Housing: NBC Goes Negative, While ABC Offers Balance
NBC continued to use the decline in the housing market as a scapegoat for any less-than-positive economic news â whether it be a drop in the stock market, changes in currency exchange rates or the reduction in sales for Toyota (NYSE:TM).
Felix Simon, a business reporter for CondĂ© Nast, mocked the media for blaming every drop in any market on subprime home lending. âItâs the new shorthand for âstocks went down and we donât know why,ââ he wrote on his blog July 31.
But with even the gloomy news â if you got into a âred-hotâ housing market three years ago, youâre probably still going to show a net gain if you stayed in it.
âJust last year, homes in the top 20 markets were appreciating by about 15 percent, but since then, itâs been a steady drop,â said Cowan. âHomes are now depreciating by as much as 3 percent.â
So those people are still coming out ahead over the long-term.
In contrast to NBC, ABC âWorld News with Charles Gibsonâ provided a balanced perspective by pointing out the positive and the negative sides of the story.
âHome foreclosure notices were filed against 573,000 homes in the first half of the year, an increase of 58 percent over last year â devastating for some, opportunity for others,â said Gibson.
The decline in the housing market has created opportunities for those seeking bargains, as ABC pointed out:
âJoyce Essex used to make most of her money selling homes. Now, 90 percent of her business comes from handling foreclosures,â said ABC correspondent Miguel Marquez.
And Essex showed why â âBasically up to this point, the banks have been able to sell the properties for retail prices,â
âWorld Newsâ showed when you take high risks in
âItâs really just draining me emotionally,â said Bruce Helmprobst, an upset
Helmprobst bought seven homes prior to the marketâs downturn, hoping to make a quick profit. Three are now in foreclosure.