Fundamentals? Negative cash flow? Historical deviation from the mean? Nope, it's the "negative information" causing the housing meltdown

Gotta love a realtor who blames the media and the "negative information" for bursting the bubble.

Try reality, hon. Try economics 101. Try being honest with your clients. And try to get a grasp of the fact that the Phoenix market is in full melt-down mode, and the "negative information" is just the light of truth finding its way to your clients (oops, I mean suckers).

Folks, I'd have a lot more respect for realtors if once, just once, I'd hear one say "yup, housing became wildly overvalued and now prices are going to come back down to their historic averages". Give me one honest realtor, just one. Is that too much to ask?

Here's (yet another) realtor-quote-infested article from the lazy reporters in Arizona.

Home buyers have the upper hand in the Valley’s real estate market for the first time since the record run-up in prices began two years ago, but industry-watchers say most are reluctant to jump in and instead are waiting to see when values will bottom out.

Put simply, buyers are scared, said Jan Montgomery, a realtor who owns Canyon Shadows Realty in Mesa. “There’s a lot of negative information coming at them about the bubble bursting and the market falling,” she said. “Everything is all negative and they’re taking that on themselves, thinking ‘Maybe I shouldn’t do anything. I should just wait until it settles.’

Some sellers are finally starting to realize their asking prices are too high and are cutting them. Listings are up considerably and prices have reached a tipping point in sensitive areas, mostly on the outskirts.

“There’s a lot of buyers that are still on (the) sideline,” said Neil Brooks, who sells homes mainly in Scottsdale for Century 21 Arizona Foothills. “There’s a lot of sellers that are still in denial.