At this morning's office meeting, we had several hand-outs. The headlines from various newspapers ran the gamut from "Good News in the Real Estate Market" to "Is This the Beginning of Another Bubble?" and everything in between.
I was amazed at the attention the Case-Schiller housing study received last week. It covers only 20 markets, and that is just one of its many flaws. Yet many consider it “the be-all-and-end-all” economic indicator that defines our entire national housing picture. As we know, all real estate is local, and it is unfortunate that the reporting on a 20-city “national” index can have such a jarring impact on otherwise rational people.
Look at some of the headlines the other day:
“Home prices at lowest point since 2006 bust”
“Home values continue downward churn”
“No relief in sight’ for falling home prices”
And even in paradise – Maui- the front page headline in the paper screamed “Crash Spreads.” And Maui isn’t one of the 20 markets. In fact the nearest market covered is San Diego, a mere 2500 miles away!
For those who don't panic at any change in the wind, this can be the smartest time to buy a home if you have the lifestyle reason, financial stability and viability to do so.
You might just be surprised that the end of the world isn’t here yet … at least until next month’s report.
No comments:
Post a Comment