mortgagee possessions skyrocket, page-3

Kris Sayce's 'Morning Money' isn't everybody's cup-of-tea. I prefer DR but read his comments and certainly learn stuff. Today's edition again focuses on housing mkt. Kris (like me) puts weight behind 'anecdotal evidence'. When i see queues in Woolworths i presume that WOW are making money. For copyright reasons i have only pasted a fraction of today's MM but the piece below sent-in by a Principal at an established agency tells the story... loud and clear. My guess its from somewhere in SEQld... but could apply to most areas.

From today's edition: "But quite frankly, I'd rather take notice of anecdotal evidence than the half-baked opinion of a Collins Street or Martin Place economist.
Such as this letter received into the Money Morning mailbag yesterday. I've had to cut out some of it to avoid identifying the person it's from:
"Gee, I'd love to be opening up your mail bag right now, and I am sure you would love to sit on my shoulder in the real estate market in _____! We are up to our eyeballs in Mortgagee In Possession sales (banks will not allow us to advertise the fact that they are in possession!!) Every day I am faced with sobbing men & women faced with the very real reality of what you are saying in your newsletters? lost businesses, low rents, high costs, broken people everywhere. We have lost 60% of our real estate industry in ____, even the agents are bolting?. Borrowers forced to pay up to 70% deposit for residential properties, Valuers devaluing down some 15%-20%, even on properties we have already given away for pitiful prices. Every piece of __________ data shows the market crumbling, yet we read the lies in the local newspapers still spruiking recovery.
"Good on you for backing some of us honest folk who are on the ground experiencing this market. Good on you for telling us what is really going on. As a Principal of a real estate agency in _______, I have been fortunate enough to pass on your Money Morning news to many of my clients and save many of them from this falling market. Everything you say is exactly what is going on in this town. We are in dire straits & clearly led by a mob of idiots with their heads up their sorry back sides.
"Keep up the great work!?
Wow! What an email.
It shows you that not all real estate agents are spruikers. And they're not all bad eggs. Just like not all politicians are rats? oh, sorry, bad example? scratch that. Just like not all stockbrokers are idiots? that's better. [Ed note: I know at least eight brokers who are good blokes!]
And that's just one of the emails we've received. I'll keep publishing letters as I receive them. To make it easier, if you drop me a line just note whether you're happy for me to use your name and if you're happy for me to use the entire content of the email or only parts of it.
We wonder if reader Troy will accept that as anecdotal evidence".

http://www.moneymorning.com.au/