It’s time for another week of How the Housing Bubble Turns. Will the Everquest IPO story fade away, the dollar continue surging, David Lereah (in a flash of lightning and a puff of sulfurous smoke) revert to being an economist?
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Why in the world would anyone buy this house?
While perusing Craigslist yesterday, I came upon a Tempe, AZ property listed for rent on Craigslist. It’s a nice home, 4260 sq. ft:
1/2 acre lot - green grass - pool and spa
lrg basement with walk out patio
5 bedrooms - 4 full baths
3 car garage and RV gate with rv parking pad and clean out
custom built in 1994
It’s a great neighborhood, good schools. I know the neighborhood well–I have friends that live around the corner. It’s also listed on the MLS for $949,000- not really out of line with homes that have recently sold there. So what’s the problem?
NAR- It’s a Good Time to Dis the Financial Media
Remember when the NAR launched this campaign last November?
So how well has it been working?
"It’s a great time to buy or sell a home," declared a print ad that ran in dozens of major national newspapers late last year from the National Association of Realtors.
Six months later, though, that rosy, upbeat message contrasts starkly with the facts: 2006 was the worst real-estate market in five years. Sales dropped 8.4%, and home prices rose a meager 1.1%, according to data from the association’s own research arm.
The NAR isn’t giving up though:
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