Midway through November, we are entering a seasonal quiet period for home sales volume. The kids are in school, and the holidays are coming. So each year at this time, home sales volume drops off.
This makes it easy to have headlines that say “pending home sales drop from last month.” The national TV news media make it sound like the housing market is turning down because mortgage rates went up. Our ever-jittery news media would like to have some crisis to report every day. It keeps viewership higher. So they like to raise the specter of the “tenuous” housing market anytime they can.
Here is a great example of sensationalism on NBC News Business on Oct. 28.
“Housing recovery takes another blow as pending home sales tumble.”
Sounds pretty dire doesn’t it?
Just keep in mind that the media is not really reporting news. They are just businessmen and women like the rest of us. They are in the business of selling advertising. Sensational headlines have been used to sell newspapers for centuries.
So if you watch too much TV, you feel that things are pretty miserable. Let’s take a look at the facts of the Texas housing market to see what the real situation is.
Read full article from Texas A&M Real Estate Center here.