I am outraged.
Just what kind of talk is this?

The Carroll County Times is reporting Housing prices may be falling.

Normally I would dismiss such insane talk right out. It is of course just the kind of bubble nonsense that one might see on Patrick or the Vancouver Housing Bubble blog or the mother of all bubble blogs, the Housing Bubble Blog. Apologies extended to all kinds of blogs that I failed to mention (but we know who you are and we are watching you closely)!

Make no doubt about it.
This is serious blasphemy.
Please pay attention.

The president of the Maryland Association of Realtors said he expects the cost of homes to drop later in the year.

The county’s inventory of available homes has steadily risen since last year, up to nearly 1,100 in June, according to MAR. One year earlier, about 570 homes were available for sale.

Despite the growth in inventory, the median home price in the county has not fallen, and the housing affordability index, which compares the median income of first-time home buyers to the cost of starter homes, is at its lowest since it was first calculated in 2003.

“The prices of homes have not adjusted down as you would expect it to,” said Al Ingraham, MAR president.

Mish fans everywhere know that I am totally outraged by such nonsense.
It would be bad enough to hear this on Patrick or Ben Jones but what kind of traitor is Al Ingraham, the president of the Maryland Association of Realtors?

I am so outraged that I am writing the most important person in the universe. No, not president Bush, but Davis Lereah the chief economist for the national association of realtors.

How many times do I have to state the obvious?

The Obvious

  • Home prices only go up.
  • Demographics are our friend.
  • Bubble talk is nonsense.
  • Patrick? Who is he?
  • Ben Jones? What the heck does he know?
  • Vancouver? Who cares?
  • Land? Do they make it anymore?
  • Japan? Please be serious.

By now all of you know that I am totally outraged by articles like the above mentioned article by the Carroll County Times. Just who do they think they are anyway?

There should be a law on “Defamation of Homebuilders”.
I propose an extension to the widely loved Patriot Act to include unpatriotic acts of aggression against home prices and home builders.

What can possibly be more “American” than this idea?

Please write your Senators and Congressmen today and urge then to pass the proposed “Anti-Homebuilder Defamation Act”.

Do it now or home prices will sink further.
Your future and that of America is at stake!

Mike Shedlock / Mish/