Real Estate the Dead Zone? Good Grief CNN!

You can always depend on CNN to paint the gloomiest picture! Now they have real estate in their sites and keep pounding the drum about the "bubble."

If you can stand the negativity here's a link to a recent article predicting doom and gloom for real estate... http://tinyurl.com/mahbe


I have said before that if you listen to the pundits you'd think the real estate market was collapsing and it was the end of the world. On the other hand, some Realtor associations would have you believe that everything is just hunky-dory.

In our Bradenton, Florida market sales are down 38% percent from last year and the median sales price is down 22 percent from the high of 2005. Those are significant numbers, but behind that is the fact that during the last 5 years our home prices have gone up 145 percent. So, even if you give up 22 percent today, that's still a hefty profit.

Who is going to be hurt? Speculators who gambled on making a big profit by flipping a newly constructed home.