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Can we gag the Media ? Or hang the DJ ?

Can the National Association of Realtors sue the media ?

Don't kid yourself ! The media makes the problem worse. Sure there is a "crisis" in the country with the mortgage mess and the financial markets being battered. But if you listen to the media they would have you not leave your house and never spend another dime !

The media excacerbates the problems. Because of the media, they are freezing people from making decisions that could really benefit their lives.

Case in point - right in the middle of negotiating 2 agreements, both buyers or a relative or friend of the buyer were so spooked about media reports that both buyers pulled their agreements. Now I am not saying that maybe this is not the best decision for each buyer, but it sure shows the power of the media !

In one case, the buyer would get one of the most amazing deals for a condo in Old City I have seen in awhile and is just too spooked to move foward.

I really believe that during this time that if the media is going to take certain positions of recommendations on the marketplace, they should have commentators on both sides of the fence per se. The fact of the matter is how can a media pundit recommend not to purchase a property anywhere in the United States where that goes against "location location location". And if a buyer is going to get a tremendous value, how can one advise against that ? If a buyer can improve the quality of their life 10x over, how can one advise against that ?

If that happened just with us in the last week, imagine how this could affect homebuyers all over the country !

Can the National Association of Realtors get more involved to make sure that their voice is heard ?

Or maybe just ask the United States Government for a bailout if every potential buyer decides to lock themselves up in their apartment ?

As The Smiths sing on YouTube - "PANIC ... Hang the DJ"

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Posted by Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate on 10/12/2008 11:24 AM

Comments (114)

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Originally posted at: The Philadelphia Real Estate Blog: Can we gag the Media ? Or hang the DJ ?

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114 Comments on Can we gag the Media ? Or hang the DJ ?

OCT

2008

I can't agree with you more! I always feel the media has the power to change this market 100%. The newspapers have been hurting for a long time since the internet and do as much as they can to increase readership. Ratings on all of the networds to pay for advertisers do the same. It gets worse by the day.

The media feeds on negative energy if it wasn't for negative news they would be out of a job. Whenever a client brings up any negative housing news I just remind them that all the big real estate voices like Donald Trump say that this is the time to buy.

Aloha Christopher and Stephanie,

Right on!!! The fact of the matter is that BAD NEWS sells papers and gets people to watch the news on TV. The other day I heard (on TV) financial adviser telling people if they needed their money in the next five years that they should sell their stocks TODAY!!! In the middle of a panic on Wall Street I hear these people fanning the flames of panic. I agree with Justin, we need Donald Trump to tell them that now is the time to buy.

It seems like the media in a lot of ways is making this worse. so we have to gag them with our wallets and email their sponsors and tell them we do not want to buy from people who sponsor people who take away our living

I had two inquiries from two separate clients this week, both wondering if money was even still being lended out at this point. They had 'heard stuff'. Both folks thought lending dried up completely. Part of me wanted to tell them that they should stop buying papers and cancel their cable bill and take that money and save it to start buying Real Estate in cash.

Janet - agreed. I wish people can see through it. Fear and greed on the pendelum - the media pushing it hard either way... it makes me sick to my stoumach.

Justin - The negative energy affects us in many ways. It can even drown out the voice of reason and even the voice of Donald Trump and Warren Buffett.

I totally agree. Not only the media and DJ but also all the lobbyist.

Bill - I hear you ! That is just an awful recommendation and yes, these pundits add a lot of fuel to the fire. I of course have too much faith that consumers can see through the bullcr** but am not so sure anymore. Especially when it is innudated on tv, on the net, radio, newspapers...etc

Charles - Sounds like a good idea to me !

I too think the media thrives on anything negative--sometimes I believe their intent is to frighten people even more then they already ARE. I turn it off, I can't listen to it much anymore--just enough so I know what's happening.

Jason - I hear you. I have had that same question be asked to me by almost daily. I had a potential seller (who Im meeting tomorrow) call me today and ask me if buyers can still get loans at all and if it was worth him putting the property on the market ? There is a lot of fear out there !

Huiting - totally agree. The spin that a lot of the politicians and the media as well as the lobbyists behind them is a powerful machine. How come no one is really talking about the Community Reinvestment Program or the Acorn projects sponsored by the democrats for affordable housing ?

Carole - Is good that you turn it off sometimes too. Fright and fear sell and are good for ratings. Is a joke... what is horrible is that it is hurting our economy more unneccearily due to the excess "fear" !

The media influnce on the market is too much, alot of this mess I do blame on them----Bart

OCT

2008

The media says therefore must be true. It just shows the power or should I say the dumbing down of America. Remember when they printed that a person won the presidency and it was the other guy, I believe it was IKE. Anyway just shows.

Christopher,

Thanks for the post. I would agree that the media needs to present a more balance format. All too often they respond to snippets from one side of the aisle and it usually is the doom and gloom side, as though there is only one side to a coin. They do they viewing public a disservice by not presenting the entire story.

Bart - you got that right !

Joyce - Great point... it really is AMAZING... and SCARY to know that the media has that much power, control and influence.

William - Correct ! There is a HUGE disservice being done - I think NAR should make sure they get in the public's eye more.

I'd love to gag the media....I am really tired of listening to all the doom and gloom

It would be nice to see more balanced reporting. I think NAR is asleep at the wheel. We have PR and commuications committees - and I just got my dues bill -- and it is really high! For the past few years we have been paying a surcharge for more Realtor image campaign -- I think it's time for NAR to get some coverage into the press!

NAR has some very good commercials-public service announcements that relate directly to our markets....but they are a little "tame"...maybe something "noisier" that would not blend in with other commercials...

Here is a link, where you can see their strategy, give feedback, and view the actual announcements:

http://www.realtor.org/pac.nsf/pages/pachome?OpenDocument&LID=RONav0008

Everyone - I've been thinking the same thing for some time now! In fact, I just blogged about this same thing myself last night (Depressed state of mind?)! The "Drive by media" is not going to present both sides of anything fairly! They seem to have their own agenda and present stories biased in the fashion they feel advances it the most. + as always who can resist stopping and staring at a train wreck? We need to keep positive, get the word out however we can, put pressure on our congresspeople and yes NAR too to help educate and change the mob mentality going on out there!

Christopher and Stephanie -- The media makes almost everything worse, including our lives.

I totally know what you mean! I wrote a blog about this subject last week, and the week before, etc.. It never ceases to amaze me how the media portrays the marketplace and in reality how it is and how much our clients are influenced by it. I have clients all the time telling me they heard they can't get a loan, the homes will never be a good investment again, etc.. It's really crazy.

That's why it's our job to educate our buyers and sellers and get them off the media bandwagon. They are never going to know the real story of their market if they continue to listen to the news. Have classes, write blogs, mail info packets, whatever you can to get the real real estate market news out there!!

Thanks for sharing and keep up the good fight!

Kind Regards, Nicole Weidauer

The Egerer & Weidauer Team, Keller Williams Realty North Seattle

You have hit my nerve, for sure! I just posted a rant this week about all of the goings on right now. I was home sick for 3 days, and was watching far too much news. No more for me, I'll tell you! Yes, times are tough, but the negativity in the media only feeds the fire, instead of focusing on what great opportunities are available right now.

NAR needs to get a much louder voice, to be heard right now. Let's hope for a speedy recovery from the mess we are all in! Now, I"m off to read, or watch a tivo'd comedy. Anything other than the news, lol.

The media is bad, no doubt.

About the only thing that is more harmful is when NAR speaks.

"It's time to buy".
"Real estate is a good investment."

Folks will buy when they need a home. Wait until Spring.

Wait. I think I said that last Spring.

As i've said. Journalism is dead in 2008. Every reporter has bias now and all of them are in it for political gain or for ratings. It's free speech at it's worst. They have up to this point not once mentioned the fact that the market has done far worse in years past even going back only 5-6 years to 2002,2003. They want to panic the public to get them to watch their biased news coverage that interjects their political candidates viewpoint on the matter in every segment. The media has completely taken the housing market's true condition out of context. Market's are bad yes, but down only a few perecentage points compared to last year in most areas and home values certainly haven't dropped more than 20% in most either or even close to it. But this is what we get when we let owners of companies who have contributed wholly towards one specific campaign candidate run the shows. There needs to be more neutrality on tv but without any real regulation other than what the democrats have imposed on radio (to gag republicans), it won't happen.

The media is running this country. Don't let them fool you. They 100% influence every single decision in our lives. Their news stories force others to speak up one way or another. They leaked massive reports during the early months of the iraq war citing where and when we were attacking putting the troops in jeapordy. They even forced the president to report their intelligence program to them stopping the government's ability to spy on could be terrorists. When you give one group in society this much power it's never good for any of us. Imagine the news media ran by a group of terrorists (under cover) and the damage they could do with their news stories. It's out of control.

Unfortunately, if it bleeds it leads. Even in our local paper when real estate news is bad, front page. Recently our median sales price went up a fraction, page seven.

I'd contribute to that campaign! Whoever our PR company is for NAR they need to be pressed a bit to do a better job!

I agree 100% with you. The Media has the ability to make a catastrophe into a cataclysmic event. They reach millions in seconds and can change peoples lives by what is said or not said. Too many believe what they read or see on TV as gospel. They forget that a human is either writing it or saying it and therefore it can be slanted.

For example, several years ago, before we went into Iraq, Gen.Colin Powell was on the news and a satellite broadcast was shown of a 10mile truck caravan leaving Iraq toward Syria. During the broadcast it was said that the caravan could be removing weapons of mass destruction to Syria. I saw this broadcast twice and then never again. i know I wasn't imagining this because others saw it too. This was when Saadam was fighting the UN inspectors from coming in and we (the US) were trying to do things in a democratic way, through talking. I was not surprised that nothing was found when weeks later we did go in to find nothing. What ever happened with this broadcast, where is it now? Hidden I am sure. Don't show something that could make our decision to go in correct.

I personally subscribe to The Economist, it is a magazine written and produced in England. Probably the most factual and middle of the road information you can get. It doesn't take sides, it tells it like it is and it makes you think. Unlike our media that is either "right" or "left".

Back many years ago, in Chicago at the Democrat Convention, When Daley, Sr. was the Mayor, Chicago police went into the crowds of demonstrators and night sticked, beat, and plundered demonstrators who were against the Vietnam War. My own father said it was trick camera work. I was appauled and knew better because friends had been present during the maylay. People believe what they want to believe, or what they can accept.

As far as NAR, they have been running ads throughout the US showing how a Realtor is a professional, someone a buyer/seller should turn to for guidance. They have tried to dispell the myths about us being "used car salesmen" and worse. I don't think they take it far enough, the ad that says we are held to a "Code of Ethics" doesn't teach the public that there are real estate agents that are NOT Realtors and are not held to the higher standard that a Realtor is held to. I realize that these time slots are very costly and a 30 second air time slot limits what can be said. But, I think the general public has to know who we are and what standards we are held to. Also, they do put out news, daily, the said part is that the general public does not realize that the local newspapers do not, and choose not to publish what is submitted to them. If it doesn't fall into the way of thinking they do not have to report it.

If we as the public, not as Realtors, would complain to our media that we are sick and tired of not hearing more from the largest National Voice for Real Estate in the World, we will not subscribe or buy their papers, then we will get results. Maybe not from all the papers, but some will take notice.

Here is where local Realtors could make an impact in their own communities. Local papers look for local news reporters, why not volunteer? Yes, it means staying on top of the industry, especially locally. Yes, it means attending local zoning board meetings, or country legislative meetings, but you would be reporting facts and probably making people aware of items that impact them as private property owners, that no one else is reporting on. Just a thought, let me know what you think.

Sorry to ramble on...but I am involved in my local, state and the National Association of Realtors, I sit on committees, Chair some and I am vocal! We need more help....call me if you'd like to get involved and I'll tell you how you can help get the truth out.

We can have a say with our pocket book by not advertising in the media that promote the one sided stories. I am all for accurate and correct reporting but when they focus on only one side of the story and use the negatives for a headline then it does not do anyone good except to sell more papers.

Wonder what would happen if all the advertisers (not just our industry either) that are affected by the continued negative and one sided reporting decided to pull their advertising in unison. Do you think that they would be more likely to report a more even and non biased story?

You nailed that one for sure. I have stopped watching the news in the morning. I hate watching it and getting mad. I have had a really great summer for selling and my clients keep things in perspective. The news media just hipes it up and takes it to another level. We should boycott it for a week.

This is a self-fulfilling prophecy if I have every seen one of epic proportions! I wish everyone would just keep quite and let's go back to the simple times of the past two years (yes, lenders and banks have been failing for two years now!) Give the failing company the 15 second blip all others have received. Problem solved.

Respectfully to all:

In my experience, those "interested" in the market, but have reservations committing tend to shy away from agents who "protest too loudly" about what is being reported in the media.

With calm confidence an agent should explain one-on-one their market with factual information and research.

When it comes to any kind of news reported by anyone,anywhere, including Fox, CNN or even things from NAR, I tend to believe only half, and I try to piece together the big picture.

Your post is over the top.

"Can the NAR sue the media?"

Maybe we should sue all the realtors that told everyone that their house was a wonderful investment who are now underwater by 200k? Or the realtors that sold people more home than they could afford. We should sue the NAR for allowing David Lereah to write a book that pumped up housing just before it crashed.

This idea is asinine. The media, though perhaps dramatically, is simply reporting on a crisis that your profession helped create, and that no 'real estate professionals' saw coming.

You think that only realtors are entitled to a public opinion about whether or not someone should buy a house? Your arrogance is stunning.

Many agents probably deserve the economic consequences they are getting. For the good ones:

Sorry about the pain, BUT YOU SHOULD HAVE POLICED YOUR INDUSTRY BETTER.

And don't try to stifle freedom of the press just to benefit your business.

That is the province of cowards and tyrants.

Signed,

A taxpayer.

Some of what Mr Taxpayer says is accurate as far as the media goes. They are just doing their job and dirty laundry sells. As far as Mr. Taxpayer's opinion goes on what Realtors should have done or not.... when did consumers become puppets with Realtors pulling the strings? In 22 years I know I have never talked anyone into buying a home. It was always done by the persons free will.

I am simply turning the original poster's argument around on them.

If the media could be sued for harming the public perception, why not sue the realtors/NAR for making the picture look overly positive?

The original poster cannot have it both ways.

I do not actually advocate the suing of realtors or the NAR.

The notion of suing agents or or the NAR was to point out the absurdity of the original post's idea of suing the media. It is junior-high-school level thinking at best.

taxpayer

Real Estate is a Local market... Each market has it's own pros and cons. The national media would make you think that the entire country is having it hard where actually it's not. Yes there are some hard hit areas... again.. not all are the same. Real Estate is Local.

Christopher & Stephanie.... well said.... it does come down to location. And how qualified were the buyers? If you have a good job and decent ratios.... buy now. Sure, anyone can lose their job at any time... but that can happen is a good market or a bad market. The media is really hurting our market in the last month, it's getting scary. I wrote about this about 3 days ago.. great job here and congrats on the feature.

jeff belonger

This past week, I heard a financial 'guru' on a news show say that you can't get a loan to purchase a house now unless you have perfect credit and then only if you have 20% to put down. He stated it as FACT. He obviously has not been in my market because we can still get 100% loans here. I wondered how many potential buyers in my market may listen to misstatements like this are deterred from even trying to buy.

Pam Simpson
Northwest MS Real Estate

The media needs an extreme story. Either you're winning millions or losing it all. Slow and steady makes for bad headlines and sells no papers.

We are getting some interesting comments and responses here : )

Konnie - It would be a great feeling to gag the media or at least several pundits. Who would be your first choice ?

Joan - you are right about the NAR fees. I think I will email a link of this blog and its comments to NAR as there are a lot of agents echoing the same concern.

Pat - Thanks for the link - will took a look at it in more detail. It would be nice however to see NAR more active and vocal right now sice there is so much panic and fear brimming in society right now.

Brian and Marie - Agreed. I think we all need to be on the pulse in each of our local markets and providing service and educating our clients and consumers.

A few of my friends are getting ready to purchase for the first time and keep asking me questions based on 'news' they heard from various places. It makes me cringe when I hear them ask how long they think it will take them to get enough credit or to save up 20% down to be eligible for a mortgage. I just have cards of a few financial lenders in town who are doing 100% and 97% loans with a few different programs and have them back me up - and explain it better than I can anyway. Money is definitely more difficult to get now than two years ago (which I don't think is a bad thing) but it is still available. I don't know where these reporters are getting their information but they need to double check some of their 'facts' before scaring the general public into pulling all their money and hiding it under the mattress.

Whoops, that nameless one is me. - Jenn

Shirley - short and sweet. Well said : )

Nicole - that is an excellent point that all of us will need to continue educating the people we speak with and communicate with. What makes me nervous is what about the folks who may end up crawling in a hole out of fear after being subjected to the intense doom and gloom ? Will be tough to educate that portion of society... that portion of the buyer pool. To a certain extent, it is what it is though if people can not see through the muck. Some will see the opportunity clearly, some will need some help, and some will just not see it at all. Obviously, opportunity can mean a number of different things, not just buying a house.

Elizabeth - Well said... Let's stay on top of our local real estate associations to make sure a clear message is communicated to the public.

Lenn - I agree that those comments can also be harmful... but what is worse is "do not buy" "never buy" "buyers cannot get mortgages" "if you buy now you will be down 20 percent in 1 year"...etc. NAR can certainly qualify their comments and focus on the locality of real estate. Over all, one can still look at the long term history of the benefits of owning real estate. And frankly from a real estate investment standpoint, those investors (including myself) that own investment properties are thrilled to be there versus stocks in the last year... again based on location. I know I am.

It seems everytime NAR opens their mouth things get worse. They keep making projections and missing the mark by a longshot. The first thing NAR should address is professional standards for new licensees and actual transaction experience for renewing licensees.

As far as shutting up the media, we need to get them to stop usin g CASE/Shiller. With only 20 cities it will never give a true picture of a national real estate market.

Castellum - thanks for your comment. You say some compelling things about the media and it is true... and sad. It is amazing to think and to know that the media has that much power... it really shows in times like this. I think for the most part, we forget about it or just do not realize how people (and our economy) are spun and influenced by the media. And you are right, it goes far beyond the housing market... into all areas. Your quote "journalism is dead in 2008" would also be a great blog entry or book !

Frank and Jodi - great point.... is amazing that that news went to p.7.

Susan - we should ask NAR who is running the PR campaign ? This is the opportunity to shine with real messages and news.

Carol - thank you for taking the time to write your thoughts. Your thoughts are also a great blog entry ! I agree with you that it is a tough situation for NAR to get the message out, and even if they do, it is not picked up by the media... or convienently overlooked. All of us at the local level can do a little bit more and go right to the client/consumer. Still, it is hard when you are competing with that media machine.

I avoid the media so that I don't get sucked into all the negativity. As Real Estate Professionals who make our money selling homes, it is our responsibility to educate the consumer and the media so that this crap does not continue to be blown out of proportion. Yeah the market isn't that great but the fact of the matter is; homes are still selling when priced appropriately!

In the Boise, Idaho area, we're seeing some very positive signs from our real estate market. It's a well-kept secret though. The media has been completely mum on this topic.

I posted on my blog site about this situation just a few days ago.

http://activerain.com/blogsview/734266/Our-local-market-is

The media needs showy stories to tell. It must therefore be our job to discuss lifestyle and quality of life.

You have a voice, and with blogs, vidcasts, podcasts, you can reach way way more than a few people. You are the media...use the media. Th national news talking heads try to explain a complext issue in 20 seconds with a sound bite and clever copy. It starts with all of us getting our own houses in order. Saving money, not wasting resources, making families closer, communication and work to make our areas better places to live. NAR is not going to turn it around..you and I are. Our government is not going to "fix things"..you and I do...starting here! Good post!

I sooo agree! I have just had to turn it off. I have also tried to make sure that I educate everyone with the actual facts and that is all we can do. Positive positive!

Christopher and Stephanie - First: sorry that you lost your deal. Buyers get remorse - even in good times! Get over it, find another buyer.

Second, the sooner that everyone realizes that we are all guilty of being "hypocrites"- the better we will be.

How soon we forget, that this is the same "Media" that put millions of dollars in the pockets of people in this industry 2-3 years ago!...and we didn't need the NAR involved then, did we?

"When you live by the sword, you die by the sword" - in this case the "sword" is the media..

3rd & final point: No matter how hard they try, even NAR can control the beast known as the "Media"..and if you sit around waiting on the NAR (or better yet, the GOVERNMENT) you will be out of the business.

Instead of trying to figure out who to blame (NAR, Media, Bush, etc)..let's figute out how to fix the problem!

Just my .02 worth...

Bobby Wallace

Interesting to see how much non-member participation there is in this thread, and I believe it shows just how frustrated they are - certainly no less than we are. I do think the media is making matters worse, not better. That's something we don't need right now.

The media likes to sensationalize everything to increase readers and viewers. Sometimes the truth is in conflict with their agenda.

I agree with you, not only on real estate-related matters, but on all matters, the media should be FORCED to be more fair and balanced, giving both sides of stories, but I don't look to the NAR to do anything. Since when do they know how to shed the right light on our industry? Have you seen their 'marketing?' Every time I see one of those commercials, I think 'No wonder people don't believe anything we say.'

Jon - that is an interesting idea. Would love to see it implemented : ) .

Kim - Glad you turned it off ! Boycott it for a week ! A month ! Would keep us all more positive.

Renee - Agreed. It is old news to a certain extent. The financial markets correcting cause a lot of pain. The media is influencing that as well with the fear... and doom segments. There are many parts of the United States where real estate is doing well and even up year over year but those spots do not get any of the coverage... Or if an area is improving that news does not get highlighted at all either...

Taxpayer - I welcome your comments. Is good to have a meaningful discussion. The title was to "gag" the media... and yes, I did write sue, but if you read the post accordingly I am sure you would have picked up on several levels of sarcasm utilized to make a point. Obviously the point.. or some point was distilled to you.

Your comments make sense as in the past NAR and the media may have been recommending housing purchases.... and you know what, a high probability of those purchases are working out just fine for most of the country !! If the property was purchased before several of those boom years, there still is probably equity and appreciation. Most of the severe problems are confined to certain states.

For what it is worth, my business is greater this year than last year and greater than 4 years ago ! In Philly, we participated in the growth for sure but not nearly as much as some other states.

The point was that on a national level the messages that the average consumer is getting from the media is not accurate. It is skewed and completely one-sided... the pundits coming on tv making broad recommendations are a disgrace to our economy... adding fuel to a fire is also never wise and is irresponsible. Similar to the financial "consultants" recommending to be in cash for the next five years and gurus saying that "no one can get a loan right now". These are outright outlandish comments that should not be aired or written.

It is a fact that the housing industry as a whole is the backbone of the US economy. It makes sense that if the media understood this they would tone down the sky is falling mantality. From a mortgage industry prospective, we are seeing the same spooked buyers and sellers. I spend more time showing clients on why this is such a great time to buy than I do taking applications. That is a problem! I am keeping my fingers crossed that we are near the bottom and the media can start talking about something positive for a change.

I do wish that the NAR and MBA would get together and use our lobbying money to buy some ad time to share the message on how great of a time it is to buy. Who knows.....

Good evening Somers,

I've just had this very thing happen to me yesterday. Cash buyer with an accepted offer on his first bid! He wants to wait because he's just not sure that "the bottom isn't gonna fall out." What the heck does that mean? I may start running around yelling The Sky Is Falling, The Sky Is Falling!

You are right, the media pretty much started the run on the institutions. Great fear had been generated.

I think the media has a responsibility now, to show how much has been done in historic proportions. These government action around the world are unprecedented. Will the media put on a happy face? I doubt it. Fear sells more papers.

Richard

I just wrote a blog on boycotting CNN. Same feelings here. I am just really getting upset with what I'm hearing and they are actually leading the country deeper in an economic downturn just so they will have something to report. I had an open house today and 2/3 of the people that visited said, "Nobody can get financing". When I tried to explain to the people financing was still available. They asked me "Where, the news said there was no way". When I explained where I could get financing for them. They looked at me like I was crazy! Then I had one person tell me that the stock market was as low as the Great Depression, when I told them that point-wise the market was lower in 2002 and 2003 after the tech bubble burst and no lower than after 9/11, they sat there and disagreed. I just dropped it because I didn't want to cause hard feelings and praying they will get online and look at some of the stock market graphs for the past 50 years or so. So this is what they are doing to people. Panic striking them so they will have something to report tomorrow.

THE MEDIA HAS NO CREDIBILITY! How can anyone listen to them? That is what blows me away! I NEVER listen to what the media says on any topic or story because they report what they want and I will not be swayed!

I lost a buyer a few weeks ago because of the media being so negative. I truely believe thay don't understand the awesome power the media has. They are more powerful than the government, they can influence people in just a few minutes. Even though we know it, even we become affected by it. Be careful what you watch.

There are so many great comments on here ... has become very interesting. I wonder if I can foward this discussion to a NAR representative ? Otherwise, we can do the best we can educating the public on our local markets ! Will check in tomorrow and respond to the comments I missed today : )

Chris Somers

Great points, I couldn't agree more. Building anxiety sells paper's and increases viewership & website traffic... and how do they make money?... enough said, apparently they are alright with what they've created!

Boy, you two sure are hitting the "nail on the head" lately! Nice job on the features and great content! Just for the record, yes, the media makes it worse but being out on the streets, I am still seeing multiple offer situations here locally!

The media continues to promote the negative aspects of the recent housing and economic reports. Why not look at some of the positives in the report instead? Public opinion would be changed dramatically!

Hi Both,

The media will only give half the story. For example, they say "there are 1000's of foreclosures in the Market place." But what they will not tell you is that they are selling like hot cakes with multiple offers and well over asking price on some.

As most of us know. The Media only gets their Ratings from bad news. Who will listen to good news all the time? People are funny sometimes.

I too have had clients back out of deals because of the Media. The worse the Market is the better off for buyers. First time home buyers get out there and get out there NOW

Great post

Patrick

Chirs and Stephanie....so you want "NAR more involved"? Consider that NAR, and it's "economist, David Lereah, were reduced to a laughingstock, for their lack of credibility, all the way back to 2005.

Read the reaction to Lereah's cheerleader book touting "investment" in residential real estate, on the Amazon site....back to 2005: (47 customer reviews)

NAR permitting Lereah to make wild, unfounded housing appreciation predictions, all the way into the first quarter of 2007, was not a concern of yours, because his "message" seemed good for your bottomline.

You say it's "the media's fault"? On friday, the S&P 500 index, the most seriously regarded measure of US stock market performance because it is comprised of 500 leading publicly traded companies' stocks....not 30 stocks, as in the DOW.... S&P 500 moved nearly 100 points in the 6-1/2 hours trading session.... , down to just 840 pts., at it's friday low....an amazing move for an index that was above 1550 points, a record, just 12 months ago. Every major Wall Street investment bank failed or was absorbed or turned into a "bank" in an emergency, weekend move, just since this past March,,,climaxing with the failure of CDS insurance provided by AIG to mask actual asset quality in the portfolios of these investment banks. When AIG fell to an emergency government bailout, the insured portfolios were instantly worth only their market value, The investment banks, Lehman, Goldmand, and Morgan Stanely were insovent and could no longer borrow a dime. As I write this, Morgan is being bailed out by Mistsubishi, because it's emergency transformation into a commercial bank was not enough to prop it's insolvent balance sheet.

You don't like the current market conditions and uncertainty....nobody does....but if you did not disapprove as strongly with what NAR and David Lereah were doing between 2005 and 2007, it seems hypocritical to blame the media now. This is not a media driven decline....it is a long overdue fundamentals driven decline. The average selling price of a home is unsustainable, in a good economy, low interest rate environemnt, at a level higher than 3 times average household income in the same locale that a property is located in. Average income in the state of California, for example, is $64,000, supporting an average statewide selling prices of $192.000, yet the avergage selling priee in the state has declined only to $335, 000 so far.... this decline still has a long way to go.

I have to agree in part with Ed above. The NAR is so discredited because of their own actions that they are useless. I would disagree that the media hasn't had involvement, but I don't think they are the primary culprit. They are just a convenient scapegoat.

Christopher and Stephanie

Yea Rah! I am on your side. Oh what a tangled web they have weaved. Thank you for this post. It's a keeper.

Later in the rain~Deb

OCT

2008

Agree, the media makes things worse. Granted we need to know things. But the media seems to make most situations seem worse.

Here is an idea that worked for our Association. We turned to the local cable company for a weekend open house for over 11,000 Realtors with positive spin on it's a good time to buy. Great turn out and many Realtors stopped sending the dollars to the local newspapers. Just like anything else stop paying the big bucks to newspapers that slam our industry.

What if even a fragment of AR members went to local media with one positive story a month...hmmm...even the local folks are tired of the gloom and doom and we are best qualified to bring the GOOD NEWS !

There are some great posts and thoughts here. This really has become an interesting discussion. I fowarded to NAR the link for this blog entry. Will be interesting to see what any response would be... it was hard to figure out who to send it to from their site.

Right, right, right. I wrote about this in my blog on 10-8-08. JOURNALISTIC INTEGRITY IS AN OXYMORON.

We should insist and try to enforce better behavior.

Sincerely,

Lynda Brown

Amen! The media certainly does not make our jobs any easier. Wish we could gag them!

Hey Guys... I'm with you 1005 - I've had buyers ask if they can still buy and sellers are spooked (and it's not Halloween Yet). I'm so sick of the NEGATIVE - BIASED - MEDIA... That I don't watch. I only read from sources I trust. Congratulations on a well deserved feature.

I agree. I had to stop watching the news last week, and I have been even turning the stations on the radio.

The people who say that more bad road lies ahead all have PhDs in economics and don't stand to make 6% off me. I know Whom I will believe.

They also predicted the housing bubble.

Yes, they do make the problem much worse---in fact, I feel like they started this debacle. Now they're trying to decide the election.

you got it !!! Hit the nail on the head. Confidence is what we are lacking. Does anyone think we are ever going to hit the horse and buggy days or people jumping out of windows over the stock market. Come on people still have to have a home. your either a renter or an owner. The media is scaring people to " Make a Change" I do think it they can paint a horriable picture it will also sway people to Vote during this election. Im so sick of it !

Alison Creamer
RE/MAX
www.bzibee.com

I totally agree with you. The media sells sensationalism. They also sell elections

The media, what meddlers they are. Not only the housing market, stock market, but they alw want to decide the election. The funniest thing they do is sensationalize a snow storm and when it does not come they are out on the street looking for a little flurry to report on. It would be nice if they reported some good news once in a while.

The media only has the power we give them. Let's all hit the off button!

You're so right but the hard part is we've become a nation that just believes the print or the news.

Excellent post. What we need is rational journalism with clear and accurate “reporting” of facts. What we have are pundits who opine and spin what is real into an altered reality which is then passed along as truth. Unfortunately, in today’s society, the primary purpose of media is making money and punditry sells more cornflakes than journalism

Why do conservatives "blame the media"...and believe it has a "liberal bias", when it is almost exclusively owned by other conservatices, and tends to bend to the will of it's advertisers?

It plainly is NOT "a good time to buy"! Why would you, or your local TV or radio station or newspaper, want to try to convince potential customers, that it is a "good time to buy"?

Recent Home Buyers Underwater

by CalculatedRisk

Here are a couple of articles that suggest a number of recent home buyers are already underwater (owe more than their homes are worth).

Here is a graphic from the South Florida NewsPress.com: ‘Underwater’ borrowers sign of more trouble

Click on graph for larger image in new window.

Worst off are those who bought homes in 2006, just as the housing boom was ending: 78.5 percent of those now have home values less than the original loan amount, according to second-quarter statistics compiled by real estate data provider Zillow.com.

But look at 2007 and even 2008. In Lee County Florida, according to NewsPress.com, 14.5% of homeowners who bought this year owe more than their homes are worth. And almost two-thirds of homebuyers in 2007 are underwater.

And the MercuryNews.com has a sad tale of a neighborhood devasted by foreclosures: Financial crisis: Homeowners in Manteca neighborhood cope with foreclosures.,,,,

This is how the last "big one", ran it's course:

Brisk Pace In Building Of Homes - New York Times

Annual housing starts in 1978, were not surpassed until 1994:

"....In single-family homes, December construction was at an annual pace of 1,226,000, a 2.8 percent rise that lifted the overall 1994 gain to 6 percent. At 1,195,600 homes, the yearly total was the highest since 1978..."

...and Donald.... the influence of advertisers on the media was exposed way back in 1919,

Monthly Review May 2002 Robert W. McChesney and Ben Scott

....and nothing has changed. The problem is that the media is already on the side of the business community, it is owned and operated by that community....the elite in America.... exexutives at Disney/ABC Sumner Redstone/CBS GE/NBC Tine-Warner/CNN ....the media is against "the left"...hence there is no "left" in the US....this is what happens when the media is "against you":

CJR, Sept/Oct 92

"...Upton Sinclair's surprise victory in the California Democratic primary of 1934 frightened the California business establishment -- and the California press lords -- as did nothing before or after..... But it was one of his numerous pamphlets, I, Governor of California, and How I Ended Poverty, that thrust him into the political spotlight. In the midst of the Depression, his EPIC (End Poverty in California) plan drew a huge grass-roots following. Sinclair advocated having idle factories turned into cooperatives and manned by the unemployed; public ownership of utilities; special taxes on large land holdings; and -- the clincher that brought Standard Oil of California, banks, insurance companies, realtors, and the major movie studios into the fray -- a state income tax on corporations.

The campaign that followed has been described by Arthur Schlesinger, Jr., as "the first all-out public relations blitzkrieg in American politics." Realizing that too much depended on the outcome of the election to entrust it to the state's feeble Republican party, business and industry leaders banded together and hired outside help.."

This is the governor, with the help of a giant media smear campaign, who beat Upton Sinclair in 1934:

NAR: This Month in Real Estate History: April 2008 Archives

From 1934 to 1939 Frank F. Merriam was also known as the "REALTOR Governor. ...

In response to anonymous above, I could respond to the comment about liberal media, but it's pointless. Anyone with a brain recognizes the liberal bias that runs rampant through the media. In fact, this is the first time I've actually witnessed someone attempting to argue it. It simply can't be legitimately argued.

Secondly, I have to wonder if anonymous has ever bought any type of investment. If so, did you buy when prices were high, or when they were low? I would hope you bought when they were low, rather than the reverse. If not, you're probably living out of your car, if you own one. Truth is, in many markets now IS a great time to buy, because prices are down, and so is the interest to borrow the money.

Personally, I have a HUGE problem with the NAR ALWAYS advertising (in every market) that NOW is a great time to buy. It gives the impression that a) they have no idea what they're talking about and always pump sunshine and b) that there is a 'national market' which is absolutely untrue. Just because now may be a great time to buy in one market, DOES NOT mean that it's a great time to buy in all markets. Same goes for selling.

There are some excellent comments, thoughts and observations here... is definitely an interesting and "sensitive" topic. I will reply to some of the individual posts as time allows... will also submit a new blog entry - part II - response from NAR as they sent me an email today. Will put it in here as well.

Let's face it. The media will do whatever it takes to sell papers or ad time or space.

Unbelievable.

OCT

2008

I fowarded the blog entry to NAR to see what they thought of all this dialogue. Their response was as follows:

"Dear Chris and Stephanie,
      Thank you for your note of concern. Let me give you a place to
start your inquiry about what to do to combat the credit crisis and
handle the fear in the marketplace.
      Earlier this year, NAR started the "Surrond Sound" program, a
grassroots program aimed at how working Realtors like yourselves can reach
out to the consumers you deal with, and to the local media. Please see
the website, http://www.realtor.org/press_room/surroundsound. That is
a compedium of
all we've put together. It is updated as events in the world
change--we've been updating it a lot lately--and you should find some good ideas
there.
      A word about Surround Sound: NAR offers this training to
Realtors, but only through your state and local association. If you think the
program is worthwhile and that your area should have it, please contact
the appropriate staff at your local or state association.
      If you should have more quesitons after you look over the
Surround Sound material, don't hesitate to contact me.
Thanks.
Lucien"

We all should take some time to view that link and to see if our applicable state associations are including it in training materials.

As you probably saw, Oklahoma is one of the states that has implemented the 'surround sound' approach, and it was helping in a market that was shaky, but still good. However, no amount of REALTORS shouting the praises is going to quite the negativity and worry that's going on in the marketplace right now. The consumers see us as simply pumping sunshine in a desperate attempt to save our 'paychecks' if all we do is shout positive in a market where everyone is worried about a complete and total collapse. The only positive publicity that people will listen to right now is positive from the 'financial experts' in the national media. There is a little bit of this going on, but not nearly enough. Dave Ramsey was just on Fox News last night talking about how now is the best time in our history to buy a home. If more of those types will really educated the public on buying low, we'll see a rush of smart buyers out in action again. Right now, they're all just bombarded with the doom & gloom of a great depression and the end of the world is coming, and have lost hope temporarily. Pray hard and keep doing what you're doing, spreading the word one person at a time and managing your business as conservatively as possible to weather the storm.

Get up close and personal with your local media outlets. "The Media" is not a nameless, faceless monster--there is always a person (or persons) behind every article. Real reporters rely on informed conversation with experts.

It is important to take action, though. Sitting around whining about unfair 'news' won't help you. Get to know the editors of your LOCAL newspapers and the reporters that cover your area. Make a concerted effort to be sure your local news contains LOCAL real estate facts. When real estate professionals and reporters speak directly to each other there can be honest reporting of all sides of the issue.

Also contact the sales reps of your local media outlets. Ask them to be a partner with your Real Estate Association in the NAR surround sound program. Yes, I am with a newspaper & magazine and can tell you that this approach is having an effect on a local level for us. We do run some free public service advertising for our real estate community along with low-cost ad campaigns.

It like most issues; start working on your own little corner of the world and watch the ripples work their way outward.

After we Gag The Media, can we gag the Surround Sounders?

OCT

2008

Someday the consumers will wise up and realize that the media is using any buzz word, buzz phrase they can to sell more newspapers or get more viewers or get more page visits - all to obtain the best adversting dollar they can get. It is not news, it is not even hype - it's marketing under the guise of news.

The media makes me crazy! One comment about how the stock market will still head downwards and POOF there it goes again.

One comment on the price of oil going up and POOF - it goes up.

Give me a break, doesn't anyone have a mind of their own???

It is crazy the mentality of the consumer out there - we are finding that sellers still have expectations that are too high even in lieu of market conditions ! It is hard to know whey sellers just do not agree to lower their prices on their properties instead of questioning why is there not more activity on their property ? On the flip side, buyers are still coming in too low on offers as well... it will be nice when this gap starts to get closer.

OCT

2008

Someday the consumers will wise up and realize that the NAR is using any buzz word, buzz phrase they can to sell more houses or get more clients or pending contracts - all to obtain the best commission dollar they can get. It is not giving advice to clients, it is not even marketing, it is hype.

To the Somers':

Know why they won't reduce their prices? Because the whole d--m NAR's plotline is that a house is a great investment; real estate only goes up, etc.

They whole bunch of them drank the housing koolaid and now want the profit to which they feel entitled.

We are far from the bottom, and this has little to do with the media.

Just want to clarify for those who think they know how real estate works, but show us each time they open their mouths that they're clueless, the NAR doesn't get a commission on the sale of homes. They're paid by the set membership dues that we, the REALTORS, pay them each year. They get paid the same amount whether we each sell 50 houses a year, or if we don't sell a single house each year. Historically speaking, real estate appreciates. That does not mean that there are never down-trends, but the majority of all American wealth is built through home ownership, and with any investment, it's all about long-term gains.

OCT

2008

Ryan-

Please try to recognize satire. I was demonstrating to one of the above posters that thier own argument against the media could be turned around against RE agents, in that if realtors want us to believe housing is just fine except for that eeeeevil media and their desire to gain readers or viewers, why should I not also consider the possibility that a realtor would tell me whatever they need to to convince me to buy a house?

Second, I know how the NAR is paid. We all do. They are paid by realtors' dues. Dues that come from realtors' incomes. Incomes that come from commissions realtors earn. Ergo, the NAR is funded, though indirectly, by commission dollars. Hence, their motivation to provide accurate housing forecasts is even less so than the media's.

Clueless, huh? Okaysurefine.

OCT

2008

Not for nothing, this is not affecting our bottom line... in fact, it is helping it. We are having one of our best years as agents, doing more volume, production and transactions this year vs last year. The slowdown helps the better agents as they have the opportunity to gain market share as sellers and buyers want to work with the most experienced and top agents for an area.

The point here is that the media can influence and does influence the average Joe in terms of scaring them silly.... this is one of the best opportunities from an investment standpoint (financial, real estate...etc). I just wish that when the media goes off on their tangent of negativity they would also have more pundits like Dave Ramsey or someone from NAR or Trump or anyone that can tell the other side of the story.

I understand that in the past in all the froth maybe NAR was contuining to beat the drum as everything was soooooo good (more risky) but now is a different time and we can look at the past but just move foward when things are soooo bad (less risk, more opportunity).

A very good forum here ! Keep it coming.

So would you admit that 2006 was a terrible time to buy a house in California?

I think that anyone who is intellectually honest would say that. Everyone who bought in 2006 in CA is probably down 20-30% in value.

Anyone?

OCT

2008

I think the big picture here is the present opportunity. I think that anyone that purchased a property in any year prior to 2000 (I will not type every year), 2001, 2002, 2003, 2004 and into 2005 is very happy right now. Obviously buying in 2006 and 2007 in the frothy states such as California, Florida, AZ and Nevada was risky and a lot of that was speculative buying So historically, pretty much every year to purchase was a good year outside of a few years in the speculative appreciation timeframe.

More importantly though, is looking at the opportunity now and not look into past. The media should be focusing on the present and the future instead of highlighting all the negativity.

Would you, had you been an agent in those markets, told your clients that it was risky to buy? Maybe advised waiting? Would you have?

Also, you think that ANYONE (your precise term) who purchased before 2001, 02, 03, etc. is happy with their purchase now. Anyone. That is a lot of people, you know.

Did you know that in many CA markets prices have reached 2002 levels, sometimes lower? Did you?

That means that people who bought in 2003 or 2004 are quite underwater, since many bought with interest only or option arm mortgages. They must be very happy,according to you. Let's go ask them, shall we? I am confident that I would win that contest. How about the tens of thousands of foreclosed families? Many bought in 2003, 2004. How happy they must be! The sheer silliness of your statement is astounding.

Methinks thou doth protest too much.

Adjust and prosper. Try to hold on to the old ways of thinking, you will fail.

The only people telling me that I should buy now are the ones who stand to make 6%. The PhDs in finance and economics are telling me to wait.

You will please excuse me for discounting your view as biased.

Taxpayer - Not a bad comeback... you are right in the term "anyone" can be overreaching... when I think of anyone I think of most people in my market or even in my neighborhood for that is the market that I know... so, thus, anyone (for the most part) that purchased in 2001, 2002, 2003 and 2004 in Philadelphia and especially in Northern Liberties is doing quite well... in some cases very well. Again, this gets back to Location Location Location. California obviously is different. I do not disagree with you on some of your points - but the fact remains that the opportunity to take advantage of a soft market is now... especially if one finds something that fits their goals and has a longer term time horizon. I think it is useless to bury ones head in the sand in the statistics of 2005 and 2006 but be more open minded in regards to the present and the future.

Also, the properties that I have purchased personally (even in 2005 and 2006) I am very happy with as the purchase price was below market in each of those cases. So, in addition to Location Location Location, each deal can and is a case by case basis.

At the end of the day, however, if ones goals are not in tune with home ownership, they should not purchase though. For some, renting may be the best option... Or in your case, wait for the next year or two... or never. You may be right - but I doubt it ... especially if you look at the longer term history glass instead of the immediate rear view mirror.

The problem is that many agents do not look at macroeconomic trends for themselves. They believe the marketing that was/is put out by the NAR. The NAR may do great things for your industry, but they do not enhance credibility.

David Lereah was a PHD!!! in economics and was wrong to the point of hilarity on ALL THREE of his books.

I will admit that there is little incentive for real estate salespeople to learn the reasons why a purchase is not a good idea. It is against their interests.

But how do you hold yourself out to the client? If you represent yourself as a real estate transaction specialist first and pimarilty, and you truthfully represent that your knowledge of price appreciation is nothing more than an opinion that is not based on economic research, then fine.

There is nothing lined up in the near or imtermediate term that leads one to believe house prices will rise.

Unemployment is still rising.

The banking/finance/real estate industry, long the growth area of higher paying jobs is being hit hard.

Banking and finance will not recover soon. The market for securitization is dead.

Manufacturing output is slowing drastically.

Consumers are re-evaluating their attitudes toward debt, including housing debt.

The long-held belief that the US real estate market is crash-proof is being proven false.

If you read about the finance sector, you know that UNPRECEDENTED levels of money are repeatedly being thrown at the markets in an attempt to stabilize them.

The stock market has experienced the largest losses since the depression.

People's 401ks have been routed. Still think they will pony up big bucks for a house?

The bond market has been routed in several sectors, destroying much wealth.

Municipla governments are experiencing large tax shortfalls and will need to lay off workers. These are highly paid workers whoare used to job security, and thus were good spenders.

People no longer expect that their house will give them fast appreciation. This changes their motivation - there is no longer a reason to buy as much house as you can.

I could go on for another page or two with FACTUAL DATA.

In short, there is no macroeconomic trend right now that is indicative of rising incomes, the ONLY WAY that house prices can experience a sustained increase. The mortgages of a couple years ago are gone for a long time (good). Without that access to easy credit, there are less buyers.

If I am wrong, please explain where the dollars and motivation are going to come from to bid up home prices any time soon. There is much personal, corporate, and government debt to be repaid. The funds that will repay that debt will be funds unavailable to bid up house prices. Note: I am not making an arguement that home won't sell - I am making the argument that there is not the pent-up demand that everyone thinks there is. There is demand, just not at prices that will make sellers happy.

You need to give me something other than 'historical appreciation' stats, or anecdotal baby boomer stories, and all that. Show me where the economic output is going to come from, citing something other that Lawrence Yun's completely discredited stories.

OCT

2008

The liberal media is doing so much damage right now it is sickening. I hope after the election is over they can get back to reporting news, rather than devoting all their time trying to get their liberal candidate for President elected. They would like to blame Mr. Bush for every problem in the country right now and most of it had to do with the Democrats in Congress. They are all so corrupt and in the pockets of big money that they are trying to buy Washington because they can't get is any other way. They bought Fannie Mae & Freddie, they bought Wall Street, how much more do they plan to buy before election. They make me sick and I have let my reporting agencies know just how much I hate them right now. I won't even watch the evening news anymore because all it amounts to is campaign propaganda to get Mr. NoBama elected next week. I hope they like what happens if he does, because none of the rest of us will!

It is a difficult and whacky time. With the Dow up 900 today Im sure CNBC and the news networks will get the bulls on and a few days on a huge down day, get the bears on... the negativity is much more in demand in the news. Dave Ramsey last night on Fox Business News told a call-in that "this is the best time to purchase a home in the last 24 years". I doubt, however, that this will be focused on... instead, the foreclosures will be.

NOV

2008

I stopped watching the news and reading the paper, except for the sports and comics! It is all so negative. There are plenty of positive stories out there to be reported on - Habitat For Humanity, excited first time home buyers getting a great deal on their first home (and actually putting some of their own hard earned money down to buy their home with out dpa) and home sellers who have priced their home competitively and had a very smooth transaction. In fact in our area, Fishers Indiana, we are starting to see signs of bottoming out with about a 5% increase in units sold in the third quarter. I didn't see that in the news or paper! The media needs to look a little harder for positive stories. I think half our problem is a self fulfilling prophecy! By focusing on positive stories the media could help the entire country out by creating some consumer confidence!

Wow, a lot of reading. I will continue to assert that if democrats achieve their attempts at muting independent and republican radio, then the same should be applied to their watchdog groups, Msnbc and cnn to name a few. After their candidate is elected, news will suddenly reappear out of all corners of the earth, good news only ofcourse. The past 2 years of "journalistic reporting" has been the most biased reporting we've ever seen in this nation's history. while it won't change (so long guys like keith olberman run these networks), we can at least be assured that more and more people are seeking other avenues for th eir news. The fact that this post has generated so much of that showcases the need for the truth, which we can no longer claim to know where to find. Actually that's not true, if you want true news, go to europe. Seriously, even though CNN there has already proclaimed Obama the winner as you may have heard, they are at least reporting world news unfiltered.

As far as this whole housing market. Here's a little wake up call, which is simply how things will be.

CAPITAL GAINS TAX
McCAIN	0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
OBAMA	28% on profit from ALL home sales. *How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes.* If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home sale will go to taxes. This proposal will adversely affect the elderly who are counting on income from their homes as part of their retirement income

Sources:

http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html

http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_ob ama_offer_different_visions_on_taxes.html

http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/

Team Endicott - You are right on ! Where is the positive news ? That is great news regarding your local market. And there are so many positive stories yet all we continue to hear in the media is foreclosure info and when will the bailout start to work ? In the meantime, dow has gone from 8000 to 9300 in a few days. I think people are in shock now : )

Castellum - Great post. Not for nothing, I had no idea that was the case with capital gains on house sales between the two candidates !!! That is huge... and scary. Wonder why that has not received more attention in the election ? I like to stay biased on political views in this forum, but it is not really right to see the media so far in Obama's corner.

Fans of The Smiths? "Hang the DJ?" I think we need to do both!

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Can we gag the Media ? Or hang the DJ ?

Recent Home Buyers Underwater

Brisk Pace In Building Of Homes - New York Times

Monthly Review May 2002 Robert W. McChesney and Ben Scott

CJR, Sept/Oct 92

NAR: This Month in Real Estate History: April 2008 Archives

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