Is the housing sector doing better than consumers think -- or are some market boosters guilty of "cherry picking"? That was the debate that raged on "Morning Call."
David Michonski, CEO of Coldwell Banker Hunt Kennedy, is firmly in the "pro" camp: he said that "we do consumers a real disservice to tell them that prices are dropping." The C-level executive concedes that last year, median home prices were up merely 1.2% -- "a lot less than the 8, 10, 12, 15% gains we'd had" -- and points out that traditionally, real estate rises some 4% annually.
Thus, Michonski says it's important to remember that if 2006 was below average, still, the market was well above average for years -- and the correction is no surprise.