Farmington Hills Real Estate and Events talk Michigan

Oh my.  Is there an email address or contact information for the Today show?  I'm going to go check that out Russ and see if there is a way to contact people there and let them know about the errors in what they are reporting..

Goes to the statement to not believe anything on TV.

If it was not for the way "news" is reported we would be in better shape.

Thanks

Tony

Very good.  I notice the same thing regularly.  The "experts" making the rounds of talk and news shows who cite "facts" about the real estate and mortgage industry rarely get it right.  But, they don't know and they don't care.  They are simply on the "guest lists" and spout whatever they believe to be interesting, sensational or "facts".

When do you think the last time Barbara Corcoran did a sale with an FHA loan??

Russ - That person certainly could have used a better term than "bad", such as less-than-perfect, or maybe "fair" credit. BAD is out the window. It is a shame she made this blunder because some of her other points are good. Now to get an Active Rain person on there ... :)

Russ,

I agree with Tony! These people should be called on their inaccurate statements and be held accountable!

It wouldn't be the first time that the media got it wrong. Maybe it's an effort on their part to turn the housing market around, even if what they say isn't true.

If the media is local...I guess I would call the news director and suggest if not you....someone be a local advisor on all things real estate from your local board...this is pretty scary stuff !

I agree that to correct this situation we need to contact our local media, it truly is getting absurd with som much misinformaton, and lack of depth and miscontrues the so called facts.

It only makes it harder (more challenging) to get deals done.  People tend to believe the first thing they hear, especially from TV.

Russ,

The major media never lets the truth get in the way of sensational reporting.

Rich

Hi Russ, we see this stuff being blasted as fact all over the tube and even radio...our area is now seeing a 675 credit score as the new target for a loan.  Nice post.  Congrats on the feature.

Russ, I see it here too, and like you it is just not true. Yea the rates are good, it is just that no one can qualify unless their credit score is high. Bait and switch in many cases.

I think that a lot of bad has come about from the news in the past few years....anything that slants on the negative side is considered newsworthy.

The talking heads get it, they are simply reporting what the government wants them to report. Nothing more, nothing less. When the government gives the word, all the negative talk will then turn to positive talk.

Here in Halifax, Nova Scotia we are trying to educate and re-educate the media also! Reports of real estate- related issues in other parts of Canada are being ascribed to eastern Canada. These blanket generalizations  affect consumer confidence! The provincial association is trying to set the facts straight but it's difficult to change public perception.....another example of the all-powerful media!

I wish we could just interview the real experts and leave everyone else out!  Not only that, it seems like when things are amazingly good (like the interest rates in the high 4's we saw a couple of weeks ago), it rarely warrants a story.  So many missed opportunities!  The rates are still MUCH better than they were last summer, so let's hope they stay that way for a bit.

You just cant believe the news anymore.  Its filtered information and the so called experts have such a platform to speak that it is very difficult to not take what they as the truth. 

So called media experts are puppets with tight strings.

Reminds me of the Generals who come on TV and and second guess the Field Commanders. Unfortunately, the misinformation give by these so called experts often hampers consumer confidence.

Hi Russ - This is a reminder to believe none of what we hear and only half of what we see.  It's best to check and verify on your own. 

Russ,

I keep saying that the need for these TV and radio people to justify their jobs and the truth be damned!!!!!!

Makes our jobs all the more difficult.

What a mess. I did like the ABC report on Congresswoman Maxine Waters, as she tried to contact lenders on behalf of constituents...it ran on the 21st. Did you put your thoughts about this, with a link, on twitter?

Russ-isn't it just maddening?  I cringe every time I see a so-called real estate expert on a national "news" program. 

And don't forget, private mortgage insurance is a viable option to help people buy a home with less than 20% down.

Russ, How will we ever get out of this mess with the media reporting misinformation like that?

It is good that you brought this to our attention.  Just another reason that we need to be out there educating Buyers and providing them with as much guidance as possible.

Right on you are Russ.  No surprise though since a lot of the current housing crisis is due to their misreprentation of real estate.

Hard to battle the big dogs with the bully pulpit. I hope the "experts" later view their TV time and send in a correction that at least gets mentioned. Is an email campaign needed from us top the network?

I think we should all stay away from the news and stay positive.  Whatever will be will be is my attitude.

Portsmouth NH Real Estate

We all have had our own personal experiences of how inacurrate the news can be. This is just another example of this. Sad and misleading.

There is so much confusion on the credit front. I get the craziest questions all day long. You would be surprised to know how little people actually know about their own credit score and history. In today's economy it is everyones responsibility to know and understand what is on their credit reports. All the time, not just when they need to purchase something. Our credit score is as individual as a fingerprint. Make sure you know what your says.

Happy Thursday!!

Lori

I rant at the TV while the "experts" spout things so far from reality that it makes you want to scream. I constantly tell my clients that you can't believe everything you see on TV or read on the Internet

FHA loans are typically used for the borrower who does not have a large down payment. Decent credit has always been a requirement.

I did hear the same thing a while back - that you could roll the difference into a new loan.  But my recollection is that it was not an FHA loan and that you could not borrow over the amount of the new home...

Russ,

Congrats on the activerain feature! I am telling people to turn off their tv's. Nothing but bad news and much of it just plain lies!

It's funny that your was about this today. Just yesterday I put together an piece based on that Today Show segment and used it as an educational touch for my clients! The media "experts" get things wrong so often but we can use those times (especially from high profile shows) to get in touch with our clients and educate them with the truth. It gently reminds them that you can't always belive the news - whether it the weather-man or the "real estate expert!"

Russ-

This is another example of why families need to choose a trusted advisor, like yourself, who has their finger on the pulse of the markets. 

Good post Russ. They should be called to correct their errors. However, we all need to remember that the "News" as we knew it is long gone. What we have now is 'infotainment.' Their goal is only to get their 'ratings' up so they can increase their sales to advertisers.

I'm always curious when television shows mention "real estate expert." Are they an expert in a certain types of real estate? Are they an expert on the many mortgage loan products offered throughout the country? It's always best to check with the local experts - a licensed Realtor(R) or licensed mortgage broker/loan officer in your neighborhood.

We went through a crazy time and now we are correcting (overly).  The media is not helping.

Aloha,

Keahi

Thank You, Russ!  It seems like we've been fighting the media as well here in Baton Rouge.  Even though our market is still strong and for the most part, stable, the local News Channels still try to dig up negative nuggets to show any weakening of our local market.   When they do this, it creates more fear in our market place.   And, even after the wonderful news was released this week about Baton Rouge being #9 out of the 10 hottest real estate markets in the US, because of the negative local media (not all of them), some locals still questioned whether this was true or not.   We have to be the ones posting the positive news to the local housing market because the local media is not and will not.    Thanks Again!   Bill

You are so right. I am so very weary of the misinformation on especially the national news. They usually neglect to remind people how localized individual real estate markets are. In my midwest Indiana county we are sort of protected because of the global industry in our county. Due to the constant drone of negative news media, it causes hesitation here too, which is very frustrating, but overall our economy is fairly healthy. Thanks for the comments.

Russ...  You hit it on the head!  In another life, my degrees and training are in journalism and public relations.  But, I've been telling people for years ... "Never mistake the 'News' for the 'Truth!"  There's virtually nothing you can believe today, in toto, that is reported in the main-stream media, print or broadcast... and especially the liberal TV rag, The Today Show.  Those idiots don't have a clue!  They had a "real estate consultant" on the Friday before the inauguration who emphatically reported that the entire real estate market would get well by the end of the week after the inauguration!  Don't know what she was smokin'!!

Except for the part you mentioned, about the "bad credit", the advice was actually pretty good. Some of those myths are things that people really DO believe, and they really AREN'T correct.

Two of the "myths" dealt with getting a property cheap. In our market, there are MANY sellers who can afford to just wait for the market to get better. But buyers think that, because the days on market are high they should be able to "steal a deal". And they are offering really low on everything. Not all sales are distress sales.

Russ: Thanks for setting the media straight! Our hope is that our borrower will believe us more than what they hear on the radio or TV. If they don't listen, heaven help them!

We all should start by asking NAR to tell the facts. Then we can ask Congress to tell the truth. Maybe we could have all Congress people hooked to a Lie Detector test as they speak, can you imagine.

I here you. There are so many "experts" out there these days. Its a good thing that people have activerain to come to and verify any of that information. Spread the word............. Thanks for the post.

I agree, it happens all the time in Columbus, Ohio.  The media is brain washing our buyers and sellers.....half the time the reporter hasn't even finished doing the research.  The housing market in Columbus isn't all that bad!

Best wishes to you for a wonderful New Year!

Joyce Logan, Realtor, Real Living HER, Columbus, Ohio

More people have heard about the MSNBC comment by reading your blog than the 41 who actually watched it.

Mary B

The media is nothing but crap. They have lost all credibility in every aspect. They are crisis, panic and fear peddlers. It's all opinion...no news. They finally tipped their hat completely left this year with the election. How can you ever trust any report if you know it's all one sided and fear based. They report national news on real estate as if it were local and we all know real estate is local. Crap crap crap.

Russ,

As if we needed more of this on top of what has been reported day in and day out about the state of the real estate and mortgage markets. It'd be nice if they could get their stories straight. Good point.

Russ, I hadn't heard that but then again it doesn't surprise me.

Dear Russ,

I just don't get it! The media keep feeding the public bad information!

It is up to chae their minds to, "Yes, I can!"

I think the media is to blame for a lot of our current financial situation.  They exaggerate the bad news and report incorrectly and the public buys into it, then causing more panic.