Mark Nash, a Chicago based real estate author, broker and columnist, will be speaking at the Library of Congress on "Home buying, selling tips and trends for the 2007 transitional residential real estate market." ["Transitional" is PC realtor-speak for "declining."] Nash interviewed himself [No I’m not kidding, follow the link.] for Realty Times, explaining his views on "bubble-mongers." [That means us John!]
First Nash describes the "transitional" market:
Home owners and buyers understood that the frenzied real estate market in 2002-2005 was not the same one that we saw in 2006. The frenzied market was short on supply and strong on demand. Home sellers ruled. In 2006 with saw a shift to a more balanced market, featuring rising supply and weaker (but still the third strongest year on record) demand. However, many headlines gave home buyers the impression that they now ruled, which was not proven out, as prices rose in some delayed-fenzy markets, held or adjusted downward much less than the bubble-mongers predicted. The first half of the 2007 market could feature "deferred demand" buyers from 2006.
As for those "bubble-mongers"?
There seemed to be an effort by some to manipulate the residential real estate market by paralleling the rise in the housing market to pre-tech stock bust. The real estate bubble and the tech bubble were joined at the hip in the bubble-mongers minds. If you drilled down into why the mongers were mongering, they had structural issues with the residential real estate industry. What complicated the mongers interpretation of the realty marketplace was a lack of understanding of the industry from the day-to-day to the broader issue that real estate markets don’t act and react like the stock market.
Look for my new book "Manipulating Major U.S. Markets Through Blogging," out some time later this year. Also look for my other effort, "Structural Issues with the Residential Real Estate Industry- the Foundation is Cracked."
Now if you’ll excuse me, I have a market to manipulate….