Who the heck is Frank Nason?

Who is Frank Nason? This is Frank Nason: Img38.jpg. Beware of listening to Frank Nason. He’s suffering from GLVARitis, a disease involving the regurgitation of wildly incorrect data to the local newspapers. Frank was quoted in yesterday’s LVRJ as follows:

Frank Nason, president of Las Vegas-based Residential Resources, said the number of listings is stable, but has increased every week in recent months.

.

“That has reduced the supply of homes on the Multiple Listing Service from about 18 months at the beginning of the year to 13.7 months at the end of June.”

There’s only one problem with Frank’s comments: They’re 100% wrong. You’re WRONG, Frank! Wrong, wrong, wrong!

The same article that Frank is quoted in states that Realtors sold 2,226 single family homes in June and 294 condos and townhomes. That’s 2,520 units. Now, everyone remember our Trained Monkey exercise from yesterday? Let’s have Trained Monkey pull up the MLS availablility for SFR, CON, MAN, and TWN, the four categories of availability. Result? Trained Monkey pull 22,128.

Now, let’s have Trained Monkey do some 5th grade math. Divide 2,520 into 22,128. Trained Monkey get 8.78.

8.78 Months!

Not 13.7 Months!

Are you listening, Nason, you Nay-sayer? (damn, I’m good!)

There are LESS THAN 9 MONTHS OF AVAILBLE INVENTORY IN LAS VEGAS!

[sound of Frothing Developer hopping up and down]

Everyone repeat after me!

image

8.7 months is a big improvement in just 30 days. Last month we showed we were down to 9.1 Months.

Did you hear me?

LESS THAN 9 MONTHS!

And it is NOT true that the number of listings is stable, NOR is it true that the number of listings has increased every week in recent months.

This is the ACTUAL MLS Data on listings:

image

Raise your hand if that looks like an “increase in listings”. Does that look graph look stable to you? To Frothing Developer it seems kinda downward-sloping.

Frank, Mother Developer always said “if you can’t say anything correct, don’t say anything at all. Or at least, don’t BS obviously where people can see you and point at you and laugh.”

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2 Responses to Who the heck is Frank Nason?

  1. Let us address another current phenomenon…..Blinditis

    The Baaaaaa Buyers are ignoring the baaaaaa indicators.

    The baaaaaa sheep/buyers will follow the “doom and gloom” media because they want to satisfy their own self-serving agendas to be poised with the upper hand in the real estate market……….BUT this chosen blinded ignorance may bite them in the baaaaaaa BUT.

    Whereas I prove to buyers with documented statistical history of Las Vegas sold properties are up every month to date since January 2008 and that we have multiple bidding wars on discounted bank owned properties…..well guess what….lo and behold…..the baaaaaa buyers still think that pricing will continue to drop!!!!

    Can anyone please enlighten me and please let me know…..How can seller’s pricing drop with solds up and with extremely prevalent bidding wars???? Will sellers actually drop their pricing with these conditions????? What am I missing????

    I am so baffled by this reluctance for blinded buyers to L@@K at indicators, that I am so tired that I have to stop typing and go to SHEEP!

  2. frothingdeveloper says:

    There is a saying about markets that is very true today:

    “When times are good, most people think they will never be bad again. When times are bad, most people think they will never be good again.”

    It’s a classic boom and bust mentality. It’s been around since the start of free markets, and it’s not going away anytime soon.

    All you can do is keep presenting the facts to buyers. Some will get it quickly, others may take longer, but like all market cycles this one will come back around in time.

    -Frothing Mark

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