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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:

"Yesterday, two writers from the  Associated Press put out a story that said that 70% of the homes in Phoenix are at risk of foreclosures. By the end of the day the story had gone viral on the Internet and was picked up by multiple large media, including the Wall Street Journal.  Of course, the information is flat out wrong, and unfortunately, it was attributed to ARMLS. We are reaching out to the original writers and others who re-circulated it to get the information corrected.

The statement was a result of the writers’ misinterpretation of the correct information put out in the February issue of STAT.  In that issue we stated that distressed properties accounted for 70.2% of total sales. 

ARMLS is reaching out to our Subscribers to make sure they understand the error, and do not inadvertently re-circulate the wrong information in their blogs and on their social media platforms.

Click here to read the February issue of STAT."

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, AZ Realtor & Computer Guru on February 24, 2011 | Permalink | Comments (21) | TrackBack