{"id":5200,"date":"2009-04-21T13:36:20","date_gmt":"2009-04-21T20:36:20","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=5200"},"modified":"2011-06-16T15:17:29","modified_gmt":"2011-06-16T22:17:29","slug":"king-5s-up-front-local-housing-downturn-not-over-yet","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/04\/21\/king-5s-up-front-local-housing-downturn-not-over-yet\/","title":{"rendered":"KING 5’s Up Front: Local Housing Downturn Not Over Yet"},"content":{"rendered":"

Sunday’s Up Front on KING 5<\/a> focused on the local real estate market, and provided a relatively balanced picture. Host Allen Schauffler presented an overall picture of the current market, a look at a couple that got swept up in the bubble mania, a look at the next wave of adjustable rate resets, a warning about loan modification scammers, and an interview with George W. Johnson, Ballard’s 96-year-old real estate agent.<\/p>\n

Here is the money quote:<\/p>\n

Local economist Jim Hebert says those prices are going to drop even more. And that’s something people should consider now, when they make an offer.<\/p>\n

[Hebert]<\/em> “…perhaps what you do is you don’t look at today’s price, you look at the price in four to six months. And it’s going to continue to fall—for a while, it will fall. It must.”<\/p><\/blockquote>\n

Schauffler only interviews one real estate professional in the broadcast, mortgage broker Howard Bono, who forecasts a horizon of “three or four or five years” before the market gets back on its feet.<\/p>\n

The overall tone of this most recent piece is a far cry from the November 2007 Up Front<\/a> in which Lennox Scott<\/a>, responding to a forecast of home prices dropping 19.5% in five years, made the assertion that “that’s not the projections that we’re seeing.” For the record, King County’s median home price is down 24% from its July 2007 peak, and 18% since Mr. Scott made that claim.<\/p>\n

In stark contrast to Sunday’s balanced Up Front report is this piece from KOMO News on Saturday: Home deals: A bright spark amid economic gloom<\/a> (emphasis mine)<\/em><\/p>\n

It’s one of the few bright spots amid the economic gloom – a local real estate market that is brimming with deals<\/strong> and incredibly low financing<\/strong>.<\/p>\n

But no one knows just how long it will last<\/strong>. So some people aren’t waiting any longer to make the plunge.
\n…
\nCoupled with the dropping prices are some jaw-dropping financing<\/strong> offers that are being made by some lenders. Some banks are offering rates as low as 3.875 percent.<\/p>\n

“How crazy is that?”<\/strong> says real estate agent Becky Hiller. “I know, it’s incredible. Amazing – it’s just unheard of.<\/strong>”
\n…
\n“I think the bottom has hit<\/strong>,” says [builder Mark]<\/em> Huber. “Supply is going to start diminishing, and the good ones are going to go fast. This is definitely the time to buy.”<\/p>\n

Because who knows when real estate prices will skyrocket once again<\/strong>.<\/p><\/blockquote>\n

Wow.<\/p>\n

Props to KING 5 for a balanced and realistic story about the local housing market, and shame on KOMO 4 for running a thinly veiled advertisement for local agents and builders and calling it “news.”<\/p>\n

Hat tip to RedmondJP for pointing out the KOMO piece over in the forums<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Sunday’s Up Front on KING 5 focused on the local real estate market, and provided a relatively balanced picture. Host Allen Schauffler presented an overall picture of the current market, a look at a couple that got swept up in the bubble mania, a look at the next wave of adjustable rate resets, a warning…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[773,196,157,182,53,516,515,140],"coauthors":[],"class_list":["post-5200","post","type-post","status-publish","format-standard","hentry","category-features","tag-howard-bono","tag-johnlscott","tag-king5","tag-komo","tag-propaganda","tag-schauffler","tag-up-front","tag-video"],"yoast_head":"\nKING 5's Up Front: Local Housing Downturn Not Over Yet \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2009\/04\/21\/king-5s-up-front-local-housing-downturn-not-over-yet\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"KING 5's Up Front: Local Housing Downturn Not Over Yet \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Sunday’s Up Front on KING 5 focused on the local real estate market, and provided a relatively balanced picture. 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