A lot of my colleagues in the real estate and mortgage business are bashing the media, saying that the media is sensationalizing the mortgage crisis and that the media's portrayal is grimmer than reality. Let's be perfectly clear. The media doesn't make this stuff up. They report what they see and hear and dig up. Of course, bad news always sells better than good news, but that should not be startling. OK, so why all the complaining about the media?
It depends where your economic incentive lies. If you sell houses or make loans for a living, it's a tough market out there. Why? Because people are uncertain about the future and uncertainty breeds fear and fear causes paralysis. In a nut shell, even our best and brightest are scratching their heads, wondering what's going on here.
The bottom line is this--knowledge is power--the more you know about what's going on, the better decisions you will be able to make for yourself and your family. For some reason, we don't want to believe all the news about the real estate market. It's not a matter of believing, it's a matter of facts and figures.
So what should you do? It depends. Some will just weather the storm and others will find the greatest real estate opportunities since the last recession. But whatever you do, get a game plan and don't just bury your head in the sand, because this thing ain't over yet.
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