Upbeat article about Las Vegas in yesterday’s USA Today
This entry was posted on Wednesday, August 6th, 2008 at 10:27 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.
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Alex, I find it intriguing that when the media reports “apparent” good news, they are dead on, according to your rants BUT when the “apparent” news in negative you propel into spindoctor mode and explain why the media is wrong. This is real simple; sales volume is up in Las Vegas because foreclosures are skyrocketing and naturally when there are more homes for sale more will sell, BUT the prices are tumbling in Las Vegas! I am a real esatet expert from NY and have been following the trends in Las Vegas for several years and there are neighborhoods in summerlin where you could actually go down the block and follow the sales of bank owned properties the first one is sold in march for 560K, next door sells in april for 520K next reo sells for 485K in may now you have houses on the same block where the bank is asking 399K and they will sell it for 375K….suckers who got a good deal 3 months ago are severely upside down….notice the trend; lots of sales (to get the non performing assets off the books) and prices nosediving with no sight in end, this is not a recovery sir.
There’s a good reason this blog is called “FrothingDeveloper” rather than Unbiased Las Vegas Housing or something equally mundane.
The media generally revels in publishing negative news. Do you think USA Today would have published their graph in this market if Las Vegas wasn’t the only one of four regions profiled to show sales increases?
The media sells fear and negativity. It’s the same reason that fires, murders and floods make the front page, while “happy” news is generally filler in the back.
We, on the other hand, are unabashedly purveyors of positive news. Our mission is simple:
1. We report positive, factual, accurate information about the Las Vegas housing markets.
2. We go after the media aggressively when they publish a negative story with inaccurate information.
We don’t pretend to be anything else… The picture of the happy developer, the name of the blog, and our tag line are all fair warning to everyone that this site is a negativity-free zone. It’s an escape from the constant media barrage, and for many people it’s a ray of hope in an otherwise fairly bleak world.
Yes, prices have continued to decline. We show that regularly when we update our monthly Case Shiller index charts.
I don’t agree, however, that prices are “nosediving” with no end in sight. The index trends, which have been improving on average over the past six months, simply don’t agree with that assertion.
We are not calling this a recovery. That may take a while. What we’re saying is that the market is at or close to a bottom.
We can agree to disagree, and we welcome your additional thoughts as one of us is proven correct over the next 6-12 months.
Fair response, and I appreciate your retort! While I agree with the media being fixated on negativity, I also feel that some of the reporting is a “realist perspective” which some tend to feel is negative. Alot of the analysis’ floating around is not complete, it seems everyone tends to leave out a lot of important factors and numbers which tend to be misleading to the person not fimiliar with the trade. Look, this is not about who is right and who is wrong, I hope that we are at or near a bottom, everyone wins if that is the case, but I guess time will tell.
I agree wholeheartedly. By the way this has been “Frothing Mark” replying to you.
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