Market Update – Dec 2011
Hello welcome to Todd Miller TV. Super Quick Update for the market of November 2011. Here we are at the end of the month. Some interesting numbers and the reason why they’re interesting is because if you break the amount differently, they mean different things, and this is what I mean. There are currently 26,000 houses on the market. They’ve probably go “wait a minute Todd, I watched your video last week, there were only 12,000.” Well, ’cause that’s misleading. That 26,000 number is including things under contract. So, We are hearing this inventory reports about how many houses are available for purchase, sometimes those numbers get thrown in there and they’re not real numbers. There’s actually only 12,722 available properties that are not already tied up in other contract with a buyer. If the current sales rate of about 3,000 which is number we’re just surpassing today is 3,000 and there’s tomorrow, They’ll push up probably to 3,100, 3,200. A lot of sales last day of the month for some reason. That means there’s only about a 4 month inventory of properties, 4 months of properties. So, you’re probably saying “Well’ what about these 13,349 properties that are under contract and where are they?” Well, you know that shadow inventory that people keep talking about? Well, that’s it! That reason that’s a shadow inventory is ’cause a lot of those houses are short sales, they’re not gonna happen, they’re gonna get foreclosed, and they’re gonna come back on the market. So these houses that are people are talking about shadow inventory are already there. They’re called under contract short sales. The cool thing about this is misleading is they always talk about that, they never talk about shadow inventory of buyers waiting to scoop up these properties. For example, 13,349 buyers who many of them will not successfully purchase the house they’re under contract with and then they’ll have to comeback to the regular market place to grab properties. Now, with the current 12,722 properties, there are more buyers than properties. So, it really depends on how you read these numbers, what they mean. The truth is, we’re gonna have a good amount of inventory but not too much inventory for atleast the next year. That’s what this shows, that’s what this amount of properties under contract shows, the current amount of properties we have available. Plus we have a whole years worth of defaults to work through at the Trustee Sale. But for any potential short comings and the Notice of Trustee Sales or Notice of Defaults that have been filed in October-November have bee/and they’ve been low. They’ve been off by like 80%. i think we had 800 in October. We normally would have had 4,000 or something like that. So, they are coming back, but the bottomline is, we’ve got a year of inventory just sitting out there right now, basically a year. Including the properties that are already in default. So, if you’re totally stressing and your like frantic ’cause someone told there would be no houses in 6 months and you gotta buy a house. I don’t know that that’s the case. I don’t know if prices are gonna go up in 6 months down or 6 months stay the same, I don’t know. But I do know what’s going on in the market place and it’s more stable and it’s more predictable now than it’s ever been. Even with the some of the craziness that’s happen. So, don’t listen to the nay-sayers, pay attention to the numbers ’cause the numbers are what really matter. And whatever agent you’re using to give you advice, hopefully there giving you something back by numbers that makes sense to you. Anyway, that is my update. If you wanna subscribe so that everytime I do an update, there’s two way to do it. One is Tweeter feed, if you’re on Tweeter and you go @lasvegastodd and you just have me on your Tweeter feed, well what happen is everytime I do a video it get’s pushed to Tweeter. Second thing is, if you go on to the/if you’re on YouTube, go to toddmillertv.com