Los Angeles Times Closes Real Estate Section
One of the largest newspapers in the country announced they will no longer publish its weekly real estate section. The newspaper also announced there would be staff reductions as a result of this change.
Two local South Florida newspapers are also feeling the same affect on declining readership. The Palm Beach Post's Sunday real estate section is a skeleton of what it's previously been and The Sun-Sentinel's new home section, which was one of the largest in the country, was not even printed this week. What we are now seeing are much smaller real estate sections in newspapers throughout the country.
I do not believe that the media created the initial market slow down, but they may very well have contributed to the long term market conditions.
Points to Consider
Do you feel that newspapers are now feeling the result of their endless negative press related to the real estate industry?
Is there a backlash from their readership?
Are the newspapers feeling the affect of the real estate professionals who have either reduced the number of ad's placed or are no longer advertizing in the newspapers?
Are the newspapers starting to feel some of the pain that the real estate professionals have been feeling for the past three years, and have the newspapers caused that pain for themselves?
What do you think the newspapers could do to help assist the real estate industry?
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Personally, I feel that the newspapers are feeling the affects of new technology more than anything else. I have a neighbor who is a writer for the newspaper, and he has been informing me that the newspapers are making cuts everywhere, due mainly to the lack of advertising. The lack of advertising is due to the lack of readership. With news on the internet for free, nobody needs to buy a newspaper anymore.
Many newspapers over the last couple of years have folded, and many others are concentrating more on other things like the internet.
As far as real estate, our real estate section in our newspaper has never been much of anything to speak of. No real articles about anything, just advertisements. Most of the advertisements are from discount brokers and home builders advertising their new developments.