CNN "Open House" segment

By
Managing Real Estate Broker with Flexit Realty "Flexible Home Selling Solutions"

I watched the CNN "Open House" segment today.  www.cnn.com/openhouse This should give you the link to the program.  It was the first time I took the time to watch the entire half hour show.  They talked about the sub-prime market....and an analyst put the blame on the lenders.  The poor borrower that over stated his income must have been coerced into over stating.
home mortgages   Jesse Jackson said the lenders were using steering and red lining tactics....clearly he didn't have a clue but wants someone to be responsible....anybody other than the borrowers.  He gave some lop sided statistics that I have yet to verify.  I have Googled them in several places and no luck.  He gave the ratio of White, Hispanic and Black foreclosure numbers and from there jumped into the steering and redlining.  His definition of steering was steering Blacks to a certain type of loan with higher costs than the other borrower segments.  That could be true or not be true.  We do know their is 2.2 million foreclosures in the US.  The numbers he quoted and what I found do not match...but he could have a special source.

Then came the best yet.  Another minimally versed Canadian (Montreal?) real estate broker.  She did a terrible justification for what she charges and why.  She does have a radio show....that makes her and expert!  What was amazing she was being asked questions concerning the US market....and does not even live in this country or carry a US real estate license in any state.  Now that alone made me feel like she should be able analyze with confidence the US housing market.  She did emphasize that people should use a professional and not venture off on their own.  Then she jumped to buyer representation...Gerri Willis.....quizzed her on the representation point and again....Gerri backed off when she was given drivel.  Nancy if that is who the moderator was...recognized she had an unskilled and miss informed broker from another country in front of her.  She was very kind to this broker.  She could have picked her apart.  Any 1st year agent could have done that!
                                                                               slugger

Anyone can talk, spout national statistics and hit one for the fences....hoping they get a home run.  In this market you better have more than hope on your side.  You also better know the market you are buying and selling in.....and the national media is not the place to learn.

What I did learn was that people that put their trust in the media for buying and selling information should be very careful.  Buyers and sellers should verify the information they deem to be correct, not take these media programs that spin information for viewer count as correct or even close to what may resemble their home market.

It is sad to think our media has stooped to this level just to gain viewers.  I have never been a TV critic but I may start a column and point out the wrongs that are being pushed on the public just to gain viewers.

Luckily, I have not had any of my clients believe or use this type of information.  I should state that at least Mr. Jackson is stepping up and trying to garner attention to the state of the real estate market.  That is more than I can say for most politicians that want yours and my vote.

Have any of you used or heard of clients armed with media information.....only to have to take time to correct the misconceptions?

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media spin on real estate
the national market vs local market information

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Rainer
113,497
Ryan Martin
Windermere Real Estate / Whatcom Inc. - Bellingham, WA
Bellingham Commercial RE Broker
Gary - I missed the CNN show today. I was too busy watching the Seahawks lose to the Browns. That is crazy that they used a Canadian real estate agent to explain the US real estate market. It sounds like CCN put out a pretty skewed report.
Nov 04, 2007 12:30 PM #1
Rainmaker
123,467
Rebecca Savitski
BSR Real Estate Group - Cary, NC
NC Real Estate Listings
I don't believe anything about the market from the media. Remember we are not in a recession and we have a strong economy?
Nov 04, 2007 12:39 PM #2
Rainmaker
1,074,014
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Ryan...I had not caught the program before.  It airs on Saturday and Sundays about 3PM.  I was really surprised but not shocked.  I have seen other programs that have done the same ratings building techniques at the expense of the buyers and sellers.  Thanks for the comments Ryan....Lions won!
Nov 04, 2007 01:54 PM #3
Rainmaker
1,074,014
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Rebecca, the spin is on and round and round we go....hopefully not down the tube with homeowners hard earned values.  Thanks for your comments Rebecca.
Nov 04, 2007 01:59 PM #4
Rainmaker
643,145
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro
Gary, I did not even know CNN had an open house segment but then I rarely watch television.  I appreciate you sharing because if this is what's out there I'm sure I will continue not watching but at the same time I  think it is good to be informed so again glad you shared with us.  It is a double edged sword isn't it?
Nov 04, 2007 02:02 PM #5
Rainer
340,913
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Scary stuff.  We have Jesse Jackson and a Canadian real estate broker telling our country about the mortgage & real estate market. 

One more bit of "ammo" for us to counteract the negative media reports for our clients.  The media can't even get knowledgeable sources for their reporting.

Nov 04, 2007 07:19 PM #6
Rainer
67,222
Keith Perry
Coldwell Banker - Hiram, GA
REALTOR - West Metro Atlanta
Seems to be these days that the media can't get a single thing right. Gary, are you left handed too? You look sharp at the plate.
Nov 04, 2007 09:15 PM #7
Rainmaker
1,524,238
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

The TV show, possibly our major source of misinformation, is unfortunately the only source of info for a lot of the public. It is bad when the opportunities presented to brokers, etc are not taken advantage of! Here it is usually more of "I read in the paper...'"

I wonder if I should Tivi this show and see for myself...

Nov 04, 2007 11:53 PM #8
Rainmaker
1,074,014
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Marchel, I was channel surfing for a regional football game schedule and hit CNN.  They mentioned the up coming segment so I stuck around.  I had not seen it before either.  You are right on....it is a double edged sword.  Thanks for the comments Marchel.
Nov 05, 2007 12:18 AM #9
Rainmaker
1,074,014
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Keith & Robin, I was very surprised to catch this type of report on CNN and then to find it is a weekly segment was even more surprising.  Switch hitter....couldn't resist the cover page....really didn't think anyone would notice unless they followed baseball!  Thanks for the comments Keith & Robin.
Nov 05, 2007 12:22 AM #10
Rainmaker
1,074,014
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Gary, I put a link to the program...even checked to make sure it worked.  I was surprised who they used for a analyst for the American housing market.  I felt Jesse Jackson was just uninformed and focused only on black housing issues and not people housing issues.  Take a trip over with the link.  It is a bit of a navigation issue once there but previously aired segments can be viewed.  Thanks for the comments Gary.  I wanted you to also let you know I we have been in touch with the title company and the escrowed taxes....that John said were credited back are being refunded to me as excess, like I said in the beginning, the credit did not cover that portion of the taxes escrowed.  Please let John know for me.  Thanks again for the comments Gary.
Nov 05, 2007 12:33 AM #11
Rainmaker
1,074,014
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hi Kris....I was a bit taken back by this segment.  I have not seen others so couldn't comment on them.  It does create a bias that the public should be aware of and certainly not take these types of programs as reflective of their local markets.  Thanks for the comments Kris....I corrected my spelling of Jesse, thanks.
Nov 05, 2007 12:39 AM #12
Anonymous
Anonymous

Hello everyone.

Where can I find the information and web address for those foreclosures in Southern California.

 

Thank you.

rheneri@hotmail.com 

 

Feb 23, 2008 07:35 AM #13
Anonymous
Hubert Bertrand

I am 75 and retired USAF, I did not have 401k. In the 50"s I did what all americans do. I was in the service for 20 years. Our country have never treaty their service people right, Look at teachers, fire fighters police dept and our G.Is. Today you can go to any V.A. hosiptials any check real close.Not where they want you to look, But where they don't want you to look.The only way is to have spys.

Oct 11, 2008 01:59 AM #14
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Rainmaker
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Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375

Real Estate Services You can Trust!
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