After two posts devoted to "hostile" media http://activerain.com/blogsview/268375/The-media-is-crazy
http://activerain.com/blogsview/269007/The-media-is-crazy),
I got quite strong comments. Both times I tried to comment back, but I either failed to be convincing, or the issues are bigger than the bite-size of a comment. I honestly did not intend to exploit this topic, but it leaves me with the feeling of unfinished business. Anyway, this is the last at least for some time. I do not want it to become pointless bickering...
The "opposition" claims that the media is either all lies, and I tried to address it in my second blog (see the link above), or it is exaggerating, distorting, or else. Linda Tremblay in her comment noted that "The media needs to consider that real estate is a local industry!" And though I do not have anything against acknowledging that Real Estate is local in nature, I don't think that we can tell the media what to do and how to do. This is contrary to the free speech idea.
Check your local TV stations and local newspapers and you will find local stuff, at least I do not have a problem finding it. On our TV I learn about the real estate market in Central Florida. In our local newspaper I read articles about our local real estate, and a lot of that quotes local brokers, data from the local association. It is based on the local data, so this reflects the local market. If experts are discussing the national market and it scares the heck out of you, stop reading the newspaper and turn off the TV. Because it is not about the media.
"The media have been going on and on for 3 years now saying that there was going to be a bubble, we are in a buyers market, etc."
I do not recall the media to go on for 3 years warning about the bubble. I remember a few experts talking about it, and I do remember hyped forecasts from NAR and its chief economist. In a sense NAR lied to the public, whether knowingly or unknowingly (which I find difficult to believe, as this science of cycles happened before).
At that time did we cry our lungs out that this could not be going up and up forever, and losing a shirt was getting more real than ever? No. We did not have a problem with the media.
And if the buyers "are missing on the best time to buy", this is not because the media tells them this or that, but because this is human nature: to start running when everyone else is running. That's how the markets gets crazy.
Blaming the media is also in human nature. We need someone to blame. This is called readdressed reaction. We can't change a thing, but at least we feel better.
And what are we actually complaining about? People are still selling and buying. If our ranks doubled during the crazy times, and there is not enough for everyone to put on the table, is this the media's fault? If people stopped buying 10-15 houses just to flip in a few months, why are we angry with that? Yes, alligators die in a drought, so let's start looking for the water. The drought is not brought by the media.
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