Pleading for help from real estate professionals nationwide - let's counter the misinformation with the truth

****Added for clarity: The Macomb Daily did not print erroneous information. A commenter to
the article stated information that was not factual - in fact it was completely untrue!****

In Saturdays online edition of The Macomb Daily an article was written about the condition of the
real estate market for the month of October 2008.

It was a fine article, nothing earth shattering that those of us who are in the real estate industry in this
area don't already know, but helpful to those who aren't 'in the know'. I didn't take exception to much in
the article itself, and felt that Christy Strawser the author of the article did a good job with it.

I did take exception to a commenter on the article, someone who calls himself Former Realtor.

In Former Realtors comment he (or she) stated that unless you have a 750 credit score and
a minimum of 20% down that you won't be able to obtain a mortgage. He also went on to state
that 95% of the homes sold in Macomb County are foreclosures.

I could have scrolled on past his comment and not replied back, but I knew to do that would leave
the false impression on anyone who read his comment that what he said was the truth.

His words couldn't be further from the truth.

I replied back giving my opinion and clearly (I hope) poked large holes in his false portrayal of our local
real estate market.

Mortgage loans are available to those with under 750 credit scores and with as little as a 3% down
payment. Privately owned homes are selling in Macomb County. A recent example of this is in
Chesterfield Township. Of the 27 homes that sold during the month of October 2008 (the month that
the Macomb Daily article referenced) 9 of them were sold by private home owners. (NOT foreclosures
or bank owned homes) That is a 33.333% ratio of private vs foreclosures sold in Chesterfield
Township alone. Clearly not the 95% ratio that this Former Realtor quoted to the public.

I am begging and pleading for help from real estate professionals nationwide: When you see this
type of misinformation and have the opportunity to set the record straight please do so. We have a duty
to our local citizens and consumers to not let this type of falsehood gain any steam.


~Kris Wales~ A Macomb County MI real estate agent