Mike Bradley on the economy and the housing market in Denver

BrokerIPTV: We are at Inman Connect in San Francisco 2008 and I have Mike Bradley here and Mike I understand you were at... you were in the bulls[phonetic] session today.

Mike Bradley: Yeah, that was very interesting. Three positive people on the economy and three not so positive people talking about the economy.

BrokerIPTV: So, you remember the names of the one of the positive speakers?

Mike Bradley: I've no idea what their names were, but they are right along the same lines what I've been thinking. market is going to turn eventually. It is going to take another year or two, but you know one guy said something very interesting. He was talking about how banks are finally accepting short sales, foreclosures, and being much easier to work with than in the past and that is totally true.

BrokerIPTV: Wow. So, tell me about the pessimists in the group then.

Mike Bradley: Pessimists said that while that is open, it is still going to be three years to clear up the inventory and that is probably the case. You know there is a lot of foreclosures on the market and that has got to get cleared up and it has got slowed down with what is coming on the market at the same time.

BrokerIPTV: So, would they be in local market specifically they say in the US in general or were they picking on California, Florida?

Mike Bradley: They are pretty general. That is neighborhood specific. There is always hot spots that continue to go up, but even in New Port Beach and San Francisco Bay area, they are saying there is plenty of foreclosures and yeah, five years ago we had five year arms[phonetic] and record levels. Those are adjusting right now. So, there is just as many coming on the market where banks are finally working to clear them out the books.

BrokerIPTV: So, what do you see in say in your local market in Denver? You work Littleton, Highlands Ranch right?

Mike Bradley: Yeah. Littleton, Highlands Ranch, we are not nearly as bad as the nation. I think that the Denver area is one of the top communities to invest in right now, but we do have the same impact. Now, there are a lot of houses that are on the market, not selling and the buyers are following rather than leading. So, the price reductions are slow to come.

BrokerIPTV: Great. Well, thanks for talking with us today Mike. We appreciate your input and feedback.

Mike Bradley: Thanks [Inaudible]

Posted on October 12, 2008 12:16:15 by Blog Author