Housing Bubble, What Housing Bubble?
Instead of worrying about the burst of the âhousing bubbleâ you might as well watch paint dry or your grass grow. CNNâs âAmerican Morningâ is no longer forecasting doom and gloom for the
Willisâs statement was in contrast to comments made earlier this year on American Morning. On March 22, Soledad OâBrien said âIf you are worried about the housing bubble bursting, sell, sell, sell, itâs a sellers market. Weâve got some tips on how you can get your money out of the market right now.â So though it may have âcome as no surprise to home ownersâ it certainly should have been a surprise to CNN that Federal Reserve Chairman Ben Bernanke said the slowing housing market is coming in for a safe landing.
On the July 21 edition of American Morning in response to a report on Bernankeâs comments, anchor Miles OâBrien laughingly suggested that Bernanke wasnât âgoing out on a limb.â Bernankeâs comments were characterized as âkinda boring, like watching grass grow.â âHome owners it comes as no surprise to you,â Willis concluded. The term âhousing bubbleâ was not mentioned.
The Business & Media Institute has previously documented CNNâs emphasis of the âhousing bubble.â In December 2004, Kitty Pilgrim discussed signs of weakness in the real estate market. She stated, âNew home sales fell 12 percent last month. And that was the biggest decline in nearly 11 years. The new home sales report is the second in a week, signaling a possible slow down. Last week housing starts posted the biggest decline in 11 years.â That November 2004 report ended up being an anomaly, and real estate sales continued strong in the months that followed, as did the economy.