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Good Housing Market News or Propaganda? August 3, 2009

Posted by John Watch in News Feed.
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Much of the headlines streaming across major news sources’ websites  indicate a recovery looming in the housing market. With home sales, housing starts and other indicators showing slight upticks month-over-month on the public records, the general media consensus seems to be that the worst is behind us and we can look forward to signs of improvement.

As indicated in the Housing In Crisis report, we expected to see this slight bump of seasonal activity. In a recent AccuriZ post titled “Cyclical, Seasonal or Emotional: Where is the Real Estate Market Today?” the cause and impact of the housing crisis was explained as a combination of all three attributing to the bust and the emotional repsonse from the public. 

A MSNBC.com article titled ‘Housing Begins Long, Slow Rebound,’ the worst of the recession was mentioned in past tense. “It was – note the past tense – the worst housing recession anyone but survivors of the Great Depression can remember.”  

But public response on the Newsvine.com commentary section of the article spoke of the contrary: we haven’t seen the worst as of yet.

The news media does a good job of explaining both sides of the coin; there are some positive signs but also negative ones that could hinder any progress. While there are signs of some stabilization in some markets according to property data (Northeastern Queens Report), it’s tough to say when a complete turnaround can be expected.

It seems now that the panic is over but true signs of a recovery are not expected this year.

Is the news media promoting an optimistic side of a rather bleak situation?                                     

Have we really seen the worst of the recession and are headed into recovery?                                      

Are we expecting immediate results for a complex task?                                                                    

Are we just seeing seasonal activity take its course?                                                                           

Is it propaganda?

Give us your take on these important questions!

For more information on Real Estate Reports and possible solutions for the Housing Market, CLICK HERE.

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Comments»

1. Bruce Dowell - August 3, 2009

Its the lack of inventory (REO’s) that is driving the market up. The banks are not releasing their REO’s to agents. I had over 60 offers on one little REO home in Moreno Valley last month. Thats crazy. It takes over 90 days just to get the bank to responde to a short sale offer. What buyer wants to hang around that long? Plus escrow…its like 6 months to close a short sale or more. I had a Countrywide deal that took 10 months and 3 buyers…

2. John Watch - August 4, 2009

Banks are waking up like everyone else. Let the panic pass and values rebound from an over correction and the loss to be taken is not as great as it was 6 months ago.


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