Thursday, December 28, 2006
Real Estate in 2007
"In most parts of the country, the New Year will dawn on a housing market that's shockingly different from just a year ago. Overzealous speculation, too-lenient lending and aggressive overbuilding have combined to create the type of home-inventory levels and price stagnations that haven't been felt in the U.S. since the early to mid-1990's. . ." (more)
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I don't disagree with the fact that we are and will be in transition during 2007, but I have to say, this article is a little bit of a "no duh!" for me. This is not breaking news.
Yes, an equilibrium needs to be reached but the current real estate market is not national. To make blanket statements leaves the less astute real estate investor in a bit of a quagmire.
PCB is NOT the national market. Yes, PCB is experiencing various levels of what we might be seeing nationally but EVERY market area has unique and specific factors that play into that particular market's condition.
I live in Franklin, TN and you'd think that the Democrats had been in office the past 6 years by the amount of growth, prosperity and appreciation we've seen. Albeit, this is a bit of an anomaly, it still affirms the point I'm trying to make - the national media has no business reporting the way they do.
I'll be the first to acknowledge that the media reports what they hear from Washington but they don't report the entire story. That, my friend, is irresponsible. The media focuses on small tips of icebergs because that's what sells. The media is not in the business of informing people. They are in the business of attracting eyeballs which drives advertising.
I'll stop at that since any further pontification will only end up in a 2,400 word rant. :)
To sum things up, my money is in PCB and yes, 2007 will be an interesting year. The smart money doesn't listen to the media but looks at the fundamentals of the local market and the markets and people that serve that market. I believe we're in a good position for great growth ahead.
Happy New Year!
Kyle Dreier
Mr. Critical
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