Here's the response in full. Unfortunately they didn't address the main criticism - that lazy reporters like the Arizona Republic's Catherin Reagor do their research and write their articles, then run right out to the NAR, realtors and builders for their "word on the street" response, thus allowing the corrupt real estate industrial complex to pollute their work.
HousingPanic's note to the Arizona Republic:
REALTORS AND BUILDERS ONLY MAKE MONEY WHEN GREATER FOOLS KEEP THE HOUSING BUBBLE GOING. WHEN YOU ALLOW THEM TO USE YOU, EVEN THOUGH THEY'RE YOUR NUMBER ONE ADVERTISER BY FAR, YOU ALLOW YOURSELVES TO SINK TO THEIR LEVEL, AND YOU MAKE YOUR PAPER LOOK EQUALLY CORRUPT. SO STOP IT. DO NOT USE REALTORS AND BUILDERS AS YOUR SOURCES ANY LONGER, AND IF YOU DO, CALL THEM OUT FOR MAKING STUPID OR BIASED QUOTES, ESPECIALLY WHEN THEY FLY IN THE FACE OF WHAT YOU ARE REPORTING.
Geeze this is basic stuff. Like allowing a pumper to push pets.com without identifying that he owned pets.com
March 4, 2006:
Catherine Reagor (Arizona Republic) note to HousingPanic:
You gentlemen need to do your homework. Why don't you go back and read some past articles, including ones from earlier this year saying "Valley home prices could be inflated by as much as 25 percent because of speculators."
And with several sources outside of what you all call "the real estate industrial complex" calling for prices to fall.
We have been reporting every indicator of the housing market we can for years. When the market started slowing and listings starting climbing last August, the focus of our stories immediately shifted. And even before that, we were saying the Valley's housing market couldn't sustain the frenzy it was in during the Spring and Summer.
How do you know the market is going to implode. Did you also predict prices would jump 50 percent in a year? If so, I'll buy swamp land from you. We do our homework. We went to other markets like San Diego and Las Vegas last fall to check out where they were headed because they led the nation in price run ups before Phoenix. That was a front page story with some economic indicators you might want to look at like job and population growth.
I know exactly what is going on in San Diego, and if you truly did your homework - you would see we have used it and Las Vegas as an example of where we could be headed. We do our homework. We talk to buyers, sellers, lenders, agents, builders and analysts daily. When you are sitting at home on the weekends, we are at open houses or in the sales trailers of home builders listening to buyers and sellers. What's your experience?
You are criticizing the cover story on a special section that tracks home prices in sales by ZIP Code in 2005. Well, guess what? 2005 was a record year for the housing market. It has to be said, but instead of just reporting that, we write about what is going on now - A DEFINITE SLOWING. How much the housing market slows no one knows.. Because though home listings are up to 30,000... they are historically around 25,000. So for some longtime market watchers that signals the sky hasn't fallen. My verdict is still out because while you get to sit and criticize and name call, I am out doing the research and reporting on what's happening day-to-day in the housing market.
Again, for anyone who'd like to send a direct response to the Arizona Republic on using biased sources unchecked, the reporter can be reached at catherine.reagor@arizonarepublic.com
March 04, 2006
Arizona Republic responds to HousingPanic's criticism of using biased Realtor and Builder quotes in their articles
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46 comments:
My note to the reporter:
I'm happy to see the Arizona Republic cover the housing collapse.
But our number one beef is the use of biased, false and unchecked realtor and builder quotes. That is poor and lazy journalism, and you should aspire to do better
That was a pretty negative note a reporter wrote back to you. It shows she is not professional and her boss might want to read it. Second, it also appears she knows more about the housing market because "she's a reporter" out talking to realtors and the NAR.
Oh well, maybe she bought in to the hype and is biting her nails because of the market.
Bitch
"Because though home listings are up to 30,000... they are historically around 25,000. So for some longtime market watchers that signals the sky hasn't fallen"
Oh Yea! Currently Phoenix has 37,000 I would bet half of them are vacant.
Yes, a bloodbath. 37,000 homes sold in PHX in '05Q4 alone at a price $69,000 higher than the previous year. No buyers? Riiiight. Desparate sellers? LOL!!!
The AZ Republic does print some pretty crazy stuff from Realtors...but in fairness to the reporter, back in mid-Feb she did ask the public to contact her and to "pull [her] aside and let [her] know what you think."
Question: before today, have you all been writing her to tell her what's really going on?
It seems like the Republic had some good & fair articles today (Sat).
This is a major problem with the print media in the U.S. They will not report accurately about hyper-inflated real estate prices. Why? Because these newspapers are dependent on the realtors, mortgage brokers and their associations for advertising.
The problem is getting worse, rather than better. Newspapers are losing subscribers like crazy because of competition from Internet news sources. Which makes them more dependent on advertsing to pay overhead, wages and commissions.
The local print media will continue to push the real bubble even higher by ignoring the truth. Until they are forced to realize that most people know the truth. The real estate bubble is like a gigantic Ponzi Scheme. Federal regulators are just turning their backs on the problem. When this house of cards falls apart, the effect may be felt deeply all across the nation.
The best way to fight this type of corruption is to stop buying homes and local newspapers. If you like to cut out discount coupons, I recommend stoping by the local Starbucks. You may browse throw away papers in complete freedom, taking away any coupons you desire.
I think that sending a communication to the AZ Republic writtn entirely in CAPITAL LETTERS was very rude.
Dave, just out of curiosity, are you a member of the Real Estate Industrial Complex?
ALL I CAN SAY IS.... denial....denial...denial of eventful Housing market crash !!!
Again, I have no beef with the coverage the Arizona Republic is giving to the real estate crash - you'll notice many of their stories are covered here
My simple beef is lazy reporters from the Arizona Republic and almost every other MSM outlet doing the basic "the housing bubble has burst" report, then for their ONLY reaction and word-on-the-street quotes, doing the easy, lazy thing and calling the realtors and builders (probably the same ones who advertise in their MSM outlet)
It's a practice that either has to end, or if the MSM doesn't know anyone else and has to use these obviously biased sources, at least challenging them on their quotes, or, like CNBC has to do today, flagging their quotes as biased as they are invested in the commodity being discussed.
Here's a quote from the last story, re-written by me to be satisfactory:
______________
John Foltz, president of Phoenix-based Realty Executives (NOTE TO READERS - REALTY EXECUTIVES REPRESENTS OVER 2000 REALTORS IN PHOENIX, WHOSE CAREERS DEPEND ON THE HOUSING BUBBLE CONTINUING AND WHOSE WORDS AND ADVICE ARE THUS LIKELY BIASED), said the experienced speculators are pretty much out of the market, leaving newbies who could get hurt by the slowdown.He said the worst-case scenario for the resale market this year would be flat prices. WHEN ASKED BY THIS REPORTER HOW THE WORST CASE COULD BE FLAT PRICES, WHEN WE ARE ALREADY SEEING PRICES DECLINING AND EXPLODING LISTINGS, MR. FOLTZ CHOSE NOT TO RESPOND.
You wrote: "REALTY EXECUTIVES REPRESENTS OVER 2000 REALTORS...".
I very much doubt that Realty Executives (www.realtyexecutives.com) has 2000 Realators®. Two thousand agents for sure, but not 2000 Realators®. Most people who "sell" houses never bother to become Realators®. See www.realtor.org for more information about what a Realator® is.
,dave
P.S. Not a member of the REIC, but someone who is a stickler for facts.
P.P.S. If you want to use facts to shoot holes in the arguements of the REIC, then make sure your own facts are correct. There is nothing wrong with footnotes.
Dave - that was for example only. I should have said 2 billion to make the point clear
This is a broader problem in journalism, not just in coverage of housing issues.
Many journalists have come to believe that their job is simply to serve as stenographers who relate whatever the powerful have to say about any subject: "A says so-and-so and B says such-and-such." They believe that this is "balance."
What it is, of course, is a way for the powerful to get their lies, unchallenged, into print and on the news channels, and the powerful have taken full advantage of it.
There aren't always two valid sides to every story. The truth is not always in the middle. "Successful" people aren't always trustworthy.
Is there any institution in our society more corrupt and generally worthless than the news media? They even make the real estate industry look good by comparison.
There are 1781 Realty Executives employees who are members of the Arizona Regional MLS. That means 1781 Realtors, including their fearless president, John Foltz. While it may have been unintentional, 2000 was pretty darn close to the mark.
As for Dave, I saw a Dave Barnes Realty sign in Phoenix, and I thought that I would ask. Obviously, there is more than 1 DB in the world.
People believe what they believe
and if you can find a friend that believes the same thing you are gonna think he is a genious for thinking like you.
It is no more a consparicy when people who make their livlihood off of real estate sees the glass half full. Tha it was a consparicy when reporters by the thousand keep insisting interest rates have been rising for the past 4 months.
Now I would bet that not one of you realizes that morgtage rates are falling, because this truth doesn't agree with your thoughts.
Most people can only see the truth when the truth says they are smart. If the truth calls them dumbass, they are blind to it.
My guess is that "dog crap green" is up to his ass in bad real estate deals or is somehow related to RE and mentally preparing himself for having to beg for food. Anyone else have a guess?
my guess is you are wrong
May I book my bet with you?
my bet is dogcrap made some $$$ during the bubble, has a bunch of rich friends who made $$$, has his head in the sand, yet finds himself drawn to bubble blogs
one of my favorite posters by far though.
could be the banker's dad?
May I book my bet with you Kieth?
On the eve of the bubble I caught an officer of my company embazziling money. Had the $120,000 returned to the company. But he succeeded in getting me fired and slamming my name to create "A pot calling the kettle black" situation.
From 2000 to 2001 I made my money gambling while living in a rat whole apartment across the street from a Baltimore public housing project. Though I had over $50K I feared spending it because my money was my occupation and it was lookign pretty able with my name and ability to find work.
The executive took a second dip for some fund and they were ready for him this time.
I suppose I did get my name back, but there is a whole on my resume tough to explain. I got new work though, bought a modest house. And I'm simply pushing forward.
Bottom line is I'm doing alright on my investments because I called the drop in mortgage rates, and I know where my home is - If you want to make the money I do, visit "Dogcrap Green Bet".
My cunning skills and agressivnss took care me through thetough times and they can take care of you through these easy times.
so dogcrap - why do you visit and post on bubble blogs?
and truly, you are one of my favorite posters
I don't disagree that houses are over priced.
Kinda curious why you post here. Do you learn anything by listening to yourself?
Hofstra 27 9 36 9:46
George Mason 33 7 40 2nd
think positive thoughts for me. I need Hofstra to score 1/2 point more.
I may end up taking my first hit today.
AnonyRuss said...
"There are 1781 Realty Executives employees who are members of the Arizona Regional MLS. That means 1781 Realtors, including their fearless president, John Foltz. While it may have been unintentional, 2000 was pretty darn close to the mark."
This post demonstrates the problems that I have with INaccurate posts:
1. Richard A. Rector
President & CEO
REALTY EXECUTIVES International, Inc. from http://www.realtyexecutives.com/join/about-us.htm
So, John Foltz is NOT the president.
2. There is a huge difference between someone who is a Realtor (registered trademark) and someone who is an agent.
I would not diasgree with "Realty Executives has 2000 agents" as the number is merrely a rounding error. I do disagree with "...has 2000 Realtors®".
,dave
I guess alot of people are going to learn the age old lesson that you always consider the source when you read anything ,( even housing blog comments )
If a person has some cards in the game .....they might be bias .
How about quoting a real estate "expert" with objectivity and credibility? Like an economist, for example? How about pointing out to readers that real estate agents are principally interested in keeping the market going with lots of transactions, and that expectation of rising prices are the key to sustaining that market environment?
Better yet, how about searching the AR's own archives from the early 1990's, which would confirm that real estate agents always talk up the market as it is on the verge of a bust?
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