4realz Roundtable: Effect of FDIC/Treasury Actions on Home Buyers and Real Estate Industry

[NOTE: we had a wonderful show and you can listen to the entire episode at the bottom of this post!]

This week were going to cover the obviously hot topic of the effect of the actions taken by the government in bailing out and/or helping secure IndyMac, Freddie Mac, and Fannie Mae will affect the real estate industry.

This week’s guest is Lawrence Yun and as the chief economist for the National Association of REALTORS, Lawrence is sure to bring an incredibly interesting perspective.  He’s constantly traveling around the country talking with people about their local markets… and whenever he’s stopped by real estate technology circles, like trips to Portland and Virginia, he’s impressed the locals tremendously.

As always, you can get information on how to (1) listen to the call live, (2) take part in the live chat and potentially take part in the conversation by following the (relatively simple) information on the 4realz Roundtable TalkShoe page.  My guess is that this will be one of the more popular shows yet, so I’ll likely only be taking live callers based on folks who ask interesting questions in the chat room!

Also, in order to better accommodate Lawrence’s schedule, I’m moving the call to one hour later than usual.   The show will be on Thursday, July 17, at 5pm PST (8PM EST).     I definitely hope you can join us for a conversation on this timely topic!

UPDATE #1:

What an great show.   Thanks so much to everyone who took part!

Jonathan Miller, Jillayne Schlicke and Rhonda Porter really helped provide an excellent base for a roundtable discussion with Lawrence.   In our one hour conversation we covered so much ground… and I only wish I had the bandwidth to transcribe the whole thing (or even take better notes during the conversation!).

Nonetheless, we covered looked at how the real estate market would be affected by issues such as banks bailouts, freddie/fannie mac troubles, isues with jumbo loans, REOs, consumer confidence, government actions, sustainable housing, inflation, and much more!   If you’re interested in getting an in-depth look at the real estate market and where things are headed, then you can listen to the entire show right here:

[podcast]http://recordings.talkshoe.com/TC-20339/TS-128183.mp3[/podcast]

UPDATE #2:

There are great conversations going on about this topic on both Rain City Guide and ActiveRain. Also thanks to Jim Duncan, Ardell DellaLoggia, Jonathan Miller, Rhonda Porter and Tom Royce for helping to spread the word!

Redfin releases a genuinely interesting update!

According to their press release, they are now commingling MLS, FSBO and Foreclosure listings on one map… and this has me scratching my head!

Are they allowed to do this? Isn’t this type of commingling of listings against MLS rules?

redfin search in woodland hills

Notice the purple and pink icons… Those are REO (foreclosures) and FSBOs, respectively (green icons are MLS listings).

I have four ideas about how they are able to get away with this:

  1. They found a loophole in MLS agreements that let’s them commingle listings (but I would find this hard to believe).
  2. They got buy-off from all their local MLS organizations (but I would find this hard to believe)
  3. They have reason to believe they can win this battle in the courts… (maybe a DOJ brief in support of this or something similar?)
  4. They just don’t care about the rules and believe that consumer support for this feature will be so great that they’ll risk MLS fines.

None of these scenarios seem likely to me. What am I missing?

With that said, I REALLY like how they are approaching the foreclosure data. I’ve received a few press releases recently from real estate search sites that “announce” they are now publishing foreclosures on their site. However, inevitably, when I tested out the feature, the sites were just regurgitating RealtyTrac data that required consumers to pay a fee to get the actual address of the property. Redfin is providing the address.

Also interesting, someone from Redfin let me know that they are going to phase in a flat-fee buying option in order to accommodate these new listings types.

I want to send my congrats out to the Redfin team for pushing the boundaries yet again. Love ’em or hate ’em, they’re working pretty darn hard to deliver features and tools that they think will do a better job serving their customers.

UPDATE:

There’s some debate in the comments about whether there are local MLS rules against commingling of data, with some people claiming it’s just a misunderstanding that the data can’t be commingled.  However, someone (who wished to remain anonymous) send me the following email which demonstrates that for at least one MLS where Redfin is commingling data, the rules are pretty clear:

Check it out:   http://www.imrmls.com/centsite/idx_policy.htm

“4.13. Listings obtained through IDX must be displayed separately from listings obtained from other sources, not including information provided by other MLSs.”

What that says to ME (having experience with MLS rules) is that MRMLS doesn’t allow FSBO properties side-by-side with MLS listings.