Media Blowing Up Foreclosure Stories To Catch Attention

A real estate agent – a professional in the line for 13 years, is highly critical of a story by David Brooks that grabbed the front page of The Telegraph on 3rd January. The allegation is that bad news always provides spice. Are the people portrayed in the story proud to be thus focused or do they feel humiliated?

In an inside page however Brooks details that southern New Hampshire has not been badly mauled by the foreclosure crisis because of the relatively better economic status of its residents. Also there have been fewer speculators playing games here. The banks too have kept a low profile as regards sub-prime activity. Brooks states that in during 2007 about 2,000 units faced bank foreclosures. The total number of owner occupied houses is 360,000. This calculates to 0.0055 % of all the houses in New Hampshire – or less than half of 1%.

The agent spoke with the chief assessor in Nashua, Angelo Marino to find out that there are 15,100 single-family houses, 6,500 condos and 2,300 multifamily units totaling to 23,900. Using these figures and that given by Brooks the picture is that in Nashua there were 134 foreclosures during 2007 excluding the last four days of the month of December. This calculates to one half of 1% of the total properties in Nashua.

It is strange that this should have been given pride of place on the front page and not topics like the Iraq war, health insurance or windfall profits of oil companies. In the 1990’s The Telegraph played the same game by pointing to the individual loss of a house and commenting that the state is on a downward march.

The critic cum agent feels that the problem is there but not to the extent played up by the media. With some assistance from the lenders it can be straightened out. If there are foreclosure of some units it is all part of the mortgage scene. Rather the focus can be on the fact that this is a great time for those planning to set up a home to buy a house with modest means. It will require good credit rating, steady income proof and employment record.

The headlines could have been about how New Hampshire is thriving in the current economic scenario. With low interest and more than ample supply of houses this is a buyer’s paradise.

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