NO COMMON SENSE WHEN IT COMES TO REPORTING HOUSING DATA

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“No Common Sense, When it Comes to Reporting Housing Data”

 

Below you will see two different headlines, in the same paper that totally contradicts one another. It is amazing to me how they use words like “PLUMMET”or “LOWEST LEVELS”. I don’t know how you can take certain information from particular cities and that becomes gospel information.

 

The sad part of this reporting, is it keeps potential home buyers, especial first timers on the sidelines. They do not need more reasons not to becomes buyers. They have enough fear already and don’t need any more help.

 

Home Prices Plummet to Lowest Levels Since 2002

05/29/2012 By: Mark Lieberman, Five Star Institute Economist

Zillow: Home Values Rise, Inventory Likely to Remain Low

05/29/2012 By: Krista Franks Brock

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. JOSH EVANS *JoshEvansHomes 516-655-5000 06/04/2012 03:59 AM
  2. Bob Crane 06/04/2012 02:06 PM
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Show All Comments
Rainmaker
570,044
Bill Gillhespy
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
16 Sunview Blvd

Hi Joe,  Your post is a perfect example of the old adage:  glass half full - glass half empty !

June 04, 2012 09:22 AM
Rainer
179,862
Jana Holmstrup
Jana Holmstrup - VP Ops - Kings Mortgage Services, Inc.

No Common Sense in anything these days....

June 04, 2012 09:31 AM
Rainer
54,802
Kim Mulligan
Kim Mulligan "Your Go-To For Green"
Cooper Jacobs Real Estate

It's all in the numbers, which ones to tease out and what you do with them. Regardless, mortgage rates are low. I think everyone can agree on that one!

June 04, 2012 09:34 AM
Rainmaker
808,064
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

I think it's the all around media spin that everyone is sick of. For one thing, like Zillow is a resource for anything accurate? They do a good job making the public think they are somebody.  One person gets the same data & one says something postive & the other spins it as negative. Who gets the most headlines? I bet the negative one.  Shame.

June 04, 2012 09:47 AM
Rainer
85,165
Victoria C.B. Trees
Principal Broker
Crater Lake Realty, Inc.

The good thing is that newspaper reading is way down... no wonder...

June 04, 2012 09:53 AM
Rainmaker
493,834
Amanda S. Davidson
Your Northern Virginia Realtor
Living A Dream Real Estate

That's confusing to me so I can only imagine what a home buyer must feel. Real Estate always has and always will be local - heck, the market can differ from one neighborhood to another. Now if we could just get the media to comprehend that.

June 04, 2012 10:58 AM
Rainer
297,300
Gina Lemos
Orange County CA Real Estate Agent
North Orange County CA Real Estate Specialists

Hi Joe,

Great post and point that you make! I saw that first headline over the weekend and thought the same thing. They really shouldn't make blanket statements when everyone knows that real estate is local. Based on my own experience, I know that the first headline is false; we bought our current Yorba Linda CA home in 2002, and I know that it's still worth approximately $125,000 more than what we paid for it. This is true of many Orange County cities in my area, so clearly they're making statements that are just not true. I think the media should start obtaining their information from credible sources, like active real estate agents and mortgage professionals.

Have a great week!

Gina

June 04, 2012 11:09 AM
Rainer
307,045
Jennifer Chiongbian
Real Estate Broker - NYC
Specializing in all types of Manhattan apts & townhouses

Sadly, doom and gloom are always what sells.  Hopefully educated buyers who don't buy into the hype and make a decision on what they think is right.

June 04, 2012 12:05 PM
Rainmaker
360,436
Paula Hathaway, REALTOR, Sr. LBA,
...Finding Your Place In The sun!
Douglas Elliman Real Estate

Joe: since when does Zillow become identified as "Media"???Another feather in their cap of false premises--they dish out garbage and the public, naively reads it and thinks it is a valued source of information about this profession....well, it's not and the more we give it the moniker of a valued source, the harder it will be for us to deal with the damage it produces!

June 04, 2012 12:30 PM
Ambassador
893,495
Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

Its a frustration in all industries, that reporters are very good at communicating news about the industry unfortunately they are seldom very good at knowing what they are talking about, and the public doesn't know anymore than what they read in the paper.

The only solution in my opinion is to put out more press releases by real professionals who know what they are talking about.  Hopefully this will prevent the need for reporters to summarize their spotty knowledge as fact.

June 04, 2012 02:06 PM
Rainmaker
55,804
Dennis and Sunshine Smith
Making a Difference 4U in San Diego Real Estate
RE/MAX By-the-Sea (N Coastal San Diego)

Headlines sell the product, whether it is Craigslist, the newpaper or the internet.

If it BLEEDS it LEADS...The more BLOOD the BIGGER the headline.  Disasters, crime, the economy or war.

We just need to read the whole article down to the last paragraph, sometimes, where it has the counter paragraph that says "except here" or some other major exception.  Unfortunately, most people do not read that far. 

June 04, 2012 02:24 PM
Rainmaker
672,768
Rob Arnold
Metro Orlando Full Service - Investor Friendly & F
Sand Dollar Realty Group, Inc.

So many mixed messages.  It is very confusing to consumers.  Also NAR always puts a positive spin on the news, so even when the economy is crashing they tell everyone how great it is.

June 04, 2012 04:00 PM
Ambassador
1,803,823
Jeff Dowler CRS
Carlsbad CA Homes for Sale (760) 840-1360
Solutions Real Estate

Well, the headlines certainly aren't getting any better in terms of accuracy, and one does have to wonder at the contradictions.

But it's the same as it always is - people who do not understand real estate are throwing headlines out there that have nothing to do with reporting facts. The sad thing is that consumers still look at this stuff and make assumptions - I use every chance I get to share what is really going on in our area and how the headlines are not worth the paper they are written on. Blogging gives up a great opportunity to get the real word out in our respective markets.

Jeff

June 04, 2012 05:42 PM
Rainer
93,225
Athina Boukas
Broker/CRS
Athina Boukas (Greensboro, NC)

Most "real estate" headlines (even silly contradicting ones) can be used to our advantage.  When we tell people we're in real estate, they ask about the market based on what they've read.  It's the perfect opportunity to put things into perspective and discuss the true state of our local market.  

June 04, 2012 06:29 PM
Rainer
84,237
Micki OToole
Property Manager Serving the IE and North OC
PropertyADVANTAGE

Joe you certainly hit a hot spot with me.

The media, no matter the format, is so irresponsible in their reporting I'm surprised people do anything anymore (drink coffee- don't drink coffee, eggs are bad-eggs are good etc..)

Not only are local papers doing this but so are industry regulars like DSNews for example. Believe it or not I had kept a word file of all the contradictory news headlines appearing in print on any given day over the past year (hoping to use it to write a blog post) and it's absolutely mind-boggling! I had to stop as it was making my blood boil!

Not sure what can be done to stop it as we all know it's headlines that "sell" but I sure wish there was a way.

Thanks for sharing this with us!

-Micki

 

 

June 04, 2012 06:39 PM
Rainmaker
973,701
Sharon Alters
Your Fleming Island Relocation Agents.
Coldwell Banker Vanguard Realty

Joe, it is so true. I wrote a post with a similar thought pattern a week or so ago.

Sharon

June 04, 2012 07:54 PM
Rainmaker
1,237,748
Gene Riemenschneider
Turning Houses into Homes
Home Point Real Estate

I never thought I would say this, but Zillow has it right.  But they are all just hunting for grabber headlines.

June 04, 2012 10:16 PM
Rainmaker
629,408
Stephanie/Bob The Ruiz/Miller Team
The Ocala Dream Team
Keller Williams Cornerstone Realty

Hi Joe, My local paper does it all the time.  Or they have a headline with a sub-title contradicting the title!  Anything to be negative news!

June 05, 2012 03:15 AM
Rainmaker
111,122
Jerry Morse
BBA,GRI
The Morse Company

All markets are local and newspapers, etc. should point that out.                                                     

 

June 05, 2012 09:04 AM
Rainmaker
796,569
Marte Cliff
your real estate writer
Marte Cliff Copywriting

A few months ago I reported on a similar situation. One headline said that we had far too many vacant houses - we could never fill them up. The other said tht since builders weren't building, we would soon face a housing shortage.

News headlines in general tend to be misleading - especially lately. I've come to a point where I see them, think "Oh sure" and move on without reading them.

June 05, 2012 02:08 PM
Anonymous
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Rainmaker
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Joe Petrowsky

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