The Street.com has this editorial on the housing bubble and the press. "The Business Press Maven, who owns an obscenely overvalued home, wanted nothing more than for the loft in real estate prices to, uh, loft forever. And the real estate party is over. If you don't believe me, just look at your favorite struggling homebuilder stock or bedraggled REIT or check the vast majority of increasingly grim housing numbers."

"So where does that leave you, the investor? At high risk of being goaded into a mistake." "Overvalued markets are always justified by the business media with constant story lines about how different things are this time. Once it starts to become apparent (like now) that there is such a thing as gravity, we enter the classic second state of business media delusion."

"Having justified the bubble for so long, the business media never simply walks away. What always comes, instead, are a series of articles about how the worst of the damage has already been done and that it's no big deal, just part of the natural course of things, a flesh wound. Moreover, that there are safe havens amid the carnage or that there are actual bargains!"

"A key element to making the argument that there has been no true shift in the market is to deny the very fact that prices are starting to drop. This was done recently by Samuel Lieber, while speaking on CNBC. He sounded like a local real estate agent, trying to convince a young couple that they were not buying into a 'down' market but an 'adjusting' one."

"'We are,' he said, 'transitioning from a period where people had to pay the offer price or above to a period where they are looking at a more normalized bid/offer spread. It's just they don't know..where that proper pricing will be.' Sounds like prices are plummeting, buddy."

"Remember how in the wake of the Internet collapse, we saw legions of articles about stocks that were steals because though they had started getting hit, they would offer safe haven because of their strengths."

"When you hear people honestly assessing the damage and professing no hope, that's a bottom. When people are in denial and are slinging jargon, well, we ain't there yet. Until such troubles are spoken about openly, a bottom is not in sight."