Real Estate Agents Find Fault with Florida Mortgage Analysts

The current state of the housing market cannot exactly be categorized as a “Florida real estate boom.” Despite predictions that prices would rise again and Florida mortgage loan demand would go with it, a lull has remained.

As a result, certain real estate agents and industry professionals are fed up. They’re blaming the media and various analysts for the slowdown in Florida home mortgages. Might as well shoot the messengers, right?

One reader of The Sun-Sentinel this week criticized Mark Zandi, saying the chief economist for Economy.com “has been attacking real estate in every newspaper in the country.” The same reader founds fault with Deerfield Beach housing analyst Jack McCabe, who is organizing investors to buy distressed or foreclosed properties at deep discounts.

The reader and others have implied that McCabe’s analysis is tainted because he has a financial stake in trashing the Florida housing market. But is this even the case? Critics may wish to get their facts straight.

“I don’t have an equity position in any deal I consult on,” he said. “I will strictly be paid for my expertise and knowledge. It’s no different than how I’ve been paid by developers and other clients in the past.”

McCabe, who thinks prices will fall substantially over the next year or more before rebounding, said he’s so outspoken because he’s tired of seeing recent college graduates and young couples get hurt financially by a real estate frenzy that was artificially inflated by short-term investors.

Agents and real estate firms like to point out that despite the recent slowdown, the market remains one of the best ever. Buyers are still there, Florida home loans are still being applied for. Even as prices fall, sellers still are making good profits and we’re on track for the third-best year … of all-time!

“It’s like Michael Jordan scoring 65 points,” said Jeff Zipper, a spokesman for the Florida Association of Realtors, which releases monthly used-home sales statistics. “People think he had a bad night when he scores 40. That’s still pretty darn good.”

Real estate professionals also love to bash the media, accusing print and TV reporters of skewing statistics to fit preconceived stories. Some go so far as to say the media members are purposely trying to hold down prices so they can afford to buy homes - seems like a rather big strech to us.

In the end, it’s just a sign of frustrating times for those hoping to turn a profit. They’re aware that it’s a buyer’s market at the moment and patience is required. With that in mind, though, hopeful owners should be applying for a Florida mortgage loan as soon as possible. We can help.