I asked him why he was so bitter and he said he was upset at the press because he felt the press was scaring homesellers into selling at lower prices.
uhh, what is he pissed at the press for the last 5 years or more when the press has been telling everyone that RE is a can't loose investment, and that 100% financing was a good thing, and buying a home is a quick way to making millions instantly?
I actually attribute a large part of the lack of common sense, and the disregard for logical mathematics in regards to buying a home, and the "peer pressure" if you will that has been fed to the herd of sheep American public, due to the constant hype from the media.
All we have been hearing for years is …"home prices reached a new record high…., the median home price is up……, Jim and Pam have made $xxxK of easy money buy buying spec homes with 0 down, flip this house and make $100k in 3 weeks with the help of you dad and sister, rates are so low, so buy now..etc!
He should be thanking the press for their ridiculous acceptance of an insane housing bubble as "completely normal here in America or socal".
If the press was saying things like..housing goes up way faster than incomes….., toxic loans that anyone can get have been driving housing prices up despite the risks…., or huge housing correction imminent in the near future due to many factors….., RE market set up for even larger repeat of early 1990's market.
