 2008 at 19.40, WALNUT CREEK is currently a buyer's market.
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Home Sales and Demand Trends
The average property in WALNUT CREEK as of August 03 2008 has been on the market for about 84 days.
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Price Per Square Foot
The median price per square foot for homes in WALNUT CREEK as of August 03 2008 is about $429
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Homes for Sale
There are about 194 properties on the market in WALNUT CREEK as of August 03 2008.
Explain this

Feel The Pain

At first I was just going to let this slide off into obscurity. I can't.

On Friday, I watched Jim Cramer of CNBC have his own personal on camera meltdown. I'm not a big fan of Cramer, but I certainly can feel his pain.

Cramer's was upset by the Fed's not paying attention to what is actually happening in the market. His Pain comes directly from his contacts in the hedge fund business. The fact that "good people" were losing their jobs because of the Fed's position. His Pain was that two of the Feds, Ben and Bill, were not paying attention. They just were not getting it.

I mentioned yesterday that the market was operating in uncharted territory right now. The 10 Year Bond Yield and the mortgage rates that have been mirroring the rise and fall of that bond yield have gone their separate ways.

My metaphor of choice was flying a jet through a cloud, no visibility, with no radar. Flying Blind.

I talked to a few Agents today. They've watched the same news I have, they've seen the same articles, some many even read that post. Yet as I was discussing current events with them, discussing the current Mortgage Meltdown, it became crystal clear they were just not getting the gravity of the situation. They just were not getting it.

"Mike, does this mean you can't get my self employed client approved for a 80/20 first time home buyer on a Non Owner Occupied duplex with his 600 credit score?"

Let's put it this way...

"Ladies and gentlemen, This is the Navigation Officer. I regret to inform you that it appears both the Captain and Co-Pilot have used their emergency parachutes and have left the plane. We'll pretend nothing has happened and continue flying on autopilot. Have a Nice Day and thank you for flying Mortgage Airlines!"

"So, how soon can we get them pre-approved and ready to make an offer?"

That right there is My Pain.

Jim, I feel for you.

Here is Jim's Meltdown.

Ben S. Bernanke, Chairman

William Poole, Federal Reserve Bank of St. Louis

Nice To Be Noticed

Like an internet IM hug,
it's nice when someone thinks you are worthy of a mention, or better yet, a link.

This last week there were a couple.

• Tony Gallegos, who writes "The Mortgage Cicerone" thought my post called "Seriously" was fantastic. "From reading your blog, I can tell you are cut from the same cloth. I think it is SO important we protect the professionalism of our industry." That's a big honor coming from somebody like Tony. He is indeed a stand up "trust him with your wallet" kind of guy! Read his blog and you'll see for yourself.

• David A. Podgursky, also liked the "Seriously" and featured it in his Weekly Review, saying "This is a scenario mortgage brokers hear at least once a week."

• John Lockwood, emailed me yesterday to let me know he was including a couple of my posts on his rather excellent Sacramento Real Estate BLOG. "Yes, times are tougher than they were, but I admire your take on BS optimism. A little sincere gratitude for what we do have goes a long way, as you show."

How nice is that?

To all three of these fine professionals - I am honored and deeply appreciate your public acknowledgment! It's people like you that help make this world a better place!

Thank you!