Ok, while I agree with much of the message delivered here and I have been calling this bump in existing home sales more of a false positive than a sign of reaching the bottom, I must admit I am growing weary of Whitney Tilson, the Peter Schiff of real estate.
I am being unfair – you know what they will say before they say it – and that is wearing me out. Or perhaps I am not thrilled about hearing the same message for the next several years while this whole things winds down.
Still, its worth a listen despite the commercials.
Living in the Lake Norman area of Charlotte NC I agree with what Whitney is saying. I am sure it is no surprise to anyone in our Real Estate market. There is tons of inventory and not much movement right now. The tax credit has brought out some buyers but overall people are cautious and still think there is some more bottoming out. That is quite possible going into the slow time of the late fall and winter.
I agree with you Mike – I guess I am weary of the message – I have been as cynical about bearers (sp?) of 100% bad news just as much as those who deliver 100% good news.
I couldn’t get it downloaded, but now that I got the gist I’ll comment to the comment.
Jonathan, You’re the only guy I know who isn’t all bad news or all good news. I appreciate the way you temper stuff and let the reader come to his own conclusions, but you’ve got to admit, you do suppress the leavening in the dough of irrational exuberance and unreasonable expectations.
Just keep telling it like it is. That is enough to drive most of the industry nuts and keep those of us who care on the straight and narrow.
Thanks Edd – yeah I do like to bake. 😉
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