Foreclosures continue to soar
My local paper, the Chicago Tribune, carried a letter-to-the-editor earlier this week from a reader angry at the media for constantly writing about the rising number of foreclosures hitting the nation.
The letter writer argued that if the newspapers and T.V. stations didn’t report on all these foreclosures, maybe consumers wouldn’t be too nervous to purchase homes. And if consumers were more confident, perhaps the housing crisis would already be over.
Well, I have to disagree with that letter writer. I say it all the time on this blog: The media aren’t causing the housing slump. Real estate agents, mortgage loan officers, greedy homeowners and lazy legislators all worked together to do that. Let’s put the blame where it belongs.
And speaking of foreclosures, yes, they’re still going up. And, yes, the media are only doing their job by reporting on it.
RealtyTrac, an online marketplace for foreclosed properties, announced on June 13 that foreclosures rose 7 percent in May. One in every 483 U.S. households received a foreclosure filing during the month, the highest monthly rate since RealtyTrac began tracking foreclosures in January of 2005.
The worst news? Most real estate analyists don’t think this is the end of the foreclosure wave. Most feel that we’ll be seeing even higher rates of foreclosure filings soon.
If so, expect the media to report on them. It’s their job.
Tags: foreclosures, housing crisis, media coverageRelated Stories
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