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August 01, 2006
Non-housing blogs are horning in on our story
Housing blogs like Hot Property don't own the housing story. These days you can find anguished commentary about the softening market all over the blogosphere, from political blogs to econ blogs to blogs about nothing in particular. Here's a thread on the bottom dropping out in L.A. from calcanis.com. And here's another from blogging.la.
You'll know things are bad if the gardening blogs weigh in.
Real Estate Culture
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I agree that the blogosphere is trumpeting the softening of the real estate market, but the link from blogging.la doesn't give much of a sense of it. The writer states that prices went from "$500K to $750K to $1.3M", and now they're starting to soften a little. Well, eventually this had to happen, but a little softening should be expected after a 150% rise in prices over five years. Prices could drop by 30% and still preserve a great deal of this housing boom.
I'm not saying this won't get ugly, I'm just saying it isn't ugly yet.
Posted by: Geoff B at August 2, 2006 08:16 PM