Thursday, January 15, 2009

good news or bad news???

Now that mortgage rates have dropped at least once a week for the 11th consecutive week, I am finally seeing reports from around the country of home sales being on the rise. That's a good thing.

Yet, now the media slant is such that they are often pointing out the reasons as being due to foreclosures and that many of the sales are at lower prices than in recent years.

As I have been harping about for months, some of the realty associations continue with the "problem" slant instead of reaching for every positive they can. The approach should be that now that home buying is becoming more affordable to more people and mortgage rates are reduced to near record low levels, this is the best buyer's market in several years. (!!!)

This story from Lansing is typical of what I'm seeing lately, with the "but" home prices are down. Funny, but when they report on Wal-Mart's quarterly profits, I don't see stories about how "the price of the TV sets they sold are less than the 2007 prices" as a concern.

Detroit, going from "motor city" to "foreclosure capital of the world" offers this story as if the news is a mixed bag:

My approach would be that even in down times for the automotive industry, houses are being bought up in the Detroit area at a faster pace than the year before.

You see, a few word changes can do a lot for the public's perception. Those of you who are realty and mortgage professionals need to keep that in mind. Those of you who are investors or looking for a home should be doing your research right now in search of the best value out there within your desired parameters.

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