Readers sound off on housing market

I've been a business journalist far too long, so excuse my cranky old-guy thinking, but I know the economy is at a major turning point when the media becomes the problem.

You see, this logic suggests that if journalists stopped distributing “bad” news (the definition of “bad” is up to the reader's viewpoint), folks would act differently and the economic problem would vanish.

No industry draws the blame game with greater passion than real estate.

My recent columns suggesting California's housing market looks a tad dicey — even suggesting that renting could be better than buying at this moment — filled my inbox with comments like this one: “They should title Lansner's column, `Weekly Rubbish.' ”

Here is a sample of what my readers think, and my reply to their critiques.

READER » “If you and other reporters predict a softening in the real estate market, of course, it becomes a self-fulfilling prophecy. People will stop buying and want to wait for the media-predicted crash and lowering of home prices. Being in business for almost 40 years, I have seen many cycles and in most cases, it starts with the media.”

ME » The best financial decisions are made using a wide assortment of information, both the pros and cons. If people are making a huge investment such as buying a home based on one person's view — whether that be a family member or friend, a real estate professional or investment adviser, or a journalist — that's a mistake.

And there is plenty of real estate industry hype countering one jaded columnist's viewpoint that California homes are vastly overpriced today.

READER » “You are paid by hedge fund managers to stoke fear in average Americans about holding on to their houses — the only way left for ordinary people to build family wealth. The people who pay you are snatching up income property because they have so much money they don't know what to do with it. They want to make renters out of the rest of America. You are helping them achieve their goal. Do you feel good about that?”

ME » Yes, the owners of my newspaper group do also own hedge funds. I've never heard a word from them, nor have gotten any direction from my Southern California News Group bosses about any antiownership agenda I should follow with my work. Offering my audience information about the