I really can’t get over how perpetually negative Kelly Zito’s articles in the Chron have been for the past few months. Today’s article is another ‘sky is going to fall… someday’ rant.

“The three major cities in the Bay Area, as well as eight other of the nation’s largest real estate markets, face a 50 percent or greater chance of home price declines in the next two years, according to a study by a mortgage insurer.”

“The study, which relies on last year’s third-quarter federal data on household incomes, home-price growth and employment conditions, did not predict the magnitude of any declines.”

That’s right, Kelly, bury the reality deep in the column. A DECLINE could include something like what you refer to in a later paragraph, “Some markets already have shown a substantial downshift. Las Vegas’ average appreciation dropped from 36 percent in late 2004 to 13 percent in late 2005. During the same period, San Diego’s appreciation slumped from 27 percent to 11 percent.”

That’s right everyone, RUN FOR THE HILLS!, that low-double-digit appreciation is enough to send folks jumping off the Golden Gate Bridge!

C’mon, Kelly. How about a little acknowledgement of reality. How long have you been preaching the apocolypse? How many times have you been wrong? Have you ever been right?

It’s getting really old, and it’s not fooling anyone anymore. Double-digit price appreciation is still appreciation. It’s not the end of the world as you know it.

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