Wednesday, October 18, 2006

"This doesn't help anyone"

It seems I can't turn on the television or radio without having to sit through an innane commentary on the "cooling" housing market. This morning's NBC11 morning news show had some statistics on Bay Area home price declines during September. The handsome chap to the right talked through a number of counties around here like Sonoma's 7.7% price decline in September. Then he made the bizarre comment that these price declines don't help anyone . His "argument" was something like home OWNERS lose value in their house and home BUYERS are still unable to buy a house. Sure, not all of us can afford a house still but it sure as hell is going to help. You know what else is going to help? October's decline... and November's... and yes even December's. Actually, I'm helped just fine knowing someone in Sonoma lost 50k in their house. It might keep them from putting another RX330 on the road. It's the many dipshit reporters like this guy that contributed to the madness of the bubble. Most of these people OWN HOMES. They're not going to go on the air and talk straight while their families are depending on the inflated prices of their homes.

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