"The media have accomodated them by painting as bleak a picture as possible"
My own local news daily, the Greensboro News & Record, has an utterly political and inaccurate article, front page and above the fold, prattling on about how badly things are going in the local residential real estate market, blaming high interest rates. But, I have been watching the market for over three years. Average days on market has declined to 70 days, from 120 two years ago. Appreciation is up, to nearly 7% for 2005, and is projected to climb over the next several years, as new companies open and more job opportunities arise. And, here's the real kicker ... in their own real estate section, for crying out loud, they're quoting rates from local banks and mortgage brokers, and the rate most frequently quoted, with less than half a point for origination, is 5.75%.
Oh yeah, 5.75% is a disastrous level of interest for a 30 year conventional. What a bunch of leftie idiots they are, at the N & R.
That's in today's paper, Sunday, January 8, 2005.