Why You Shouldn't Believe the Headlines

I just read an AP story about how new home prices are at an 13 year low. It was mostly bad news and then I got to this paragraph:

Sales dropped the most in the Northeast, falling by 40.6 percent. Sales were also down in the Midwest, dropping by 6.4 percent, but posted gains in the South of 5.7 percent and 0.7 percent in the West.

After finding out how bad the Northeast is doing, it says the SOUTH WAS UP 5.7%.

That's good news for us southerners and it helps explain why it doesn't feel like the market is tanking here, in spite of the negative headlines that we see everyday.

So the lesson is:
1. Don't believe everything you read.
2. All real estate is local.

-Peter

www.NashvilleCityHomes.com