Industry News

Media create foreclosure hysteria

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When RealtyTrac released the latest foreclosure numbers in mid-May, the newspapers all reported that "Foreclosures are up by 65 percent!" Today's column looks at the same numbers and arrives at a very different conclusion. As I travel across the country speaking for various events, there is one message that keeps coming through loud and clear: "What are we going to do about the negative media?" Agents and clients alike are discouraged by the constant onslaught of negative news. The challenge is that the press reports what sells. Unfortunately, bad news sells better than good news. To understand what is going on in the foreclosure market, you must first look at how many properties actually went through the foreclosure process in a given month. RealtyTrac reports the number of properties with "filings." This includes any property that has received a Notice of Default, lis pendens, Notice of Trustee Sale, or Notice of Foreclosure Sale. An import...