Monday, January 4, 2010

Doctor, I have a bad case of Schadenfreude


I re-read this article today from Dr. Housing Bubble again. If you're considering buying a home in Orange County California, I highly recommend it to you.

I think it's interesting to consider such an article when laid next to the very recent views (January 2010) of realtors like this one, who has stated he believes that home prices will increase 7.5% in Orange County in 2010.

I'm not saying prices won't increase by 7.5% in Orange County. However, given the long laundry list of suspiciously errant opinions on the direction of the housing market in California over recent months, I think the Orange County register needs to demand evidence and facts, not just subjective stated opinions of realtors. I don't care if a realtor has been in his/her profession for 17, 20 or even 2 years. Answering the "what" question is not good enough. Let's start demanding that the "why" questions be answered as well.

What evidence suggests to us that the Orange County residential housing market will increase by 7.5% in 2010? I just don't see it.

1 comment:

Marianne said...

You are insightful and fuckin' funny. How on earth are there no comments? Is everyone brain dead? I recall in 03 advising a friend a little to the south... "WTF? You are moving up from an overpriced $200k condo to an overpriced $750k house-type thing?" Sadly, like everyone they owe 1/3 more than it's now worth. I grew up in/around SoCal 70's-90's so the history is even more vivid to me. MV and LF used to be where middle class folks could live "OK"... It's hard to believe anyone ever thought these inflated prices could be sustained. So Markus, tell me, what should a smart girl who actually didn't get F'd up by the bubble, DO with cash? I figure a smart guy like you has some answers -- or at least some jokes.