By now you’ve probably seen a number of the breathless headlines for stories “reporting” on Trulia’s November price reduction report, which ranks Chicago fifth among cities with the highest percentage of price reductions.
Without minimizing the scope and scale of the current market downturn, it’s well worth keeping in mind that many of the “price reductions” are simply stupid Realtor tricks rather than a reflection of market conditions.
The bottom line: don’t mistake a Realtor marketing ploy trend for a market trend. The only lesson to be learned from Trulia’s junk stats is how shamelessly Trulia will yammer for attention, and how little useful perspective it sometimes brings to bear on the actual real estate market.
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