Insanity At An End? - OC Home Price Growth at 0.0%

Is this the beginning of the end of the nonsensical rise in Orange County median home prices?

Where do things go from here?

Judging from the declines in listed inventory in Orange County up to early December, there may well be a new glut of available houses for sale in the market starting January 2007, which could drive median prices even lower. The reason for the glut? Well, perhaps homes are not selling as fast as they used to, and sellers are deciding to take their home off the market in November/December and to relist them in the new year.

I Didn't See It Coming

Yeah right.

Whatever.

Time to draw that line between idiocy and personal responsiblity.
When you sign the dotted line, that's it.
It's assumed you've read the small print.

Home realtors who touted that real estate never goes down and duplicitous mortgage brokers that pushed false affordability over true risk will never be viewed the same way again.

Surprise Surprise

Is this the part where we are all supposed to slap our hands to our cheeks in total shock and surprise?

High-risk loan defaults on the rise and thousands of Americans are getting behind on their mortgages.

And gee, if I'm not mistaken, it's now Christmas time too.

What are you gonna do? Can't disappoint the kiddies now.

Just whip out the plastic and everything will be right with the world again.

Don't worry about it.

On Borrowed Money & Borrowed Time

This interesting NY Times article indicates that the housing market statistics posted by the real estate industry machine may not be telling us the whole story:

"The truth is that the official numbers on house prices — the last refuge of soothing information about the real estate market on the coasts — are deeply misleading....

....the statistics have a number of flaws, perhaps the biggest being that they are based only on homes that have actually sold. The numbers overlook all those homes that have been languishing on the market for months, getting only offers that their owners have not been willing to accept."

When can American consumers obtain real, unbiased and undistorted statistics of both local and national housing markets? Even the press seems to indicate that the National Association of Realtors is a realiable source of information for consumers?

Wha?

People, the fox is officially guarding the chicken coop.