On October 27, the South Carolina Association of REALTORS forwarded the following article to all members of the Association:
In an attempt to shock its readers into buying newspapers, editors at The State Newspaper (Columbia, SC) fabricated a sensational headline. Wednesday's readers saw "Home sales plunge" stretched across the front page above the fold. (If you'd like to read the article, click here.
However, immediately below the banner, the article explains, "sellers appear to be holding out for the asking price they want . . . prices rose close to 6 percent . . . for the year, however, the slide pushed Columbia's market slightly below sales in 2006."
If that isn't enough to prove sensationalism, another article titled "Housing stable in Columbia area" appeared in the paper on THE SAME DAY!
Its time for our news media to stop creating stories where there are none. Its time to stop running alarmist headlines that 'shock and awe' readers but are not supported by facts. We all know the facts behind this so-called "Housing Slump." After years of booming sales, markets across the country are correcting. Each local market is correcting in its own way. The South Carolina Association of Realtors is developing a response to this media nonsense, and you can be sure that we will share it with you here.
As a wise man reminded me recently, the media is run by stock-heavy folks. When the stock market is up, the real estate market usually gets beaten up by the media that "the bubble has burst", and other "the sky is falling" nonsense. But look who ultimately benefits from the well performing stock and a slow real estate market... those same stock-heavy media folks who take this opportunity to rush in and make the best real estate deals.