Is RealtyTrac Overstating Foreclosures?
With Over 21,900 filed Notice of Defaults (ACTUAL NOD's AS OF 10/26/07) in Maricopa County there is no doubt Arizona has many troubled homeowners. The media loves a good story and normally a good story involves tragedy, heartache, and turmoil. Should we believe the doom and gloom of the papers, or is it just their way of promoting the hype?
RealtyTrac, ranked the 3rd largest real estate site by MediaMatrix and one of the largest databases of foreclosure information reported as of JULY 2007 (4 months ago!) that number should be 27,515. Now, I have never been that great at math, but that is a rather large difference. Is this a bad thing or a good thing?
As an investor, the bad press actually puts more money in my pocket, and as a Realtor it helps me get my clients to strategically price their properties without having to explain to them why last years appraisal means squat. So in the end, I suppose I should thank the powers that be at RealtyTrac and the newspapers for outstanding reporting! Just a thought....what's yours?
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