Epicenter of Housing Crisis (Phoenix, Avondale: buying a house, buyer, pros and cons)

[mjd2k]

Arizona homes selling for half of value five years ago

Seems to validate what a lot of us have said.

[Captain Bill]

Originally Posted by mjd2k

Arizona homes selling for half of value five years ago

Seems to validate what a lot of us have said.

If you scroll back a few pages on this thread you'll find a lot of discussion about this article.

[jimj]

Well according to some financial reports today as of August we may well be in another recession. Zero jobs added in August, a number that's a first ever for this country.
This can't be good for real estate.
On the other hand, I'm seeing new houses being built in our subdivision that was decimated by foreclosures. These are the first "new starts" I've seen in about a year.

[Ponderosa]

Originally Posted by jimj

Well according to some financial reports today as of August we may well be in another recession. Zero jobs added in August, a number that's a first ever for this country.
This can't be good for real estate.

It's a first ever because it was zero (not up or down) and is not symbolic of some economic catastrophe. In fact, if the striking Verizon workers did not count in the number, then 62000 jobs were added in August. Certainly not great and far less than we need to get things going again, but a positive number and not proof of a recession. Furthermore, new claims for unemployment are down since July indicating that there is little evidence that job losses are spreading.

The press is amazing with all the emphasis on bad news and the spin of late. If we work at it, we are going to talk ourselves into a recession.

[MN-Born-n-Raised]

Originally Posted by Ponderosa

The press is amazing with all the emphasis on bad news and the spin of late. If we work at it, we are going to talk ourselves into a recession.

When Bush was in the White House, the Dem's that were running for office were spreading as much bad news and fear as humanly possible. Fast forward to 2011. Now the Republicans cannot seem to find a stitch of good news.

As for the press. Bad news sell better than good news. There is a new meaning to News teams. "Team Conservative" (Fox news) and "Team Liberal" (CNN and CNBC). People hear what they want to hear and watch the stations and websites that support their viewpoints. Oldtrader won't post a single piece of good RE news. It seems he doesn't know how to google that kind of information.

[Ponderosa]

Originally Posted by MN-Born-n-Raised

When Bush was in the White House, the Dem's that were running for office were spreading as much bad news and fear as humanly possible. Fast forward to 2011. Now the Republicans cannot seem to find a stitch of good news.

I'm not putting politics in it though that may be a motivation. MSNBC, not a conservative hotbed by any stretch, had a headline to the effect that this jobs reports was "the worst since WWII" which is utter nonsense - in 2008 we had negative job reports in the 100s of thousands. Maybe it is poorly educated reporters or editors not doing their jobs. Two months ago before the latest stock price decline, there were reports that we were surely going to 1400 on the S&P etc. Now it's all recession, doom, gloom, worst economy ever. The lack of "honesty" in financial reporting is alarming and it is made all the worse because it is picked up by mainstream sources and fed to a population that is woefully ignorant about economics and can't properly interpret it, The same people then make decisions like home purchases based on what they read in the paper or hear on the news.

We are being influenced in financial matters by the availability of information, much of it that is worthless and inaccurate. I do believe that if we fall back into recession, it will be because, with the help of the press, we have convinced ourselves that recession is inevitable rather than because of the real underlying economic reasons.

[_Charles_]

Screaming "falsehood" when presented with facts doesn't help either.

[khuntrevor]

I don't think the recession really ended. When you have growth under 2%, that's not really growth.
The "Stimulus" was a huge farce. Solar company fails after getting federal loan guarantees - The Washington Post

[MN-Born-n-Raised]

Originally Posted by _Charles_

Screaming "falsehood" when presented with facts doesn't help either.

Unable to see "falsehoods" when your "team" presents skewed data doesn't help either.

[sunluv]

No Housing Botton in Sight

Housing Market: There Is No Housing Bottom In Sight Based On Study Of Phoenix, Las Vegas, And Miami | Markets | Minyanville.com