A Myth by a Mile
From July 2005
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Real Estate Experts Deflate Housing 'Bubble' Fears
By Marti Childs and Jeff March
A cascade of newspaper and magazine articles and a blitz of broadcast reports have steadily hammered warnings of an impending burst of a real estate “bubble” in the Sacramento Metro Market and other pockets of soaring real estate prices in California.From the Bay Area and Silicon Valley through the Central Valley and down to San Diego, prospective home buyers, despondent about the seemingly unstoppable gains in home prices in their markets, are giving up and fleeing the Golden State or escaping to lower prices, many heading to the Sacramento Metro Market.
So when will the bubble burst? It has to, doesn’t it? No, and chances are it won’t, at least not in the foreseeable future, housing experts say. The pace of runaway home prices may slow, but the price trend will still be upward.
The hang-up over the bubble metaphor hearkens back to when the Silicon Valley technology bubble burst in March 2000. But Sacramento real estate industry analysts Prosper interviewed reject any comparison with the current housing boom.
Little in Common
There’s simply little in common, they say, with the “dotcom” blowout.
Continued...
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