Here they go again, as the Great Communicator was fond of saying.  The November 29 edition of USA Today shrieked at readers: Home prices plunge further; Declines likely to go on as sales fall."  They wrote further: "The median price for an existing home plunged by a record 5.1% in October, shrinking values back to March 2005 levels."  Gosh, a 5.1% drop in one month?  Quick, Martha, call a Realtor®.  We need to do something fast.

Well, not exactly. USAT was citing a National Association of Realtors® press release of November 28, which stated in part: "The national median existing-home price for all housing types was $207,800 in October, down 5.1 percent from October 2006...."  So, in fact, the "phantom national market," as I like to call it, experienced a rather unpleasant decrease in prices, but hardly a "plunge."  The NAR release goes on to cite those areas like Charlotte, NC, San Francisco, Albuquerque and Green Bay WI, where there were healthy price gains.  No mention of those areas in USAT.  Quelle surpris as my French friends like to say.

Will someone please create a truth squad to hammer these fear-mongers and truth-distorters?

 

3 Comments on The Media - Again

NOV
29
2007
185,956 Points 7 Featured Posts Outside Blog
Unfortunately that kind of news gets the papers sold and the viewers for the news. 
9:46am • #1
the media has no idea!  They are just putting the fear of god into people!  the market we have seen the past 5 years has been ABNORMAL now thigs are getting back to normal.  Yes things were great when eveyone and thier brother was giving out loans to everyone.  Doom and Gloom, I think not.
9:58am • #2
569,437 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp
Bad news sells papers and that's their job. Our job is to keep the local market aware of what is reality for us . My best use of the newspaper is to start a fire but it may be difficult to put out the fire they create when they use national facts to bring concern to the local market.
10:00am • #3


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Karl von Loewe

Hillsborough, NJ

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Prudential NJ Properties

Address: 408 Route 206, Hillsborough, NJ, 08844

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Thoughtful and spirited opinions and musings on the real estate market.


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