I am an avid Wall Street Journal reader (WSJ). I knew of its reputation as a conservative bastion of really boring stuff before I went to graduate school. But it was required reading at business school.
Now I am a huge fan (I just stay away from all the fancy financial stuff as well as the editorial pages). Lots of data, good insights, and really on top of trends.
I have noticed Sacramento seems to make the WSJ on a monthly, and sometimes weekly basis, as the poster child for what is wrong with the housing market. We made the paper again today, with a 22% increase in inventory, prices on the way down, and of course all the loans going sour (page D1).
All this to say, if the WSJ, which I highly respect, thinks Sacramento is hurting......well then, I am just going to keep my down payment in the bank and earn some interest until I see signs of life in the housing market (and I am sure the WSJ will let me know when that time has come =)
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The WSJ is maybe as good as any mainstream media at staying ahead of what's going on, which is to say, they still tend to be far behind many bloggers and economists (Dean Baker comes to mind). Two examples that come to mind are the "shocking" and "unexpected" subprime meltdown and the "recent discovery" of mortgage fraud. It took a very very long time for the WSJ and other MSM to pick up on this stuff.
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