There’s plenty to admire in Steve Webb’s monologue about real estate. First of all, it’s not merely a monologue. Webb expertly intersperses his remarks with amusing sound effects. At the outset, for example, he uses crashing musical chords to emphasize his being a member of “Rentaholics Anonymous,” and the result resembles something like the musical motifs in the famous 1960s TV series “Dragnet,” starring Sgt. Joe Friday, played by actor Jack Webb – any relationship to Steve??

For that matter, everything Webb discusses seems to be right on target. His intention is to spread the good news about home ownership, as opposed to rentals. What he says about home equity appears to make sense – as does his spiel about home mortgages being tax deductible, about the advantages of owning a house so that you can decorate it the way you want and play your stereo as loudly as you like. Et cetera, et cetera.

Overall, this is a meticulously produced piece by a witty narrator whose British accent makes the piece all the more resonant and classy. There’s one problem:

Webb’s Home Ownership 101 lecture may have been copacetic a few years ago. Ever since the real estate market crashed, Webb’s comments aren’t so easy to swallow. It’s no longer accurate to say that homeowners will always acquire equity when they purchase a house. I know quite a few people who spent X number of dollars, only to see the value of their houses fall so far that, in terms of their mortgages, the houses are now “underwater.” I’ve heard it said that people who hold onto their houses for at least seven years are bound to end up in the black. But Webb’s blanket optimism about home ownership may be a bit Panglossian.

A few deft emendations might update this piece. Better yet, the housing market might bounce back tomorrow, in which case Sgt. Joe Friday’s dragnet will be foolproof.