Newsweek story on Housing Bubble Blog writer

[NVMojo]

Bubble Blog

WEB EXCLUSIVE
By Kathy Jones
Newsweek
Updated: 3:52 p.m. PT Aug 8, 2006

Aug. 8, 2006 - The fall of 2004 was no time for real-estate pessimists. In red-hot markets like California, prices in some communities spiked 50 percent higher than the previous year; multiple-bid offers were common on homes and cries of "they're not making any more land," fueled a property-buying frenzy.

But something about the mania just didn't sit right with Ben Jones. The Texas native learned a hard lesson in the 1980s, when the savings and loan scandal hit and real estate slumped just as he was preparing for a career in the property market. "I jumped in at the worst possible time," the 42-year-old recalled from his home in Sedona, Arizona. That experience, coupled with a background in corporate accounting, made him wary of highflying markets, so when he saw housing appreciations rocket up and mortgage-lending restrictions sink low, Jones decided that this was a housing bubble, and he was going to warn his friends.

At first Jones just sent his cautionary data and news bites by email, but after a couple of months, he found blogging was a better way to get the word out. The blog, www.thehousingbubbleblog.com, quickly evolved into an information supercenter for real estate addicts. Jones posts news stories economic data, and analysts' reports on the housing market (often minutes after their release), then lets his many contributors loose to offer their own analysis and rebuttals.

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