Mr. Case - Empirical Evidence v. Factual Stats - Reader comments at The New York Sun

Submitted by Kenneth J. Jones, Mar 28, 2007 07:00

Dear Mr. Case:

I don't doubt the experiences of you and your friend. However, isolated cases of personal experience, upleasant as it may be, cannot be substituted for tens of thousands of recorded transactions from all over the US over a multi year period.

The data from the National Association of REALTORS(R) is available to all REALTOR(R) members, and upon request by the general public.

IN FACT, there has not been a regional nor a national decline in real estate prices in the United States since the Great Depression.

We are presently in the best economic condition and circumstance the United States has ever had. Unemployment is at all-time historic lows, even having absorbed MILLIONS OF ILLEGAL ALIENS. Interest rates (long and short term) are at or near 50-year historic lows. The broad fundamental economy has never been as vibrant as it is.

Aside from the unfounded fear of the paranoid and the media idiots that prey upon the public to attract viewers, listeners and readers so they can sell their advertising, what EVIDENCE is there to cause such concern?

THERE IS NONE! And, that's the point.

There certainly are some folks who have bought over their heads who may suffer some personal loss. However, there are a 100 waiting in line with cash in hand to take advantage of their plight.

Beyond that, I have seen NO EVIDENCE of a decline in residential real estate values. And, even if there are isolated markets that decline, I find it totally incredible that values will drop in any region of the US by the amounts (irresponsibly, in my opinion) predicted by Mr. Krystofiak in the article by Mr. Dorfman.

Kenneth J. Jones, ASA, SCGREA, Licensed Real Estate Broker (NJ & AZ), Director, Institute of Real Estate Technologies

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Other reader comments on this article

Comment	By	Date
In all of the negative commentary I've read in response to my factual comments, I have heard nothing FACTUAL that... [MORE]	Kenneth J. Jones	Mar 29, 2007 08:36
Jones -- Your fondness for capital letters and smug indignation doesn't substitute for the FACT that you haven't answered any... [MORE]	BLANEY	Mar 29, 2007 18:41
"To the ignorant and depressed among us:" Kenneth Jones? Did you even bother to read the response to YOUR ignorance,... [MORE]	Roy A. Hughes, III	Mar 29, 2007 22:21
Mr. Jones- Your attempt to paint a rosy outlook on the housing market is kind of sad. I realize you... [MORE]	Cornelius	Mar 28, 2007 15:17
It is now April 12, 2007. Ive been in phoenix for about 6 weeks looking for a home and am... [MORE]	bank of amigo	Apr 12, 2007 12:26
Dear Mr. Case: I don't doubt the experiences of you and your friend. However, isolated cases of personal experience, upleasant as...	Kenneth J. Jones	Mar 28, 2007 07:00
There is one hint that prices will drop. No one can afford even a decent condo today. If you have... [MORE]	Blaney	Mar 28, 2007 18:14
I for one agree with what Mr. Case's article contained and let me tell you why... My wife and I bought... [MORE]	Roy A. Hughes, III	Mar 28, 2007 21:53
Mr. Krystofiak is apparently not a student of history. IN FACT, during the worst real estate markets since the great... [MORE]	Kenneth J. Jones	Mar 28, 2007 05:01
While I haven't read the NAR data to which Mr. Jones refers, I DID live through the late 80's and... [MORE]	Rick Case	Mar 28, 2007 06:31
I lived in Austin TX from 1983-95...The 1985-92 bust ranged from 25% to 50% decline depending on location and quality... [MORE]	Army No. Va.	Mar 28, 2007 21:13
Your story is right people making 40,000 a year can never repay a 500,000 fix @ 30 years let alone... [MORE]	notarealtor	Mar 27, 2007 20:38
We are just at the beginning of this Housing Crash. Just look at how ridiculous things got. Homes appreciatated from... [MORE]	Bruce Bartman	Mar 27, 2007 19:08
Many people believe that this will all blow over in a few months. Most don't understand the causes of the... [MORE]	Don	Mar 27, 2007 15:45
We won't have hit bottom until it becomes "common knowledge" that it never makes sense to buy when you can... [MORE]	Paul	Mar 27, 2007 12:50
I'm amazed by economists who can't clearly see that housing is going to be in trouble for the next few... [MORE]	Charlie	Mar 27, 2007 09:18
D: Most major economists like Paul Krugman of Princeton and Schiller of Yale have been saying there is and will be... [MORE]	bababoey	Mar 27, 2007 08:22
Dan Great article. We definately have not seen the worst of this real estate downturn. As a real estate broker and... [MORE]	Stan	Mar 27, 2007 01:01
I have been following the housing market for a bit more than 2 years now. I think Mr. Green Span... [MORE]	Vu Nguyen	Mar 27, 2007 19:45
In many parts of New York City values seem to be holding up. In Brooklyn we still have areas moving... [MORE]	Marc	Mar 27, 2007 20:44
Lenders have provided programs to qualify most any buyer today. Loan officers are not properly trained to sell sophisticated mortgage products.... [MORE]	Jim	Mar 28, 2007 10:29