Housing Market Attracts Media Feeding Frenzy

As with nearly every issue the media has a tendency to look at things from the most negative perspective – and the drop in the housing market is no different. Many home sellers in Maine and nationally are in a panic and without a doubt that desperation is working against them.

Real Estate ReportRecent stories in CNN Money, Bloomberg and The Financial Times have all decried the demise of the real estate market. As recently as last Friday Time Magazine prepared an expose on the falling housing market in Southern California.

I am not proposing that the market is not going through difficult times. Without question sales are down and properties are taking longer to sell. What is interesting, however, is how markets start to react. Initially there is denial that a problem is occurring. For example builders had their time and money invested in developments and even though the warning signs were there to slowdown, they continued to build. Now they are severely cutting back and simply trying to survive!

Wall Street is taking action and mortgage rates are beginning to show signs of retreating. The Federal Reserve will probably move to reinforce lower rates and keep the market from a complete meltdown, risking some mild inflation in the process.

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source: mainerealestatenews.com