Even the casual reader of our little corner of internet real estate knows that I’m not terribly fond of the mainstream media (MSM). I’ve met some very cool people that work in the MSM industrial complex, and I don’t hold that against them. Heck, my own daughter has her eyes set on a higher education in journalism. I don’t believe my disdain for the MSM is the fault of the worker bee collective.
It may be a problem with what we the citizens, the clients of the MSM, have come to accept. Or expect. Whatever.
What’s my problem with the MSM?
Sensationalism. One-sided reporting. Doom and gloom.
Lying in bed this morning pursing through the half-billion news and whatnot feeds I have (bless the iPad) I was struck, yet again, with how negative the MSM is about the real estate market. Here are some sample headlines from the past few days:
- Homebuyers Hunker Down as Housing’s Drag on Economy May Worsen
- Housing bust derails path to assisted living for some
- New housing market stays behind last year’s pace
- Lack of Move-Up Buyers Holding Back House Prices
- Housing market holds back local economy
- Slow crawl to recovery: Builders still reeling from housing bust
- July real estate market fell short of expectations
- Housing market struggling to recover
- ‘Dysfunctional’ housing market has bad month
- Brokerage firms feel sting of valley foreclosure crisis
My first thought in scrolling through the negativity was of one of my favorite movie characters of all time ”“ Sergeant Oddball in Kelly’s Heroes.
Why don’t you knock it off with them negative waves? Why don’t you dig how beautiful it is out here? Why don’t you say something righteous and hopeful for a change?
— Sgt. Oddball.
Now don’t get me wrong, the Phoenix real estate market is not all puppies and bunnies. There is a lot wrong with today’s real estate market.
But there are some right things, or at least turning right, that seem to consistently escape the attention of the MSM. Oddball’s “beautiful and righteous” may be a stretch, but “hopeful” is well within reach.
Here are some headlines that could be written today, at least with respect to the Phoenix real estate market:
- June home sales sets record
- Housing inventory at 2003 levels
- Home seller’s seeing multiple offers
- Home sales up over 20% since 2009
- Seller’s average getting 96% of list price
The problem with those headlines is of course, they are not sensationalistic. They don’t sell newspapers and ads, despite the truth such articles would convey. Why not provide a fair and balanced perspective on the real estate market? “Fair and Balanced”, hey that’d be an awesome tag line for a MSM company! Oh, wait. Someone already claimed that title”¦ There’s a difference though in proclaiming from on high that you are “fair and balanced” and actually, you know, being fair and balanced.
Maybe that company and their pals should think about reporting the other side of the story sometime. I’m not saying they should hide the bad news and blow sunshine up people’s posteriors. But what is wrong with occasionally reporting the complete story? Does everything reported in the MSM have to be of the doom and gloom there is no hope of recovery ever and we’re all going to die in the poorhouse variety?
It’s not great out there folks, but there are some positive indicators the market is turning. I’m not foolish enough to “call the bottom” or predict anything about the near-term future of the Phoenix real estate market. But denying some of the facts, whether they sell newspapers or not, doesn’t make them go away”¦
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
I think things are actually worse than what is reported. There might be a temporary improvement in markets that were hit the worst, but overall I think we will have more of the same for years to come.
We have the same case here in Connecticut. I am still hopeful that all these bad write-ups about the real estate business will end soon. Somehow it affects our market, sensationalized news have great impact to the viewers. Media should also take responsibility of the consequences of their actions, fair and balance reporting must be in their system. It will be best if they will help boost the economy as a whole and stop causing panic to the citizens. Moreover, Connecticut Real Estate market is doing great so far despite the economic crisis.
The big problem with the media is that all journalists would be the worst and the best at the same time. They always exaggerate in the headlines to get you to read their articles, the negative is always much more negative, as well as when it is positive it is always too much in that direction too.
Wow.Nice blog.It seems that more Doom and Gloom news are selling in the reader’s tastes.I like your positive outlook for all this:writers and journalist should have a balanced writing/reporting.We all like to hear good news from time to time, dont you agree? Thanks for posting.
Maybe what we should have is a two news system.Part of the news would be devoted to bad and part to good that way we could choose to watch or listen to what we want. Which I guess to some degree we have now but as Jay says it seems all we are getting sometimes is the bad and not enough of the good to go along with it.
I share your pain. It’s nothing new – papers have been selling bad news for as long as there has been the printed word – but it does seem like it’s getting worse. The only “positive” stories (or perhaps a better term would be “not negative” stories) which sell news are those about celebrity babies and love scandals. More and more I also find that news readers dramatize sad stories with their tone of voice and choice of words. The news should be impartial!
The Facts, just the Facts… Isn’t that the rule for the newspapers? Why do they through their negative opinion into the mix. MSM better step up their game, so many are finding alternative sources for the news on the internet. Like this Blog.
Jay,
Please consider this article: http://www.businessinsider.com/no-housing-bottom-in-sight-2011-9
Tell me if it is fair to say that with 60,000 or more distressed properties in Phoenix Metro, the housing bottom is no where in the near future? Shadow inventory overhang is really a big problem in all these places that have already been severely affected.
HELOC’s / second-lien mortgages that are delinquent are whole another story. I see a lot of reasons to believe that the rebound seen now is transitory and true reality will emerge only if banks move forward with their handling of delinquent mortgages. your thoughts?
It’s very frustrating with the media and how they focus on the negative. Went to a great talk with one of the people involved with the Cromford Report who showed the media focuses on one statistic and doesn’t bother to explain the statistic in the context it should be.
Our market here in Calgary, AB is quite healthy, but we have the same problems with MSM. There is NEVER a level or balanced headline when it comes to RE. We’re either in for a major slide, or it’s boom time again.
Definitely agree Jay. The media is horrible and depressing or horribly depressing. It’s, as you mentioned, a “what sells” issue, but I personally would like a little sunshine here and there. I bet others would too. I think many of your possible headlines seem interesting enough for a read.