Culbertson
The economy was on many people’s minds as real estate industry “survivors” gathered in Long Beach for the California Association of Realtor’s annual convention.
A session on technology morphed into an impromptu discussion of how the economic meltdown will affect the housing market, and many agents spoke of the hit their incomes have taken from the three-year-long slump.
Here’s what some said when asked if the financial crisis will impact the housing market:
- Joel Singer, CAR executive director: “There’s kind of a sense that things are getting better, albeit very, very slowly. That’s coupled with concern about what’s happened lately … We were heading for a really nice recovery until a couple weeks ago.”
- Cynthia Jedinak of San Clemente, who became a broker six months ago: “I think the market is going to turn around, hopefully this spring. … I think in June we’ll be in a different place.”
- Jeff Culbertson, Coldwell Banker’s Mission Viejo-based executive vice president of the Southwestern region: “Last week, you would have thought things would fall off the cliff. We’re not seeing that happen. Orange County is holding up pretty well.”
- Tina Weinstein of Troop Real Estate Inc. in Thousand Oaks, who said her income fell from $300,000 a year during the boom to around $150,000: “It already has had an impact. Unfortunately, the banks aren’t releasing inventory (by approving short sales or foreclosed property offers). … All I know is it’s harder for buyers to qualify (for loans).”
- Arthur Luis Luna, president and CEO of Pacific American Properties in Temple City: “Next December, the market is going to turn around. The housing market still has another 3% to 5% decline in it, (but) we’ll see a turnaround in sales in March or April.”
Also from the convention:
Check out our other meltdown coverage…
- Real estate funds lose 36.5% in awful year
- Is money all that you’re losing?
- Who’s feeding the anxiety?
- U.S. stocks follow global markets into sinkhole
- Asian markets plunge
- Chaos good for Ladera Ranch company, Insider Q&A told
- O.C. real estate stocks plummet
- I’m so MAD! Who can I yell at? What can I do?
- My big fat cheap life
Isn’t this article a bit like throwing chum to sharks?
i’m glad to see these folks are still optimistic, it shows me we have a loooooong way to go….
http://calculatedrisk.blogspot.com/2008/10/roubini-sees-worst-recession-in-40.html
……….the CAR should be sponsoring workshops focused on helping their members find new careers.
Does everyone remember what they had to say last year? Oh well, here is the link http://lansner.freedomblogging.com/2007/10/10/realtor-economist-apologizes/1448/
Cas Pinkowski, former president of the O.C. Association of Realtors and managing broker for RE/MAX Real Estate Services in Aliso Viejo thought Appleton-Young was “pretty right on.” Pinkowski acknowledged that Appleton-Young’s 2007 forecast was off, but added: “What we have to do is realize this is a shift in the market that happens every 10 years. We just have to keep our nose to the grindstone.”
Pinkowski said he’s hoping that the Orange County housing market will see a recovery in the spring of 2008. Neighboring areas in the Inland Empire, however, will take longer to see a recovery.
Bill Plattos, executive vice president and broker at First Team Real Estate, said of Appleton-Young. “I like the part that she was willing to admit she didn’t get it right on (last year). But no one expected the liquidity problem to hit like it did. … I think that’s what threw her off.”
Plattos expects the housing market to recover sometime next year: “I think basically we’ve hit bottom. With Bernacke doing what he did, … I think things are starting to change already. I know I’m optimistic, and I’m a Realtor. … But people are going to get back into the mode of getting their dream home and not just (buying houses as) an investment. … This is not a flip-it time.”
One year they will be right, but what year that will be is far in the future.
Seriously. We’ve been hearing this for several years now.
May’be in a few years they could finally say, “I told you so!”
Jon :) …………………………………………………………………………………….
our country needs to go back to saving and investing in
productive enterprises- like alternative energies- biotechnology-
modernized infrastruture- and high tech education-
we need to get away from spending on consumption using
credit- we also need to revamp our entire currency and banking
system- is a currency backed by gold or silver a perfect system-NO
but the alternative of a baseless fiat currency is even worse-
as evidenced by our current over leveraged debt fueled quagmire
looking for the current government to “fix” our problem by trying to
create even more debt is not the answer -
TO GRAPHIX
GREAT POST KEEP UP THE GOOD WORK
ONE DAY THEY MIGHT BE RIGHT BUT I DOUBT IT……..LOLLLLLLL
i tend to agree with hwood…
…. these folks will be so depressed and bearish by the time we hit bottom….. if they are even still on the real estate map….
I expect them to be right when the market actually does recover. Other than that they are like a broken clock that is right once in a 12 hour period.
Kind of a layup to make fun of these suffering hopefuls.
Ditto Graphrix. I was gonna throw in my 2cents but these clowns are such an easy target, I actually feel pity for them.
Realtor speak is hardly entertaining anymore …
. . . but here’s some bright news:
http://www.voiceofsandiego.com/toscano/
” ” Cynthia Jedinak of San Clemente, who became a broker six months ago: “I think the market is going to turn around, hopefully this spring. … I think in June we’ll be in a different place.” ” ”
I think you need 2 years of RE sales experience in order to sit for the broker exam. Add to that the 6 months (since Cynthia became a broker). Pound some signs into the ground, watch some videos, take an exam … and apparently you have enough experience to get expert newspaper interviewee status in that span. . . . oh, well. Maybe she’ll nail it, eh?
(A turn around? We’re off a cliff here, falling at -26% per year . . . A TURN AROUND in 9 months, occurring for the most part over the Fall and Winter ! Wouldn’t that be ‘INCREDIBLE ?!!! ) AHHH HA HAA HAAAAAAAAAAA
We will be “in a different place” in June, you can bank on that. We’re certainly not ’staying here’ - we’re moving fast!
This isn’t optimism . . . optimism is a gift of having a positive outlook as you face of a challenge.
This is “youthimism”, where you expect and even DEMAND the impossible simply because you’re too inexperienced to know better.
(She meant June 2012 for the turn around? Oh, never mind.)
WTF? Like we should believe any realtor BS now? Realtors told everyone that housing prices would always go up! Ok, so what happened, huh? So now we should believe up? Yeah, right.
Most of the public these days think that realtors are less trustworthy than used car salesman and telemarketers.
We need realtors about as much as we need BetaMax and 8-track tape salesman.
Hey you realtor fools: the housing market won’t start to recover until 2010 or later. Maybe you should start listening to non-realtors!
Flush all realtors and crank up the internet, just like travel agents!
Clamp down on personal credit…it will suck for a few years, but help in the long run.
Mark
editor@dgcmagazine.com
LA/OC has been ranked the least affordable city, “worst bang for the buck”.
http://www.forbes.com/home/2008/10/10/cities-buck-economy-forbeslife-cx_ab_1010realestate.html