The declining housing market is 'relative'?


When I saw the USA Today's story on the declining Florida real estate market, my first reaction was "Great: just what we need." Maybe they can also tell us about how Hillary Clinton won't be the next president.

But the article has at least one interesting quote:

"If we look at 2003, before the huge spurt in sales happened, we would see that the numbers are not far off," says Kimberly Kirschner, chairman of the Realtor Association of Greater Miami and the Beaches. "Are we in a bad market or a good market? That's relative."

Right. It's all relative. With all due respect to the many fine Realtors working in the field, the spin of their spokespeople is unprecedented. These people are giving Baghdad Bob a run for his money.

I wonder what Kirschner was telling people to be wary of a bubble a couple years ago because price appreciation is "relative" and home values had risen completely out of line with income growth. I somehow doubt it. But the spin isn't fooling anyone: it's just making Realtors look bad, which is a shame.