Randolph Kinney
Elite Member
- Joined
- Apr 7, 2005
- Professional Status
- Retired Appraiser
- State
- North Carolina
Murray, no offense taken. A news source is just that.murray stroupe said:===============
Thanks, dont take this personal Randolf;
actually WSJ is one of the better newspapers, but thats not saying much.
See my headline,
many areas [a smaller number than the many downtrending markets] have nicely .uptrending prices.
No wonder Investors Business Daily talks about media bias so much.
One of the interesting parts of the national real estate scene is that NAR has reported the nation as a whole median home prices for August, year over year month, declined 1.7%. Steve Owen will tell you that his market is stable, no declines there. And so, where are the areas or markets that are declining?
That chart is interesting from the WSJ because it is some one's opinion or projection of what they think the prices of homes will do in the future. Notice that they have Reno, NV as the number 2 spot for price decline. There are assumptions about those projections. You will see many people, experts, pundits, even people on this forum, as time rolls by either defend what they have already spoken in the past or come around to say I told you so.
The biggest laugh I get is from NAR; they are now saying there is going to be a price decline. That's a big turn around from their prior statements and projections.
Greg Bell is giving you a piece of history. I agree with his assessment on foreclosures. I have started to monitor the recordings at the San Diego county web site for notice of trustee sale. Big up swing from May to September. If the economy is doing so well and the projection is for a soft landing, why are there so many markets with declining real estate prices? Why are short sales and foreclosures going up exponentially?