Maybe the media should start talking about some of the positive things like" This is a great time to buy a home with prices down slightly and interest rates still at a all time low"
The media should encourage buying now instaed of making everyone think the real estate market is crashing!
Let's face it house prices are dropping some but there is no 50% discounts out there, the people who have houses priced reasonable and fair are still selling their house and the ones who were way over market value are the ones who are causing the nventory to stay high. It seems like the market is flooded with homes that are way over priced because these people are trying to cash in big! These buyers bought a house 3-5 years ago for $200K and now want $350K with no or minor upgrades and the market is not there and these houses are sitting.
Take a look at new construction for example, in the past a builder would make about $20K on a $125K-175K house profit at the end of the day, that same builder is now looking for $60K-100K profit on a house that cost them $150K to build. I work with a lot of builder and the ones that are greedy are sitting on their spec. houses and the ones who are willing to sell a house that was built for $275K and sell for $335K-$350K are selling their homes.
The media needs to spark the housing market by letting people know that over the past 30 Years we are Still At The Lowest Interest Rates For Mortgages IN History outside of about 2 years ago when it hit rock bottom. A Typical 30 Yr Fixed Rate is around 8%-9% and still being in the 6%-6.5% range is GREAT and people should buy now!