Home Prices “Turn Corner;” While Light At End Of Real Estate Tunnel Blinds Us!


What’s that ahead? Is it….a corner? Is it…..THE corner? Are we about to turn it?
God, I hate cliches. But such is the case with a freshly minted Reuters dispatch headlined : “U.S. home prices turning the corner, up in 2010.”

I’m not sure if this differs from earlier reports that we were seeing the light at the end of the tunnel?

Actually, I sort of wonder whether the corner we are about to turn is right before we enter the tunnel, at whose end there is said to now be a light, or directly after we leave the tunnel, in which case ,wouldn’t that light at the end of it make it damn hard to see the freaking corner we are supposed to be turning?

Ok…this might be an academic question…but someone needed to raise it and it might as well be me.

Now, back to that corner we are turning.

The Reuters report says that home prices are “nearing the end of a three year slump,” and predicts they will start to go up next year—hence the corner we are turning!!!

But even as we turn the corner and get the hell out of that tunnel with the light at the end of it, the very same Reuters report predicts we may slam right into wall—-which, yes, would be the wall at the end of the tunnel whose light we can see after we turn the corner.

The report points out that such pesky things as “record foreclosures, a sizable pool of bank-owned property, steep unemployment and wage cuts temper a rebound…”

I don’t know about you—but if I am going to go through all that trouble zipping through that tunnel, following the light at the end, and then turning a corner, I would like to find something a bit more invigorating at the end of all that.

But hey! I suppose it is potentially good news that home prices are turning the corner and we can see the light at the end of the tunnel–even if, in the end, we hit that proverbial snag. Did I just hear another cliche?

About Author

Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.


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