Many of you may have seen the article in Fortune last month saying how Denver had gone from one of the best real estate markets to one of the worst – all in a matter of 10 months.
I received several calls from clients, all in a panic. I said the article was totally false and misleading, and walked them through why. However, I was much too lazy (and busy) to spend the time to articulate, in written form, why it was incorrect.
Fortunately, John Renchook wrote a great article outlining these facts. Check it out http://insiderealestatenews.com/2010/04/denver-no-5-on-case-shiller/
One of the key errors in the Fortune article was using faulty data. Any time you use data that does NOT come directly from the MLS or Tax Assessor, you are bound to have errors – at least in my opinion. The MLS IS THE MARKET!!! Reporters often don’t understand that. It would be like reporting financial and stock news without checking the NYSE/NASDAQ, etc for the accurate data. Dumb – and misleading.
That is why I never read the news for real estate – it is often wrong! I am out IN THE MARKET EVERY DAY, plus I get updates and statistic summaries through the MLS. Rarely does what I see and experience get reported in the news.
