I would like to respond to Rick Wallace’s article entitled “price reductions not keeping up with slow market.” First The Malibu Times should carefully consider having non-editorial content written by authors with biases such as Mr. Wallace. He is clear about his political affiliations and also is a real estate agent. His political affiliations make him unfit to write objectively and the fact that he is a real estate agent should preclude him from writing on real estate oriented issues.
Many real estate agents helped whip the market into an over-heated frenzy by claiming that prices would never go down, especially in Malibu. This type of approach by the real estate industry helped create the housing bubble that is on the verge of causing the U.S. economy to collapse. Now, when sales are non-existent, Mr. Wallace says prices are not low enough. This is a classic example of a manipulative sales tactic, playing both sides of the fence. It seems to me that Mr. Wallace would like to see more volume of low priced sales so he can directly benefit from this. It is this type of activity that caused public sentiment to actually make this dire situation worse by playing on the public’s fears.
Shame on you, Malibu Times, for not using the good judgment to preclude Mr. Wallace’s biased writing.
Matt Borenzweig