What is the media trying to do? We know they are trying to control the election, but that is a given. Are they trying to create or at least intensify a recession in this Country? Is it just their nature to only show the dark side of a problem or do they just have the inability to even understand there is another side? Two things I have noticed which at first was a trend but now is a fact: The larger the company the better the chance they will have those who speak to the customers the least proficient in English of all of their employees and the more specialized the area covered by the media the least knowledgeable reporter will be the one to cover that area. Could it be an accident or is this done on purpose? All I know is the problems that are caused by this type of behavior. It is time for someone or everyone to start objecting, vociferously, to this type of treatment.
On March 4th, 2008 I wrote "Stop the presses" and it wasn't about breaking news. It was a plea to get the media to stop reporting on real estate not because the reports are incorrect, because their conclusions were. I could live with the media just giving the report, but that isn't going to happen. They always have to add their conclusions which confirm their negativity and their lack of understanding about the subject. Case in point!
We just had a report on the year over year sales in the real estate market being up about 5.5% but the report quickly pointed out that prices were still falling because the median price of the houses in the survey were down from the previous median price. Seems correct, but most likely isn't. Why do I say that? The median price of the house is the total number of houses sold times their selling price divided by the number of houses sold. To determine whether prices are going up or down you would have to have the same number of houses in every price category, size category, location (which includes city, county and state so the property tax would be the same or close) and last but not least a gage of inflation at the time of sale to get a really true indication. The media simply uses the change in the median price and lets it go at that.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.