This is called conflict of interest, pure and simple. During the dot-com bubble, stock analysts and reporters like Jack Grubman, Henry Blodget and Dan Dorfman were out there pumping stocks in the media without fully disclosing their ownership positions or conflicts. Those days changed, and when it comes to stocks now you have to disclose your interest.
That's NOT the case with real estate. Housing pumpers like Neil Cavuto, Nicholas Retsinas, Mike Norman etc are obvious homedebtors who do NOT want the value of their real estate to fall. So they get out there and cheerlead, without disclosing their personal financial interests.
Well, Rolodex-of-Realtors Reagor, who did some of the worst reporting I've EVER seen during the bubble, finally admitted the truth today. Gee, what a shocker. Now if the Arizona Republic would also admit to its readers what percent of its falling revenues come from the REIC, we'd be getting somewhere.
Housing prices still in decline - Home prices in metropolitan Phoenix took a healthy drop in October.
No one who owns a home wants to hear that, including me. But real-estate analysts say home prices in many parts of the Valley need to come down after climbing too high during the frenzy of 2004-05. The decline will help the market stabilize, they say. More buyers will get off the fence, and many sellers will still make a profit.