So I was at the dentist this morning getting a cleaning and we started discussing the current housing market and how prices seem to be tapering off and in many areas declining yoy. Knowing that I had sold my house, she asked me what I thought about what was happening and if prices would ever get back to a more affordable level for middle class folks. She added that she has heard “prices had only reached a plateau recently and would be going back up. In response I gave her my thoughts on the situation (lender woes, NODs and foreclosures increasing, etc.) and said that we’re planning to rent for a few years at least.
After a few mins of me blathering on about why I think the current prices are insane not only for the average joe, but for what I would consider fairly financially successful folks as well, she mentioned that one of her other clients whom worked in RE was in last week and gave her an earful about the current housing situation. Apparently, his company was so outraged about the “BS” that being printed in the local papers about the housing market , his company has pulled all advertising from said publications. According to him, it’s the press that has created the current crisis
I told her that it didn’t surprise me and that usually the local publications are the LAST people to say anything bad about RE due to the fact that receive a portion of their profit from RE/Builder advertising.
When prices were going up, the press published stories about strong/continued home prices appreciation. Back then, no one in the RE industry complained. No one said that the press was BS-ing.
I’m just surprised you had ANY conversation with your Dentist! Everytime I go into the chair, they do all the talking and I just sit back with a vacuum and a drill in my mouth.
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