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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

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

hi Sir,

The way you share the inormation with us regarding Real estate investment is so much valuable for common people.we are also providing services such as investment in real estate business, complete assistance in property dealing and business loan.Thanks for Sharing such Valuable information with us and Please Keep continue Posting like these in future.

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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