Graham Shevlin July 15, 2008 6:22 pm

I don't know where you have been browsing on the Internet...but there are dozens of blogs out there focussing on the housing market. Reading those blogs regularly from 2 years ago gave me a very good sense of the impending (now unfolding) house price collapse on overheated areas of the country. Given my experience of house price collapses in the UK, I found the blog information to be highly plausible and indicative of a collapse in the housing market way beyond a correction because of a few over-extended owners with ARMs. You're missing the point with this attempted finger-pointing. While blog writers in various parts of the country have been reporting what is really happening on the ground, the mainstream media has been narcoleptic, except when it comes to dutifully reporting the latest pronouncements from regulators, the Federal Reserve and various legislators, most of which are variants on "Nothing to see here...move along...non-event...temporary correction..normal service will be resumed...do not adjust your set".