Real Estate Signals versus Noise Skyline Constructions (1)

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Real Estate Signals versus Noise Skyline
Constructions
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• Before the latest real estate related financial
  crisis my fourth over four decades I embarked
  on a speaking tour at banking conferences.
• I was concerned that more and more foreclosure
  lawsuits would be a damaging way to settle claims
  for repayment from homeowners in default, who
  otherwise might be fairly responsible people.  I
  proposed that a sale of the home would cure the
  default and foreclosure suit, as well as mitigate
  further loss and subsequent vacancy or blight. My
  approach was not well received.
• The attendees at these conferences bankings
  default mortgage servicers and their real estate
  agents were very frustrated.  From their
  perspective, they were already doing all the
  right things estimating home values, touting
  asking prices and offering to negotiate.

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• Our real estate auction company had already been
  receiving hundreds of calls from homeowners
  facing loan default.  One example is particularly
  memorable.  A widow in Texas called after
  watching our company sell her neighbors home. 
• Her husband, who had been the familys income
  source, had unexpectedly died some years
  earlier.  After struggling to keep the home,
  shed fallen behind on payments and called her
  mortgage servicer to advise them of her plight. 
• They in turn suggested she try and sell the home,
  so she immediately listed with a real estate
  agent she knew.
• The fact that sales of homes pre-foreclosure
  werent often occurring, was not perceived as
  anything the banks and their agents could
  change.  Given the speculative methods they were
  using, I didnt disagree.  For me, the issue was
  a lack of clear signals.

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