A Positive Article On Real Estate In A Major Newspaper? OMG!
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Call me Gobsmacked*!
The Los Angeles Times has run an editorial by Chris Ayres that says he is glad he purchased his Hollywood, California home. At the top of the market, no less. With a loan. Did I mention he bought it at the top of the market and is happy?
In this day and age of absolute pessimism and downright shardenfreude at any downturn in the traditional media, it is truly amazing to see a positive spin. Did I mention that the author of the article is a reporter?
If I was a real estate agent, I would print this article and keep it on my desk. It is a breathe of fresh air and well worth a regular read.
Indeed, interest rates are just as important as the asking price in calculating the true cost of a house. When foreclosure vultures whine about how even post-crunch house prices are too high compared with the growth in American wages since the 1970s, they conveniently fail to mention that interest rates have moved in the opposite direction since then and even now are cheap by historical standards. In the darkest hours of the Carter administration, a loan at 20% wasn’t unheard of. via Loving your house again - Los Angeles Times.
* Gobsmacked is officially my favorite word for the year 2008. I love the imagery and the sound of it. It means “utterly astonished, astounded”.
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