San Diego Housing Market News and Analysis
More Lies from Alan Gin
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Submitted by powayseller on July 18, 2006 - 9:05am
Today's Reuters story covers the falling San Diego condo market, and quotes a bunch of lies from Alan Gin.
First, he doesn't educate anyone that the median is useless, and uses the 1% drop as evidence that things are still good, and second, he says that we need a recession to get a big drop in prices, omitting that we are seeing big drops already and not mentioning the ARM problem. The guy should be fired for lying to the public!
"I wouldn't put a lot on that 1 percent drop at this point," said Alan Gin, an economist with the Burnham-Moores Center for Real Estate at the University of San Diego. "There is no panic with people trying to sell their homes."
Meanwhile, overall home prices across San Diego will plateau, Gin predicted.
"The conditions aren't there for a big rebound in prices or for a big drop," he said. "We would need a big drop in interest rates to get any significant movement on prices on the upside. We would need to see some significant job losses, a recession at the national level, to get a big drop in prices."
Don't we have big drops in prices already? What do you call a 10% drop in listing prices?
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