MRIS stands for Metropolitan Regional Information Systems. They are the company that provides the Washington DC area MLS system for all Realtors. They also provide data to consumers and the press to reveal how the market is doing. The only problem is that the data is limited and can easily be misinterpreted without giving proper clarification. When I first saw these numbers, I was shocked that the zip code 22204 was able to get 98.6% of the list price. Only a drop of 1.4%? How is that possible in such a slow market?So I set out to recreate the numbers and I finally think that I understand how they came up with their data. I don't question whether the data is correct, I just question how it is presented.I believe now that the "% of Asking Price" means the "% of the last and lowest asking... 01/10/2007

Recently NAR (National Association of Realtors) came out with this ad:Click for PDF of ad and read: NAR's site supporting the adThe ad talks about the benefits of buying today, yet it says "or sell"!Here are the benefit of "buying or selling" as explained in the ad:1) INTEREST RATES NEAR RECORD LOWSFrankly comment: While rates are low compared to the last 40 years, rates are higher than just a year or two ago. As a percentage as much as 50% higher with ARMs! So the buying power for a $600k house is now about $400k for a buyer using a 5 year ARM (note that the 5 year ARM is about the same price as a 30 year fix, so far fewer people are buying ARMs). On the flip side, will rates go up more? If they go from 6 to 7%, it isn't a 1% increase, it is a 16% DECREASE in buying power. So this poin... 01/10/2007