The dramatic decreases in sales has slowed down in Mason County. The market has actually improved. Just last month the ratio for Active to Pending listings was at 22 - 1. This month we have improved to a 12 - 1 ratio. Just as a refresher, a good market has a 5 - 1 Active to Pending ratio. Still the sales are about 19% of the sales we had back in the year 2006. Big difference. See detailed market report.
We are having some odd weather lately. Snow in the morning, which melts off, and then the day changes to blue skies and sunshine. The weather guys are saying there is more cold weather coming down to us from Canada, and that we could get more snow. I don’t mind it if the snow comes and goes. I’m in no mood to have it hang around and interfere with driving around the county. People have just started coming out to look at houses again, and we don’t want these people getting their buying spirit quenched.
I’ve added a new resource link to the National Consumer Law Center, “the nation’s consumer law expert, helping consumers, their advocates, and public policy makers use powerful and complex consumer laws on behalf of low-income and vulnerable Americans seeking economic justice.” There is an article on their web site right now about antiquated laws in most states in regard to foreclosures. The laws are written in favor of banks, and against homeowners. The article summarizes a 60 page report that will be announced shortly.
“In recent months, a wave of foreclosures has swept millions of American families from their homes. The magnitude of this crisis defies easy comprehension: more than 8 million American families are expected to lose their homes to foreclosure in the next four years. Much has been written about the financial and economic causes of this disaster. Much less notice has gone to another factor that has accelerated and multiplied this grave loss of homes and savings: antiquated state laws that in some ways afford fewer protections to homeowners than to renters.”
If you would like to read the whole report go here. There are several recommendations that would restore basic fairness to the system of foreclosures. Again, preventing foreclosures is a very good thing for the real estate market. We do NOT need more foreclosures flooding the market. You can look up your own state in this report and see where things stand. I discovered that my state of Washington is weak in several areas. I copied this one section of the report that I think is a key part of the report. It is much easier to simply read the article that summarizes the report.
The stark reality is that while most states updated their landlord/tenant laws decades ago to give renters basic due process protections in the eviction process, no similar reform effort has been made to assist homeowners in the foreclosure process.
In other words, renters are much more protected than homeowners, and that seems a bit odd to me. Seems that this could be something for NAR to discuss and make similar recommendations.
Tags: active to pending, foreclosures, laws, market
