The worst in history?

Today’s hyperbolic statement comes from, ironically enough, that venerable hard news source – the Today Show. Normally, I watch CNBC and the wife watches NBC. Unfortunately, no Squawk Box on Saturdays.

Lester Holt’s (I think that’s correct) teaser was – “Today’s housing market is the worst in history,” and then proceeded to tease a cell phone service that would help you sell your house. Ah, if only it was that easy! The worst in history? I don’t buy it. Not what it used to be? Sure. Do your own due diligence; two-minute segments on network TV typically don’t provide the thorough analysis needed to assess the housing (or any) market.

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  1. Robert Coté September 30, 2006 at 10:20

    The worst in history? No, not yet. The possibility of becoming the worst in history? Yes, most definitely. What could have been a cyclical downturn in 2003 or a sharp reversion to mean in 2004 has been allowed to continue through loose lending practices. This is a credit crisis that expressed as a housing boom. That fuel has been burned. The MSM doesn’t report little stories so when they get a little story they treat it like a big one but even the blind squirell gets the occasional acorn.

  2. Todd Tarson September 30, 2006 at 11:52

    For many markets, it will be the third best year in history. I think the TV media has a lack of respect for history. History is whatever their 23 year old assistant producers remember it to be hopped up on No-Doz, booze, and drugs. (Hey, hey… I was in college for awhile, I remember only what I remember)

    The bad news that has been reported has not matched the reality of the bad news. I’m not cheerleading the economy or the housing market by any stretch and I also realize that everything financially works on cycles. There could be tough times ahead for the RE profession… or it could just return to normal after a couple of whacky years.

    I do think that there will be pain, there will be a hangover. My hope is that someone by now has forced Chaser down the throats of the housing market so that it limits the pain and the length of the hangover.

  3. Jim Duncan October 2, 2006 at 06:41

    allowed to continue through loose lending practices. This is a credit crisis that expressed as a housing boom

    Well-said. and very true. I don’t know on which day I heard it on CNBC, but referencing the new CPI report, it said that spending had risen along with borrowing on credit. Unfortunately, we as a people seem unable to live sufficiently within our means, and the housing boom has most definitely fueled that.

    The next 18-24 months will be telling, and will be proof that housing was and should be considered a long-term investment.