CBS-- Trying to Drive a Nail in The Coffin?

  CBS News reported on the state of Jumbo loans last night. They were explaining the credit crunch in Sub-Prime, Alt-A, and Jumbo loans. Here is a link to their story it will open in a new window.

 http://www.cbsnews.com/sections/i_video/main500251.shtml?id=3205112n

  What is not included in the story is the editorial comment after this ran. The female newscaster/commentator said that buyers need to wait because prices may drop lower.

  That was the most irresponsible comment that I have heard. If everyone waits prices will drop! This is just the basic law of supply and demand.

 For a national newscaster to tell people to wait to buy because prices will drop is not instilling confidence in our economy. Employment is up, Interest rates are still low, there is a very good selection of homes to choose from. If you are a buyer now is the time to select the home you want to live in for the next few years.

 I just wish that the newscasters would report the news and leave their personal comments out of it.  

 

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16 Comments on CBS-- Trying to Drive a Nail in The Coffin?

Oh this should go over well with consumers. These newscasters need to be gagged ! I don't get it, as a Realtor we are NOT suppose to give our opinion to consumers....maybe they should take some ethics classes as well ( newscasters )

08/27/2007 05:45 AM by Crossville TN Real Estate Melissa Grant Lake Tansi & Fairfield Glade Waterfront (Third Tennessee Realty and Associates)


The comments that were made are what are helping to slow down the housing market.

08/27/2007 05:59 AM by James Gordon REALTOR® PBD SRS (Sibcy Cline Realtors®)


Oh The Devil and his handy little helpers.  I bet if we sent a bunch of dissenting letters they'll have her retract that comment. Keep blogging about it James.  Buyers will find the right information to make an informed decision if we put it out there.

08/27/2007 06:03 AM by Sharon (Toni) Brown - South Ozone Park - New York City Real Estate (Exit Realty United)


Toni the problem is that the retraction would not get the exposure that the comment did. 

08/27/2007 06:33 AM by James Gordon REALTOR® PBD SRS (Sibcy Cline Realtors®)


James:

This is frustrating.  The news media once again, dispensing bad advice.

08/27/2007 06:52 AM by » Bill Burress Nationwide Mortgage Originator


I saw it and felt sick...what is happening here!? The beating we are taking with the mtg and media ...

The used an example of the  well qualified lawyer (buyer) who couldnt get the loan after it hit underwriting- now the media is saying even squeaky clean buyers cant get a loan!

08/27/2007 07:29 AM by Michele Connors, Broker in Charge (Coldwell Banker First Realty Morehead City)


Bill the media is just trying to sensationalize this

08/27/2007 07:50 AM by James Gordon REALTOR® PBD SRS (Sibcy Cline Realtors®)


Michele they should have commented that she was tring for a Jumbo loan, NOO, and her first rental. If you listen to the report that is how it came out.

08/27/2007 07:51 AM by James Gordon REALTOR® PBD SRS (Sibcy Cline Realtors®)


I can't understand why there aren't criminal consequences that the journalists have to face for twisting the news or just plain lying.

08/27/2007 08:14 AM by Chris Elizabeth Griffith ~ Bonita Springs Fl Real Estate (Keller Williams Elite Realty, Bonita Springs, FL)


Many people here were waiting for prices to drop, in the meantime their program goes away and they are stuck with rising rental rates! 

So prices go down 4% (which they have in a year) and their product interest rate goes from 6.5% to 9%.  You need about a 25% fall in prices to adjust for the loss.

Good luck with that! I wish they would have pointed that out!

08/27/2007 10:25 AM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)


Renee I feel sorry for the people that have waited 6 months to buy a home where they need a Jumbo loan. They have almost been priced out.

08/27/2007 10:56 AM by James Gordon REALTOR® PBD SRS (Sibcy Cline Realtors®)


Chris-- I don't think that they realise what they are doing to the economy.

08/27/2007 10:57 AM by James Gordon REALTOR® PBD SRS (Sibcy Cline Realtors®)


James,

I completely agree. I'm sick of newscasters making news instead of reporting the news.  And last time I checked a broadcast degree did not require an economics degree.  I don't like C.B.S. anyway.  They are the most slanted of all networks.

Great Post. Thanks for looking out!

08/28/2007 02:48 PM by Kory Benken, REALTOR, G.R.I. (Keller Williams Realty)


The worst part is that may not have been their opinion. Coming from a background in radio a lot of the time the mindless comments like that our written in to the news for us and we are told to just read it and keep our opinions to ourselves.

08/29/2007 12:14 AM by Todd Clark (Realtor), GRI (Washington Co, Beaverton, Oregon) (Kastings & Associates, Oregon)


James - I'm hoping that female newscaster/commentator doesn't quit her day job and venture into Real Estate.  Agreed, very irresponsible advice. 

09/02/2007 06:35 AM by Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.)


Jason I wonder what would happen if everyone said that CBS newscasters make to much money so don't watch CBS new until their pay drops?

09/02/2007 06:55 AM by James Gordon REALTOR® PBD SRS (Sibcy Cline Realtors®)


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James Gordon REALTOR® PBD SRS
Cincinnati, OH
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