The recent Case Schiller Home Index was actually good news for home buyers… and for South Lake Tahoe.
(Lake Tahoe Real Estate Blog / June 6, 2011 / Richard Bolen)
The video above is about the Case Schiller Home Price Index report that came out a few days ago; how the real estate media reported it, and the effect the report and the news media had on South Lake Tahoe, if any.
Part 1 in this series here.
What follows is the actual shooting script to the video, which is a live television broadcast on Lake Tahoe Television (Cable Channel 12).
FADE IN ON:
Opening: Richard Bolen w microphone in hand. Behind him is a visual of South Lake Tahoe.
Richard
In part one, we showed that the Case Schiller report is covered nationwide in thousands of news articles, like a real estate landslide. Lets look at how a few well known media outlets reported the same news.
Insert: Logo South Lake Tahoe Home value report.
Richard (VO)
The Los Angeles Times reports “Home Prices hit new lows in March”. MSNBC reports “Home Prices drop into double-dip territory.” The Washington Post states “Home Prices hit double-dip.” The Associated Press claims “Cities that weathered housing bust now suffering.” The BBC, in London, their take is “US House Prices below 2009 low” And CNN Money says “Home Prices: Double Dip Confirmed”
In summary, we have 6 headlines here, seemingly different news stories, though all are really the same story based on one Case Schiller report. But the public doesn’t know that.
Insert: animated graphics and text that follows the narrative.
Richard (V.O.)
What’s also most interesting is the media’s penchant to position a Case Schiller report containing housing decline as bad news. Bad news for who? That would be homeowners, but no where, not once does the media state that lower prices is good news for home buyers. Which of course it certainly is.
Lets look at Case Schiller's main points this time: US prices are down 5.1% from a year ago. The median sold price in South Lake Tahoe today is $285,000. A year ago it was $306,500, a decline in South Lake Tahoe of 6%, or about 1% more than that of the top US cities.
Home values are at 2002 levels nationally and they are about the same here too. Home prices in our top cities are down 32.7% from their peak five years ago, and here we’re down a little more, which is, hear me now, great news for home buyers. Prices here are 38% off our 2006 market high.
So here’s the deal with this Case Schiller report and South Lake Tahoe, it really isn’t news to us at all.
The effect media coverage like this do es have though, that constant trumpeting of bad news, when its actually good news for home buyers, is it’s misleading, and that effects public psyche and perception. A frightened, unsure potential home buyer who lacks confidence hurts us and our local economy all.
We simply don’t agree that the news media has to phrase real estate news negatively, or sensationally to sell advertising. Good news for home buyers is a sellable news story unto itself.
Oh, and as for the term “double-dip”, for there to be two dips, there has to be a point where prices appreciated, but that hasn’t happened here, or anywhere else of consequence since 2006. There has been a steady gradual price decline, and you know what that is… it’s great news for home buyers.
Closing: Richard Bolen w microphone in hand. Behind him is a visual of South Lake Tahoe.
Richard
For me and Lake Tahoe Television, we hope you find our real estate market reports helpful.
In the meantime, for stats, data and more details on all South Lake Tahoe real estate market conditions, check us out at the Lake Tahoe Real Estate Blog. It’s where home buyers are.
Other news spots from Real Estate Central on Lake Tahoe Television:
May 18, 2011: (part 4 in a 4-part series) Episode 4 in our Lake Tahoe Television Series about South Lake Tahoe neighborhoods.
May 16, 2011: (part 3 in a 4-part series) Episode 3 in our Lake Tahoe Television Series
May 9, 2011: (part 2 in a 4-part series) More News from Us on Lake Tahoe Television
May 3, 2011: (part 1 in a 4-part series) Yep, we're on-air Television Reporters Now.
Other videos of ours on South Lake Tahoe you may enjoy:
Apr 30, 2011: Our New Television Commercial, We Are Where the Buyers Are
Feb 11, 2011: Our Real Estate Seminar Television Commercial
Dec 11, 2010: The Lake Tahoe Weather
Dec 9, 2010: How to find and use our Bolero Button… and why you should.
Oct 20, 2010: Bijou Neighborhood video
Sep 28, 2010: A South Lake Tahoe Indian Summer
Sep 23, 2010: Emerald Bay Treetops… and a Bald Eagle
Sep 16, 2010: Walking on Water… South Lake Tahoe Style
Sep 11, 2010: Al Tahoe Neighborhood video
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