Sunday, January 20, 2008

DMN Giddy About DFW Real Estate 10 days After DMN Says DFW Real Estate is in the Tank

DMN and Steve Brown officially win the flip flop award and continue to show symptoms of a severe case of bipolar disorder with this article from last Friday. I'm just happy they consulted a resource that knows what they are talking about.

"Dallas-Fort Worth's housing market is the least likely of any in the country to see a decrease in home values, a new report confirms...Dallas and Fort Worth ranked dead last in PMI Group's latest forecast of cities with the biggest chance for a home price shakeout."
Those of you who read my blog know this isn't shocking news to me. The article goes on to say,

"Analysts with the California-based company estimate that Dallas-Fort Worth has less than a 1 percent chance of marked home price drops in the next two years."
Remember my post from last June? I sent out an email telling my clients and friends not to pay attention to the national statistics and the Dallas Morning News scare headlines. And finally this last excerpt from the article,

"It's quite likely Texas will be doing better than the national average for the foreseeable future."
Real estate in Texas appreciates at a slow and steady rate each year so we typically don't see unstable ups and downs. But I'm afraid the damage has already been done on consumer psychology. Recently on Dallas Dirt someone posted this saying 2008 will be a "reality check" for real estate in Dallas. But I can't blame them for thinking so negatively considering 10 days ago Steve Brown published this crap. And by the way, Steve's headline of sales being down 25% turned out to actually be 8%. That's quite a difference but once you put it out there for the public to see the damage has already been done, hasn't it?

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