With the collapse-in-slow-motion of the US housing industry proceeding apace, it shouldn't come as a surprise to learn that real estate agents are getting desperate to move sluggish, overpriced listings.
The Southern California Multiple Listings Service (SoCal MLS) has announced that they will no longer publish the Days on Market (DOM) or Cumulative Days on Market (CDOM) figures for property listings.
In its notification to agents, SoCal MLS writes:
The bottom line is that you, the real estate professional are in the best position to explain to your customer - buyer or seller - what the true DOM figure is and what it means.
To that end, the SoCal MLS BOD, after getting input from MLS Committees and other practitioners, have decided to remove the DOM and CDOM fields from all Client reports.
With the steady escalation in subprime mortgage delinquencies and the financial scaffolding of subprime lenders and byzantine Wall Street securities starting to crumble, it looks as though the already bloated market for resale homes is only going to grow more saturated before this is over (and the market for new homes is no better).
Should we worry that the same exotic and predatory lending practices that got so many American homeowners in over their heads are starting to show up in Canada as well?
As a parting thought, here's a hilarious (as in, "ha ha only serious") graph of bubble psychology from the Irvine Housing Blog.
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