Mixed Media Continues

According to a recent story published by the National Association of REALTORS®, “the housing market is settling but should experience its third-best year in 2006, with job creation and a growing economy offsetting some of the effects of rising interest rates.” The article goes on with the normal blah, blah, blah from their economists about the last few years and this year being a return to normal.

In the world of the bubblers there is a sharp contract to the NAR story. A recent article in the Sacramento Bee, Sign of the Times about an area close to Mather Field where there is a street with seven homes for sale and picked up by several blogs included this comment, “What's happening around Mather is a microcosm of every reason that people sell and move on, especially if they can move up. But mostly what stands out is a desire to tap all that house-generated cash from four boom years - before, some fear, more of it goes away." One of the blog authors went on to point out there were also three pre-foreclosures on the same street. In that same blog there was this posted comment, “We really want you to get a reporter to publish the stats in the papers in the respective counties to push the price decline faster and harder.” The poster goes on to say, “The problem with this industry and the media is everyone wants to bury their heads in the sand. We are mortgage industry insiders....and we agree with you...this crash will be fast, violent and we think it will cause a nationwide collapse.”

Third best year in real estate or a nationwide collapse?