A few years ago, as the housing market was going full steam and as blogging began to catch on, the bubble blog genre was born. As NAR squandered public relations capital with the consumer, the bubble bloggers pressed on. Every day, their ranks grew and so did their commitment to the mantra: There is a housing bubble.
Their content is often a one-sided argument in front of a friendly fan base, probably consisting of mainly renters, but providing an incredible rate of participation. Their intentions and concern seem real. Its good stuff. Once the hyperbole is filtered out, there is some useful insight, especially from the reader comments. NAR has not figured them out – NAR has met their match.
Lately, mainstream media has taken notice and been been fascinated with the bubble bloggers [SFGate], especially the the big four: Housing Bubble Blog, Bubble Meter/David Lereah Watch and Housing Panic. There are also many other bubble blogs that are just as worthy. As far as I can tell, none of the big four have any special real estate or economics backgrounds or training. They are simply concerned citizens with a message to deliver. All the more interesting that their journalistic counterparts are beginning to recognize them as a media force.
But I wonder: If NAR is running an ad campaign admitting there is some market weakness, but spinning it into an opportunity play for buyers, will that change the slant of the bubble bloggers? Will they meet the Realtors halfway suggesting there will be not be a housing crash?
Are you kidding me? The NAR advertising move is going to provide more fodder to the bubble bloggers for months to come. The NAR keeps serving it up on a golden platter.