Balanced Real Estate Information

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2008-05-12T17:54:00.000-07:00

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Regulators caution subprime lenders - Does this affect you?

2007-03-07T13:47:00.000-08:00

So recently an article by the Associated Press entitled "Regulators call for caution on subprime loans" which can be found at http://www.msnbc.msn.com/id/17428186/. So exactly what does this mean for all of us home owners and what does this mean for buyers who are trying to purchase. I will give an opinion on it and would love to hear yours.

What does this mean in general?

What this means is the federal government is concerned about the lending practices that have taken place the last several years on loans that are subprime. So what is subprime? This definition varies by lender but in general this means an individual who has a credit score below 640 and who is choosing a loan product that they are stating, without proof, their assests and their income.

So individuals who cannot prove their income and may have credit troubles will now have greater difficulty in getting a loan if they are not putting 5% or 10% of the purhcase price down. This is not necessarily a bad thing. Many of our parents used to have to save 20%. Now before everyone writes how prices were cheaper back then please also note that wages were lower as well. Let's not take away from our parents and grandparents diligence.

What does this mean to home owners?

This means that your agent better review the kind of buyer you are getting offers from. It should mean checking out credit scores and hopefully getting a buyer who is putting 5% or more down on the purchase of the property. It also means that sellers may have to lower the price of their homes so that it is open to more buyers.

What does this mean for buyers?

This means that buyers will want to make sure that the lender who is saying they can get approval for a certain amount they can deliver. It also means possibly buying a smaller less expensive property and having to wait a little to trade up.

My opinion is there will be less loans issued out that don't require documentation. Those who are putting money down, those using first time home buyer products, those who are putting money down don't have much to worry about. If you were going to by my not telling the truth on what you make and your buying a home that you hope goes up 30% in one year then I am sorry to say that probably won't work for you.

As usual, you decide the truth!
You be the judge of the real estate market!

Rates at 6.18% - still a good time to buy?

2007-03-03T10:40:00.000-08:00

You know I like it when I see a nice article that gets no press because it doesn't have a crazy enough headline for the main stream media. The article is entitled "30-year mortgage rates drop to 6.18%" by the great people at the associated press. The full article can be found at http://www.msnbc.msn.com/id/7148582/.

So you are saying, boring, so what, don't care. Well we all should care. This is still one of the greatest times in history to buy. While all the pundits say the market is bad, don't buy, watch values fall, blah, blah, blah. Ask anyone who bought a home in 1981 or 1982 what they think of rates at 6%. Trust me they will have some great stories and we would all be wise to listen to them.

Check out the graph above for an illustration of what I am talking about. Look at the history. Rates for real estate have traditionally been over 7%. Those who bought in the early 80's at 13,14, or 18% would love to have 6% when they bought their first home.

So what's the point of all this. Still a great time to buy for buyers. The sellers also have a great time to attract buyers who can get low interest rates and afford their homes.

As usual, you decide the truth!

You be the judge of the real estate market!

Home sales, prices fall - Is this the end or beginning?

2007-02-20T11:16:00.000-08:00

Well our friends as the associated press are at it again. The article "Home sales, prices fell again at end of 2006" by the AP which can be found at http://www.msnbc.msn.com/id/17173680/ paints a dismal picture of the real estate market.

So let's take a look at what is going on. Now first, the 4th quarter was not the best quarter around for real estate but it has been a tremendous last few years. So let's look at things:

The article states that 40 states declined. When you read a little deeper the median home price fell in 49 percent of 149 metro areas. That also would mean in 51% of metro areas the price did not decline. It depends on whether you are a glass half full or glass half empty person.
Nationaly sales decline by 10.1%. So we came off a record year of sales and the number of transactions was done. That is not scary nor impressive if you ask me.
The median price fell 2.7% according to this article. I have read others that state it held. Let's say they are right. Those who wish their World Com, Enron, or Insert Your Bust Stock here, only fell 2.7% please raise your hand! I mean seriously let's think about this. The average homeowner who stays in their home 5-7 years has nothing to fear. Enron & World Com Stock owners cannot say the same thing.
73 metro areas had a decline, 71 had increases, 5 unchanged in median value. So that means there were plenty of people still going up in value. The overall market is basically unchanged.

If you really look at things real estate is still a very "able" investment to quote Gary Keller, author of Millionaire Real Estate Investor. It is liveable, stable, & rentable. So don't bail out of your real estate don't panic and know that there is some adjustment occuring.

As usual, you decide the truth!

You be the judge of the real estate market!

Foreclosures jump 35% - Can this be true?

2007-02-17T09:26:00.000-08:00

I would like to thank our friends at the msnbc and the msn money staff for the article entitled "Floreclosures jump 35% nationwide". This can be found at http://realestate.msn.com/buying/Article.aspx?cp-documentid=2507006. Let's take a closer look at what they mean by this.

First of all the 35% increase is across the nation and compares to the last December. Now think about this for just a minute. Last December was still a fantastic record year for Real Estate. So a 35% increase in foreclosures is compared with a year that was one of the best years on record for all real estate transactions and foreclosures will at an all time low last year.
The number of foreclosures top 109,000 for the month of December. Now what is conveniently left off is how many transactions went through that month. Percentages don't always tell the entire story. In fact the December number of 109,000 was a 9% decrease but that doesn't make headlines now does it.
The foreclosure data being quoted includes all states of foreclosure. Defaults are included in this number. A default can occur as soon as a person is 1 day late on their mortgage. More than like the number is after someone is 30 days late. They do not state this nor are the numbers separated out. People can run into tough times and bring themselves current from missing 1, 2, or even 3 payments. This number is not included in their statistics.

The median value of homes finished up in 2006 once again. It is true that there are going to be foreclosures but that can happen in any market. The areas of the country like Detroit that are experiencing massive layoffs from the auto industry are going to cause foreclosures. We challenge you to look beyond percentages and study why the numbers are occuring. Foreclosures are a sign that people need help and we should make sure to find out why they need help before jumping to conclusions about the value of real estate.

As usual, you decide the truth!
You be the judge of the real estate market!

Has the housing market reached the bottom?

2007-01-31T18:03:00.000-08:00

We always find it amusing when the AP reports the following title "Biggest existing home sales drop in 17 years". This is from an article on the 25th of January by the associated press. Now lets look into the article and see what we can find.

First the last 5 years of home sales has been an absolute record. The article eventually mentions this even though you won't know it from the title. So the number of homes sold is off from what has arguably been the greatest 5 years in real estate history.

December sales were down .8 percent from a year ago states the article. Ok once again down .8 of a percent from a record. All those who had Enron or World Com Stock do you wish that it went down only .8 of a percent? I thought so.

For the year the median housing price still rose 1.1%. For the average price of a home in America at $225,000 that means the average american home owner made just over $2,225.00 for doing nothing but paying the mortgage on time. You know I have to think that if that is a bad thing then what if anything does it take to be good news.

Overall the news is like this in our opinion. If you waited to buy a house there are still some nice choices out there. If you are selling and bought 2,3,4 or more years ago you will be doing just fine. Real Estate will always be a great investment unless we all decide it is more fun to live outside all the time.

As always we leave you to decide the truth about real estate!

You be the judge of the real estate market!

The bubble didn't really burst!!

2007-01-20T10:02:00.000-08:00

It is great to discover a report where the information is not all doom and gloom and it is a balanced view of what is occuring in the real estate market on a national level.

The artcile today that I will be discussing is from Kenneth R Harney of the Washington Post Writers Group. His article entitled "Bubble's pop was akin to a slow leak" is, in our opinion, a balanced view of what is happening in today's real estate market.

First, in December new home sales rose 3.4%. Now in some parts of the country, like Southern California, we don't have many new homes. However the strength of the real estate market is directly related to people purchsing new homes from builders. The fact that this figure is up is terrific.

The southern california market was up 7% for the year of 2006. Of course it is not a completely rosy picture. The median price of resale homes nationall fell 3.6%.

What does this mean to all buyers and sellers. I agree with Kenneth in that it means the market is more balanced. Right now the field has leveled for both buyers and sellers. We believe that with rates at near 40 year lows this is a great time for buyers to purchase the property they wanted especially if they have been waiting on the side lines.

Sellers need to understand that it is still a great time to sell their homes and that if they price their home accurately it will sell. Buyers can now negotiate with sellers. Offers 30 or 40% of asking prices are not realistic but sellers assisting with closing costs and making some repairs are!

Kenneth also points out how you can contact your local realtor who farms your area and can get some information on your particular area. That is a great way to find out exactly what is going on and if they are good they will keep you up to date on how the market is peforming so you will know when it is the right time for you.

These bloggers would like to thank Kenneth Harvey for his article and hope that others get a chance to read it.

You be the judge of the real estate market!

Most Negatives are Behind Us..

2006-11-03T15:34:00.000-08:00

In a report from Reuters, Alan Greenspan spoke up in regards to the housing market. I think this one pretty much stands alone, but please provide your thoughts!

Greenspan Says Housing Is ImprovingFormer Federal Reserve Chair Alan Greenspan told the Commercial Finance Association yesterday that housing prospects are looking up. “Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter."Greenspan who retired in January and who has been quiet up until now, also told the group, "There are early signs of stabilization, but it [the slowdown] is not over."He said construction of new homes continues to outpace sales, but, in a good sign, buyers were "beginning to dig into the inventories of unsold new homes."--Reuters News, Alister Bull (10/26/2006)

Robust stats contradict the market bust!

2006-10-15T18:47:00.000-07:00

Well it took awhile but finally we see an article on the front page of the real estate section of the LA times that says the nations real estate market is not all doom & gloom. The article "Some robust stats contradict the market-gone-bust reports" is written by Kenneth R Harney of the Washington Post Writers Group.

So let's get into how this is an article that, more than likely, will not get enough press because it is not about how the real estate market is going to come crashing to the ground. Here are some great points.

New mortgage applications are up - This is a leading indicator of people willing to purchase homes. Allen Greenspan, these bloggers, have mentioned this in the past as well.
Mortgage Rates are within a few percentage points of 40 year lows - It is a great time for buyers because rates are very low compared to history which makes things affordable for them on a monthly basis.
Unemployment - It is only at 4.6%. This is fantastic.
The economy is growing - When the economy is doing well people invest in assets like new or bigger homes.
Pending Home Sales are up - This is for homes that are currently in escrow. This number would be low on a national level if the market was falling apart.

Donald Kohn, the Federal Reserve Chairman, indicates in the article that he believes the real estate market is just "re-balancing". So sellers who want to sell will still be able to sell because there will be buyers who are out there looking. The article does point out how sellers will have to be more realistic about what they are asking for.

My favorite part of the article is the section that discusses how the financial press & the TV News media are over dramatizing the adjusting of the market. These bloggers have been saying for some time that nothing sells advertising like bad news.

So think about the fact that 1 writer had the courage to write what these bloggers believe is the truth. Things are great for buyers and sellers. Sellers have to be more realistic about their asking prices & buyers are not buying at the top of the market.

These bloggers would like to thank Kenneth Harvey for his article and hope that others get a chance to read it.

You be the judge of the real estate market!

Where housing prices will fall the most

2006-10-14T12:01:00.000-07:00

This blog will be written about the article on MSNBC.com that comes from business week. The author is Pallavi Gogoi and can be found at www.msnbc.msn.com/id/15223373.

Now this is a piece of work right here. Now there are people out there who can predict the future of the real estate market. Two different groups, the CME (Chicago Mercantile Exchange) & an economist, are predicting the falls of different real estate markets.

First, I would like to say that I am glad more people are focused on real estate. So let's get to the point of this article.

Both the CME & the economist Zandi are predicting a decline in most major markets.

Fantastic! Did either of these groups predict the run up in the real estate market? That is not mentioned.
Real estate is slow to rise and slow to fall. This has been the stable of investment that real estate has been for decades.
The CME is predicting that the real estate market will fall as a result of option trading. These are the same groups of people who probably also owned World Com stock as well as Enron. Let's take that for what it is.
Zandi is predicting the fall as a result of job market data, mortgage applications, & new housing. No offense to Zandi but Alan Greenspan came out and said the worst is over for real estate just last week. Alan Greenspan has far more experience than Zandi.

If home prices decline & interest rates rise properties will cost buyers more on a monthly basis then if they purchased now.

Without trying to sound like a car dealership forcing someone into a car they can't afford it is the monthly payment that affects buyers the most.
If buyers are paying more per month for a home that is what is going to affect their pocket book not the total price of the home. That is the great part about financing.
Buyers should take the opportunity now to take advantage of historically low rates and some willingness buy sellers to negotiate better deals.

Supply of homes is not mentioned by either one

A leading indicator for the real estate market is the supply of homes. The article fails to mention how either group addresses this issue. If prices are too fall then there must be an excess of inventory and a buyers market must exist. This is defined as over 12 months of inventory. Some states, because of land and other economic factors, are almost always a buyers market yet real estate is still bought and sold every day.

How much did these two predictors loose when the stock market crashed & Are they selling their homes?

We find it hilarious that all but 1 economist in Southern California have been predicting the fall for years but still owned. We say put your money where your mouth is. If you say a market is going to fall you better sell off any real estate you own. So let's see who sells what.

We can say this. If we honestly believed the housing market here would fall or anywhere wouldn't we just sell? Take that as food for thought.

You be the judge of the real estate market!

This blog will be written about the article on MSNBC.com that comes from business week. The author is Pallavi Gogoi and can be found at www.msnbc.msn.com/id/15223373.

Are First Time Home Buyers being left out?

2006-10-13T18:15:00.000-07:00

In a recent article on MSNBC.com entitled "First-time home buyers being left" out released by the associated press it points out how 80 percent think it is difficult despite the "cooling" market.

Let me be the first to say that I believe it has always been difficult to purchase one's first home. The polls quotes in the article quote how all over the country more than 50% of the people believe that it is more difficult for a first time home buyer than it was 5 years ago.

Nationwide there are first time home buyer programs available. In California, where we are located, there are programs that give buyers down payments, up to $12,500, because it is a high cost area along with interest rates of 5.75%. Rates that are below market, down payments that are silent, & the ability to negotiate make it a great time to purchase for first time home buyers.

The article mentions how people are spending in excess of 30% of their income on their housing. I agree that the old rule is one, that if possible, you should stick to. Often this is not possible. In fact I wouldn't own a home if I had stuck to that traditional bankers rule. The article makes no mention of what our parents, grandparents, & great grandparents did for their first homes, they sacrificed!

Back when the previous generation saved 20% for a down payment on their first homes there were only a few lending products to chose from. Buyers can now choose from thousands of different lending products. While I am certainly not saying buyers shouldn't save there are far more options today than ever before to help buyers with the rising costs of real estate.

Home ownership can be had but one may not have the car that their friends have, the vacations, or the location. These bloggers lived together with a buddy to buy their first home and were laughed at by many for the location, size, & the price. Years later it paid off.

First time home buyers need not worry about over paying. They should work with a buyer agent who is adept at negotiating & presenting his\her buyers case. In addition buyers need to understand as long as they stay in the home for more than 3 or 4 years it is going to be a great investment for them. Buyers also need to understand that their are sacrifices to home ownership. Sacrifices such as vacations, cars, TV's, and sometimes eating out. One has to know that it will pay off in great dividends.

First time home buyers can get closing costs financed and in some cases can own a home for less than the costs to change apartments. You just need to find the right buyer agent to work for you to assist you and work with them to help you. Real estate is an investment and these bloggers know that it has been one that has paid off for them, even if they were laughed at for where they first bought.

You be the judge of the real estate market!

The article that this blog was written on can be found at: www.msnbc.msn.com/id/15238121

Are home buyers really gaining more clout?

2006-10-12T16:42:00.000-07:00

In a recent article on MSNBC "Home buyers seen gaining more clout" by Gayle Ronan the author makes several points about the current state of real estate.

1. The real estate market is made up of many micro markets.

This is a grea point for all buyers, sellers, & realtors to consider. Each market is different. In some areas of the country right now, such as Dallas, it is more of a sellers market.
Information on real estate markets is not centralized like the stock market. Real estate professionals and real estate websites tend to have the most up to date information.
Some statistics that are good for buyers & sellers to both look at are as follows:
DOM - Days on Market - How long a property has been on the market
Average DOM - You will want to know how long on average a home stays on the market prior to an offer being accepted.
Average % of Sales price - What the average discount is on homes in a certain area. In some areas of the country buyers are not getting any discounts. If it is a market where both buyers and sellers are freely negotiating discounts average between 1 & 3% of the sales price.

2. Builders giving concessions is not the sign of a buyers market

Builders do 1 thing, they build. In order not to drop the price of their properties and hurt the customers they just sold homes to they offer incentives. If buyers are in an area where there is new construction available they should take advantage of these.
The author makes a point that not all real estate agents are going to disclose if they are receiving extra benefits from the builder. This is true and buyers should ask their buying agents if there are any additional incentives for the agent showing them the properties. The vast majority of agents will have no problem explaining what they receive from the builder.

3. Motivated & realistic Sellers are still selling things

I want to thank the author for this point even if it is well into the article. This is very true. No matter what the real estate market is doing in your area there will always being someone willing to buy, it just depends on the price!
Sellers & their agents need to price accurately so as to attract the largest pool of available buyers. Sellers can also offer incentives to help attract more buyers. In sellers who offer incentives can compete with the builders. The builders offer incentives because they work!

You can read the entire article at http://msnbc.msn.com/15116116

You be the judge of the real estate market!

Housing market worst may be over!

2006-10-10T14:43:00.000-07:00

Momentum now on the Up!
Reuters reported that at a recent conference in Calgary, Canada, former reserve Chairman Alan Greenspan was quoted as saying "I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out,". Greenspan sites that applications for new mortgages were up which is a key indicator to strength in the housing market.

Pending Sales are Up
In further support of Greenspan's view, the National Association of Realtors released their Pending Home Sales Index report and it showed an increase of 4.3 % nationally with some regional numbers substantially higher. This should lead to more inventory being pulled off the market further strengthening home sales.

Are home prices really falling?

2006-10-05T18:18:00.000-07:00

The media is fond of reporting how the real estate market is falling in 2006 in comparison to 2005 and how reduction in sales volume is the end of real estate as we have known it for the last several years.

The article that I hope people got a chance to read is on MSNBC at the following link: Existing home sales fall for fifth straight month.

The chief economist for Naroff Economic Advisors states that the housing bubble has now popped as a result of several months of home sale volume being in decline compared to last year. Let’s get this straight; the last several years have been absolute records in real estate. Prior to 2004 & 2005, the pace of real estate had never been sold at a sales volume of over 6 million homes and now they are stating that the housing market is doomed because we cannot continue at that phenomenal pace. 2004 was also a record year, so even if we have fallen to 2004 levels (the article makes no mention of this) we are still on pace for an excellent year.

The article mentions that we have a 7.5 month backlog of unsold homes. Let’s define inventory in real estate terms.

Existing Home Inventory of 6 months or under à Sellers’ market
Existing Home Inventory of 6-12 months à Equal market
Existing Home Inventory of over 12 months à Buyers’ market

Therefore, 7.5 months backlog of unsold homes is a market where both buyers and sellers have equal footing against each other. Real estate is like any other market. Properties are only worth what a buyer is willing to pay for it at that moment in time. What the neighbor sold for last month, last week, yesterday is irrelevant. Sellers may want more for their homes, but they can only get what someone is willing to pay for it.

If you read to the end of the article you will notice that condo sales were down to 793,000 units. This would lead one to believe that this is not a great number. In fact, in 2004 condo sales were over 940,000 and in 2005 they were over 972,000. These numbers are courtesy of the National Association of Realtors. These numbers were absolute records and slowing sales from these are not, in this author’s opinion, a voice of concern. Many of the purchases in 2004 & 2005 – were from investors and individuals seeking vacation properties. While vacation property purchases may slow down, people who are looking for an affordable place to live can choose condos as a more affordable housing option in areas such as Southern California & the Northeast where homes are only affordable to less than 25% of the population.

In conclusion, the prices for real estate are not falling and in fact the article mentions that on the west coast the median price actually rose .3 percent from a year ago. While some areas may see sellers not getting what they thought they are in effect getting fair market value for their properties.

You be the judge of the real estate market!

How Low will real estate go?

2006-09-22T09:01:00.000-07:00

This was the title to an article featured on MSN, provided by Forbes.com. Again, here is the sensationalism of the media in action!

They have quoted the economist Mark Zandi as saying :"The boom is definitely over, there's no debate about that, Now the question is more how hard is it going to land, if it lands at all.". The truly interesting part to consider is the fact, of what does he mean by "..if it lands at all"? Has anyone ever seen a home sell for 1 dollar? I know I sure haven't, but I sure have seen stocks that sold for over $100 sell for less than $5!

Slanting of the Article
Everyone should be able to construct their own opinion of the real estate market without the slant of negativity or overwhelmingly positive information. While the author quotes Zandi as the truth teller of the market, she judges the opinion of the economist from NAR. Her opening sentence when quoting Lawrence Yun, a senior economist for NAR, is the fact that "Not suprisingly" he has a "more optimistic" outlook. Hmmm, I wonder what she is trying to say? While she made an effort to quote two difference economists, she definitely wants everyone to believe the worst case scenario.

Appreciation Rates
While the overall tone of the article is negative, oddly enough data tells the real story! Sadly many people only read headlines which contributes to the panic. When one reads the table of data for our southern California Real Estate market on the 10 year horizon you will find the following:

Estimated Median Price in the 2nd Quarter of 2016 for Los Angeles - $667,048, or a 24% increase!
Estimated Median Price in the 2nd Quarter of 2016 for San Diego - $856,067, or a 37% increase!

You be the judge of the real estate market!

Real Estate Market Exaggerating Itself

2006-09-17T14:48:00.000-07:00

An article was published in the Press Telegram online edition on the 11th of September regarding the reality of the market in regards to agents leaving the business and offices closing. It is the widely held opinion that the market is doing so poorly that offices are closing.

Offices Closing
The article does a good job of pointing out what is really going on. Many people thought a local Realty Executives office on Bellflower Blvd closed due to lack of business. In realty this office moved from 6170 Bellflower to 5822 Adenmoor Ave. In fact in it's place a Century 21 office just opened!

Agents Contribute to the Rumors
The agent community often contributes to the panic themselves. With many agents' production numbers being lower than the previous year they speculate that the problems are affecting everyone. Many realtors speculate that people just aren't buying. An indicator that demonstrates affordability released by the California Association of Realtors shows that affordability is at 23 percent statewide and as high as 39 percent in desert regions. With these numbers more education just needs to get out to both realtors and buyers to help them purchase using First Time Buyer Programs and realize they can get the home that is right for them.

You be the judge of the real estate market!

Homes Staying on the Market - Prices Falling?

2006-09-13T20:33:00.000-07:00

Median Days on Market
The media is fond of saying that there is rampant inventory and that homes are staying on the market an extremely long time. A report provided by Fidelity National Title with information supported by the California Association of Realtors shows the median days on market is just 35.4 days. If that number is reason for concern take into consideration that the median days on market in 1991 was over 90 days!

Unsold Inventory
The amount of unsold inventory is currently at 6.3 months. For those of you concerned that it might indicate a massive fallout similar to 1991, have no fear. In 1991 the unsold inventory index was actually 28 months!

Prices are Falling
Prices in fact haven't fallen when compared to numbers from last year. In fact if you visit www.Car.org you can find that prices from July of last year to July of this year prices have increased 6.8%.

You be the judge of the real estate market!

House Price Isn't Right? - LA Times - Sunday - 9/10

2006-09-11T20:23:00.000-07:00

In the Real Estate Section of the Los Angeles Times on Sunday, the 10th of September the featured article states "the House Price isn't Right!" mimicking the popular game show the Price is Right.

This article makes a discussion of timing the real estate market and taking a "wait and see" attitude to the housing market. If they want to discuss timing the real estate market, they might as well take their odds and try timing the stock market too! Although they do quote DataQuick to provide their statisical opinion of the market softening, they definitely choose convenient numbers to use.

2005 was a record for real estate in volume of sales
Since 2005 was a record year, wouldn't it be likely that the following year be lower?

Median Sales Price "Dip"

DataQuick states that the median home price dipped from $493,000 in June to $492,000 in July
Wow, an entire .002% move...that's just crazy! The stock market indexes move much more than that in a single day, yet the LA Times wants you to think this is monumental.

Quoting the "expert"

The LA Times is fond of getting someone to agree with them. Enter, Edward Leamer, director of the UCLA Anderson Forecast. He is quoted as saying "Prices are going to be a little weaker a year from now...".

Well he hasn't been right on the market in a number of years. You know who has predicted the appreciation and the fall in the 1990's?
Answer: Economist Gary Watts
You won't see Gary Watts quoted in the LA times though because he actually has the market finishing up 6.1% this year!

You be the judge of the real estate!