"Meanwhile, the District of Columbia posted a modest 12.5 percent drop [in median price], with the median price falling to $350,000 last month from $400,000 the previous year."
Since when is a 12.5% price drop in anything considered modest? The median average home price dropped by an eighth!
The MRIS data show that in 2008, the District's dollar volume was 25% lower, 26.6% fewer homes sold, and Fortune magazine says the DC area is the tenth worst real estate market in 2009, yet the puffers continue to spin positive:
"It's definitely down, but compared to the rest of the country, it's actually in pretty good shape," he [Fred Kendrick, an associate broker at Sothebys Realty] said. "The real estate market is generally in good shape — it's consumer confidence that's the issue."
Consumer confidence like "can I get a jumbo loan to buy this house that won't cost too much?" Like "will this house's value drop another 10-15% in 2009?" Silly consumers. And then you read this:
"Anthony Yezer, professor of economics at George Washington University, agreed that the Washington area's housing market has generally been better than it has nationally.
"If we look longer-term — past 10 years [ago] — the increase in housing prices has been greater here than in the rest of the country," he said. "We certainly didn't have the wild market booms" that occurred in places like Phoenix, Florida and California."
According to Case-Shiller, DC area prices more than doubled in less than 9 years - that isn't a wild market boom?
I know, my expectations for quality reporting from the Examiner are too high. I'll stop.