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Guys, if you are going to be fair, the media glorified the bubble in the early 00's and 1st time home buyers were left in the dust....no one gave a rats about them...
Can anyone remember the "lotteries" home builders were holding for bidding on properties....I don't remember anyone complaining back then...
Now the market has imploded, sellers are left holding the bag, and everyone is "whining" about the bad, bad, media....?
give me a break already.....
take the good w/the bad. its market fundamentals....if you had a heartbeat you got approved for a loan....it shouldn't of gotten this out of control and we're looking to "blame" someone else except ourselves...
We're in a major downturn and things need to play out to get back to historicals.....
Guys, if you are going to be fair, the media glorified the bubble in the early 00's and 1st time home buyers were left in the dust....no one gave a rats about them...
Can anyone remember the "lotteries" home builders were holding for bidding on properties....I don't remember anyone complaining back then...
Now the market has imploded, sellers are left holding the bag, and everyone is "whining" about the bad, bad, media....?
give me a break already.....
take the good w/the bad. its market fundamentals....if you had a heartbeat you got approved for a loan....it shouldn't of gotten this out of control and we're looking to "blame" someone else except ourselves...
We're in a major downturn and things need to play out to get back to historicals.....
I somewhat would agree... when things pick up... guess who's gonna be doing the cheer leading then?
The media is renown to make blanket statements and dramatizes the headlines based on popular consensus. After all, the media is in it for the ratings ($$)... if you want less bias, just go straight to the reports or dig deeper. Unfortunately, most people stop at the headlines.
Location: Upstate NY native, now living in Houston
663 posts, read 2,263,856 times
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Quote:
Originally Posted by lorriem
This time I agree the press and media are all over the housing market and what a shame since they are just using a scare tactic and it is working. We never heard all the fuss in the early 90's. It just played out and after several years home prices went up again. STOP THE PRESSES please.
Yep ... the media talked the prices up and encouraged speculation, trading up, and greedy lenders back in the early 2000's and they are talking prices back down and causing financial heartaches as we speak.
Guys, if you are going to be fair, the mediaglorified the bubble in the early 00's and 1st time home buyers were left in the dust....no one gave a rats about them...
Can anyone remember the "lotteries" home builders were holding for bidding on properties....I don't remember anyone complaining back then...
Now the market has imploded, sellers are left holding the bag, and everyone is "whining" about the bad, bad, media....?
give me a break already.....
take the good w/the bad. its market fundamentals....if you had a heartbeat you got approved for a loan....it shouldn't of gotten this out of control and we're looking to "blame" someone else except ourselves...
We're in a major downturn and things need to play out to get back to historicals.....
No one minded the media when the going was good. The media created hype and instant paper equity for a lot of people. And now, when it's not so good, so many blame the market fundamentals on the media. I guess this is easier than swallowing our pride.
People contracted for more house than could afford. People used their home equity as an ATM to pay for lifestyles they could not otherwise afford. People made often frivolous home improvements believing that they would see a 100+ % return on their investment. People bought another house, thinking it was going to be a piece o cake to get sold at the price they needed to make the move, they perceived they deserved.
Generally speaking we are a people that do not " do without", well.
Most sellers, in most markets, are chasing a down market and the only way to get sold is to seriously undercut the competition or stop pretending to sell and stay put. Every seller has to decide if they want their price or they want to get sold. Real estate really is this simple.
Location: Upstate NY native, now living in Houston
663 posts, read 2,263,856 times
Reputation: 216
Quote:
Originally Posted by middle-aged mom
People contracted for more house than could afford. People used their home equity as an ATM to pay for lifestyles they could not otherwise afford. People made often frivolous home improvements believing that they would see a 100+ % return on their investment. People bought another house, thinking it was going to be a piece o cake to get sold at the price they needed to make the move, they perceived they deserved.
Generally speaking we are a people that do not " do without", well.
I think these people really believed what the media was telling them rather than have used their ability to put their thinking cap on. And then some were just plain duped by unscrupulous lenders.
It's really a sad situation that we are in now in terms of housing. I remember the hey day of the early 2000's and thinking to myself back then - this is WAY too good to be true. I never thought it would turn out this tragic and this disruptive to the economy, though. (probably a doh! on my part!)
Yep ... the media talked the prices up and encouraged speculation, trading up, and greedy lenders back in the early 2000's and they are talking them back down and causing financial heartaches as we speak.
I can't disagree. I also can't ignore that greed permeates every aspect of our society.
I think these people really believed what the media was telling them rather than have used their ability to put their thinking cap on. And then some were just plain duped by unscrupulous lenders.
I think most of the lenders believed the hype too.
In market manias, investors act irrationally. Excessive greed causes people to feel financially invincible and make decisions that cause financial devastation. This process occurs regardless if the market is a commodity market or a paper market like stocks.
Somewhere along the line, our homes became financial investments instead of a place to put down roots, raise a family if so inclined and become a part of the greater community.
Location: Upstate NY native, now living in Houston
663 posts, read 2,263,856 times
Reputation: 216
Quote:
Originally Posted by middle-aged mom
I think most of the lenders believed the hype too.
ah, yes ... it takes two to tango, right?
Quote:
Originally Posted by middle-aged mom
Somewhere along the line, our homes became financial investments instead of a place to put down roots, raise a family if so inclined and become a part of the greater community.
yes...perhaps the saddest part of it all. Families putting down roots are not easy to find these days. We are always off to the next place. But I think some of that can be attributed to the economy in certain places.
YEP, when it's persuading the buyer mentality towards an unrealistic attitude, leaving impressions that, as I have quoted SEVERAL TIMES, all homes currently listed are overpriced, desperate to sell before they lose their homes, etc........YEP, media affects this misconception. As a realtor, your posts really surprise me. You know the attitude of this atmosphere, don't you? My point from the beginning is that all sellers, at this point, have realized we did have a drop and are not going to make what we could have a few years ago, have listed appropriately or dropped the price if they have been on a while, and buyers still think any list price is too high. YEP, media persuasion can change the outcome. At least make them "scared to buy", even when they are able.
Location: Upstate NY native, now living in Houston
663 posts, read 2,263,856 times
Reputation: 216
Quote:
Originally Posted by fairmarketvalue
....I have quoted SEVERAL TIMES, all homes currently listed are overpriced, desperate to sell before they lose their homes, etc.........
Just curious to your thoughts on the Houston, Texas market? Overpriced?
It's touted as being so affordable and what not. I do see LOTS of construction and it is reminding me of pre-bust Florida. Even amongst all the new construction, there are recently constructed developments (2006 & prior) where several homes are in foreclosure.
Bottom line for me is: this whole economical event we are in right now has me downright depresssed!
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Even amongst all the new construction, there are recently constructed developments (2006 & prior) where several homes are in foreclosure.
