Friday, March 02, 2007
Politics of Deception
The rash of articles trashing the real estate market and more recently the mortgage business has been bizarre.
Every day this week an article in the Wall Street Journal has discussed how mortgage defaults are on the rise and that banks are not lending as much to the "sub prime" market.
Fine. Big Deal.
Yesterday the article was about how lending may even get more stringent to in the alternative markets.
Of course, the emphasis of the article was how this will continue to cast a dark cloud on the real estate market.
My only problem is that this series of articles has done absolutely everything to take the focus off the major slide the stock market is taking this week (remember, Dow Jones is the publisher of the Wall Street Journal).
Interesting though. I have a closing today that almost couldn't happen. Why? The all three title companies were too busy (read: lots of real estate deals closing).