CNN/Money is claiming that "California is Reawakening." Of course, they are using California Association of Realtors and National Association of Realtors as their sources, so the article is faulty, but this is the first mainstream article I'm aware of trying to put a positive spin on things. This sort of reminds me of the first stock plunge back in spring 2008. (The up and down mild plunge that proceeded the death spiral in fall). During that time, most advisors/CNBC Talking Heads were still telling the public to "dollar cost average," and keep buying, all the way down. Way to go with those -60% returns if you had followed their advice.
The person interviewed in the article does admit prices will continue to decline for the rest of the year, at a 19% fall. That falls in line with both Irvine Housing Blog and the Goldman Sachs report, which lists 2 huge drops in 2008 and 2009, followed by continued smaller drops through 2010 and 2011.
CNN is also famous for reporting the US was close to getting Osama Bin Laden, and that we had "killed Al Queda senior leadership," like 5000 times. So they have a nice track record of jumping the gun.
Any thoughts on this article?
<a href="http://money.cnn.com/2009/03/26/real_estate/California_comeback/index.htm?cnn=yes">CNN/Money</a>
The person interviewed in the article does admit prices will continue to decline for the rest of the year, at a 19% fall. That falls in line with both Irvine Housing Blog and the Goldman Sachs report, which lists 2 huge drops in 2008 and 2009, followed by continued smaller drops through 2010 and 2011.
CNN is also famous for reporting the US was close to getting Osama Bin Laden, and that we had "killed Al Queda senior leadership," like 5000 times. So they have a nice track record of jumping the gun.
Any thoughts on this article?
<a href="http://money.cnn.com/2009/03/26/real_estate/California_comeback/index.htm?cnn=yes">CNN/Money</a>
