Investors Blame the Media For Losses on Real Estate

Mish says things aren't all well in real estate land:

Mike Morgan is telling me that his email basket is filled up with responses from the Wall Street Journal article Hot Homes Get Cold In Once-Booming Markets Such as the Florida Coast, Housing Sales Languish. April 12, 2006; Page B1

I was pleased to beat the WSJ to that story by several days in The dreaded "D" word surfaces Sunday, April 09, 2006.

Here is the latest report from Mike Morgan:

I’ve received a variety of emails and voice mails from people all over the United States today in response to a very minor mention of my name in the WSJ. 75% of the communications are people that think I am a sleaze for selling junk to my clients. Little did they know, my clients are fine. We warned about this more than a year ago.
Anyway, take a look at the email I received below. If that doesn’t drive home the seriousness of what is just only beginning to unravel, I will send you a dozen more emails I received . . . like the email I received from the Dad of a young wife that is getting a divorce because the husband lost it all at the craps table in Vegas – strike that – I meant to say the husband lost it all buying flip properties in Vegas. By the way. She has 2 young babies and is moving back home with Mom and Dad. Or the email from the couple (68 and 70) that were getting ready to retire to Florida in 3 years. Guess what? They’ll retire, but the husband lost so much money buying straddled foreign exchange derivatives on Italian lira – strike that – I mean to say five spec condos in Naples (Florida) to make some extra money to buy a special retirement home, that they are not going to retire in the style they thought. They still haven’t sold the condos, so they are in for a big surprise. As he put it in the email, the 40 years of trust built up in that marriage has been wiped out. He wanted to know what I could do to help him. I’m not the Easter Bunny.

You'll want to read the whole article.