National Realtors group gropes for bargains in Bismarck

Industry groups have the right - nay the duty - to promote their members. But sometimes the search for golden nuggets among the dross goes to extremes.

Take the National Association of Realtors report that came out this week touting housing success stories.

It praised rising condo markets in such locales as Bismarck, N.D., and New Orleans. Winter wheat and Katrina clean-up: We're not talking Key Biscayne here. The report also played up bargains in the Rust Belt. Anyone for Youngstown, Ohio, Decatur, Ill, and Saginaw, Mich?

One of "success stories" stuck in my craw for personal reasons. NAR praised Elmira, N.Y. for its 10 percent home price rise the past year. It was the second biggest price jump in the whole Northeast. That happens to be my hometown. Family and friends live there. Let's make one thing clear: The rise is misleading statistical bunk.

Though its local focus was a bit silly, the report was helpful in one regard: It revealed that 48 of the 149 metropolitan statistical areas monitored by NAR had higher median single family home prices year over year. Even with Elmira-like anomalies in the mix, it's reassuring to know not every market is tanking.

Here's the full report.

Comments

[k]

And after using a word like "dross", I would have thought you were from a steel or coal town. Nay! ;)

[James Thorner]

K, I DID live in Pittsburgh for years. Must be where I picked up the lingo.

[Florida - Paradise Lost]

James - good to know yet another upstater!

Elmira has two things going for it:

1. Even with 10% jump, prices are still ridiculously low compared to the majority of the larger growth cities in the US (> 500K in population and increasing).

2. Corning, Corning, Corning. It is a huge bright spot in the otherwise dull and depressing economic zone of the upstate. Business is good, and housing will be too.

Cheers!
- Jerry, a native of Binghamton/Endicott (IBM boomtown during the 60's and 70's that is still trying to redefine itself)

[James Thorner]

Thanks, Jerry. My brothers live in Endicott and work at IBM's successor companies. My father and uncle are retired from there. I'm there every summer eating the good Italian food. Elmira's a great place - best bargain for your money - but unfortunately it'll never be a housing boomtown.