The Boom is Over

According to the National Association of REALTORS the housing boom is over. I guess that means we should all pack up our marbles and head home.

In a press release on June 6, 2006 NAR stated in their opening remarks, "The housing boom has ended..." This statement has drawn some fire from fellow bloggers attempting to pick apart the statement.

In direct conflict the US News and World Report has this on the nations housing markets. “Contrary to popular belief, the housing market hasn’t cooled off that much. In fact, residential real estate prices continue to soar in a number of key metropolitan areas, according to a new study released this week.”

With their finger on the pulse of the industry I applaud NAR for saying the hard thing and coming out with a bearish statement.

Motley Fool columnist Seth Jayson points out that the real problem isn't NAR. "You have to expect these people to spin the facts for their industry, even if that means they're putting their checkbook concerns ahead of yours, and even if it leaves them begging the Fed for an adherence to shortsighted economic policies that could send inflation spiking," Jayson writes.