The Washington Post's main source on the housing market through the peak bubble years was David Lereah, the chief economist with the National Association of Realtors and the author of the 2005 bestseller, Why the Housing Boom Will Not Bust and How You Can Profit From It. They don’t appear to have learned any lessons.
The paper has a front page article highlighting the problem of a woman who had a contract to buy a condo in a building that is still under construction. Because the market has fallen out the developer is instead turning the units into rentals. She got her deposit back, but now doesn’t ave a condo in which to live.
While the Post wants us to cry for this woman, the reality is that she got an enormous gift. She likely paid 10-20 percent more than the current market price for her condo. If the price was $450,000 (likely for a one-bedroom condo in DC), then she got a gift worth $45,000 to $90,000. She should be thanking the gods of real estate for her good fortune.
There's too much at stake this November for us to quit. As we navigate another presidential election year, thoughtful independent journalism is more important than ever. We're committed to bringing you the latest news on what's really happening across the country this election season, shining a light on the stories corporate media overlooks and keeping the public informed about how power really works in America.
Quality reporting doesn't come for free, and we don't have corporate backers to rely on to fund our work. Everything we do is thanks to our incredible community of readers, who chip in a few dollars at a time to make what we do possible. This month, we're trying to raise $50,000 to help fuel our election coverage, and we've fallen behind on reaching our goal. Any amount you give today will bring us closer to making our reporting possible—and a generous donor has agreed to match all online donations, so your impact will be doubled.
