You wonder why our country is in such a terrible mess. I am reading an article in the San Jose Mercury news, in which an article describes that the median price of home in Santa Clara, California has dropped 39.5% from the hightest prices posted in November, 2007.
But it was this one sentence that struck me:
“It doesn’t mean the typical house in Santa Clara County has lost 39.5 percent of its value,” said Andrew LePage of DataQuick. “The median price is telling us a lot about what buyers want right now. They want bargains in relatively affordable areas.”
Isn’t this the same convoluted logic that has gotten us into this financial mess to begin with? If the median price dropped 39.5% how does this not mean that a typical house has lost that much value?
Why is the mayor of Santa Clara asking for a $2 billion dollar bailout from the feds if homes are doing so well in Santa Clara? Why does the forclosure rate exceed over 50% in some Santa Clara neighborhoods?
Because prices are going up?
Is it just me or is anyone else getting tired of this total 100% BS and lies?
Comments welcome.