How the media reports and distorts the housing market

Media Reports and the Housing Market

According to a survey by the Pew Research Center, just 29% of Americans perceive that news organizations generally get the facts straight.  Negative news in the real estate industry tends to have a big impact on ratings for the media and the message is often skewed in order to attract readership.  One such example is this headline which ran in the December 2, 2009 issue of the Chicago Tribune — “Mortgage rates hit lows, but will it last?”  The article offered no evidence that rates would soon rise—3 months later rates are still low—the intimidating headline was never justified.  For a closer look at how you can come to a more balanced view of the news and the real estate market consider this Real estate and the media report. Remember too that real estate trends and sales are local.  Sales vary dramatically from town to town, neighborhood to neighborhood and price point to price point. Consider the market data for single family home sales in Andover and North Andover.  Median sale prices are up 13% in Andover and 37.5% in North Andover for the first quarter of 2010 when compared to the first quarter of 2009–two very different trends in two very similar towns!  Your trusted real estate professional can help you understand the housing market in your neighborhood.