Thursday, February 24, 2011
Media Incorrectly Quotes Arizona Real Estate Stats
Yesterday, the Associated Press misquoted some Arizona real estate stats that were recently released by ARMLS. I know, big shocker that the media got it wrong! ARMLS just issued the following correction:
There's a HUUUUGE difference between 70% of total sales, and 70% of all homes in Phoenix. There's also a difference between "foreclosures" and "distressed properties". A distressed property may be a foreclosure, but it may also be a short sale, divorce situation, etc.
Thanks AP for making people across the country and around the world think Arizona's real estate market is even worse than it really is. I'm sure the AP will print a correction... eventually. Unfortunately, the corrected story probably won't go viral the same way the incorrect story did. I guess reality just isn't quite as interesting as mainstream media hype.
Posted by Shannon Hubbard, Arizona Real Estate Agent on February 24, 2011 | Permalink
That is a big shocker! What the heck? How could they get that wrong? That's pathetic!
Posted by: Arizona Pool Service | Mar 14, 2011 11:24:26 PM
This is happening all the time now. It's run by the media.
Posted by: Starwest Mortgage Arizona | May 3, 2011 2:23:37 PM
This is unbelievable.
Posted by: Starwest Mortgage Arizona | May 3, 2011 2:24:34 PM
100% of the homes in Phoenix and surrounding cities are at risk of foreclosure within 60 days. (unless homeowners continue to make monthly payments as expected)
Creative, or short-sighted writers can tell almost any story they wish to with numbers by placing the emphasis on the figures they want to highlight.
9 out of 10 doctors recommend our product (we only asked 9 and paid each of them for their time)
etc... etc... etc...
Read between the lines and read all of the lines - it will save lots of time and headaches later...
Thanks for clarifying an obvious exaggeration
Posted by: Robert | May 23, 2011 5:20:33 PM
We're running into the same problem around Cleveland. The members of the local media automatically assume the worst from the data because doom and gloom seems to sell better. In the end it could become a self-fulfilling prophecy...
Posted by: Cleveland Real Estate | Jun 9, 2011 11:42:11 AM
Interesting. That's frustrating how errors like this fuel negativity in the market.
Posted by: Diane Brennan | Jun 29, 2011 10:17:07 AM
I enjoy reading your blog posts. I am curious why you stopped updating here. Hope to hear soon.
Posted by: Danny | Jul 20, 2011 5:07:20 PM
Posted by: jass | Aug 23, 2011 10:11:59 AM
Absolutely. There is a huge difference between 70% of total sales and 70% of all homes in Phoenix. Sensational news is much more attractive to people than the truth. However on the bright side, some investors from out of town might see this as an opportunity to go shopping. In fact I believe this has happened in recent months. Could this incorrect information have contributed to increased sales?
Posted by: Bill | Aug 23, 2011 2:40:11 PM
Great post! Very creative and well maintained! Keep it up!
Posted by: Avalar | Sep 8, 2011 11:33:34 AM
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