The "news" media

Quite soon for a new blog, but the local nut cases on channels 12 & 24 are at it again. Tonight they tried a special on the "bursting of the real estate bubble". The word "panic" to describe sellers was used at least twice, and prices were described as "falling faster than a box of rocks". This segment, which promises to continue tomorrow night, is being provided by a guy who is barely articulate when reading the teleprompter. Why he is permitted to produce, or read, or whatever his role, this tripe, defies imagination. Anything for shock effect, except facts of course. Exaggeration and hyperbole are to be expected in that inquiring minds want to know rag, but not on an evening "news" show. The falling asking prices of homes are not falling prices. Selling prices of homes are prices. Asking prices are wishes, and the lowering of wish expectations are not a market measure. October single family home closes, 69. October 2005 single family home closes, 67. (Chico mls). These are market measures. Home values have ceased their accelerating climb. This is not the same as a collapse. This "news" segment described choosing the opportune time to buy a home as akin to catching a knife falling from a table. The suggestion of course is you wait til it hits bottom, or lands. Give us a break guys and go back to writing copy for the circus where the elastic use of the language is more appropriate. People buy homes for the purpose of living in them, it is not a speculative game. To repeat previous blogs, interest rates are low, unemployment is low, gas prices are low, home prices are "stable". Is there a better set of circumstances for a home buyer? No. Is it a good market in which to sell a home? You bet. Price it realistically and it will sell. If you are one of those still trying to extract a profit from your home, you waited too long. The only thing happening in the real estate market in our area is the restoration of sanity and the decline of the greedy feeding frenzy, and in the opinion of this small voice in the wilderness, that's a very good thing.
Thanks for stopping by.