News Media's take

So three weeks ago we are in for a depression that will last for the next couple of years.

Last week all is good in the world and their is life in the markets!

This week, well not so much good news. In fact all the good news we told you, it was a lie.

THIS IS WHAT I'M TALKING ABOUT PEOPLE!!!! Whoever "they" are, are just talking out their collective asses. But your friend, the Bear, thinks he's figured it out. Not that hard to do.

I was checking out the web today and saw a video news headline from Fox News (if you can call them news) but it said "Home prices going up". I had to check it out. They brought on the COO of Zillow (which is so inaccurate it's a joke in our biz, but we all look at it anyway - figure that out). Even the head of Zillow stated that prices are not going up but falling and continuing to fall. For the same reasons I've been talking about. Higher end home are finally dropping prices and taking up more of the overall market which will off set the "median" price number. But in reality the values are still going down.

Zillow's CEO also said that he sees this continuing because of a backlog of foreclosures that the banks are sitting on AND what's worse is that of the people that don't need to sell due to foreclosure or financial problems, 1 out of 3 want to sell but are waiting. 1 out of 3! I don't know if that's accurate but who am I to dispute the great Zillow. Especially when they agree with my outlook on the rest of the market.

So what did we learn, the media needs a story and they don't want people to start killing themselves. So they say prices went up last month so that they can have their headlines, but it's not true. This talking head on Fox News did everything he could to make this guy from Zillow say we're doing better. Thank god he didn't cave. Fox even ended it with "we hope you're wrong". If that's so, why did you even have him on the show?

On a side note. I'm sure that you think I'm joking about people killing themselves. I wish I was. I happened to turn on the local news this friday and there where 2 stories about people who had either killed their families or just themselves and both where suspected to be because of economic issues, both homes happen to be in foreclosure or several months late. If these stories got the headlines instead of "home prices are up" maybe the government would actually do something FAST to help homeowners instead of banks. Don't they get it, if you helped the home owners it would in turn help the banks!!!