It seems with the current political climate and the state of the economy, foreclosures are taking on more of a political shape compared to past months. In recent months it seemed there was a race for who could report the highest foreclosure increases in the quickest amount of time.
During this foreclosure frenzy the media failed to verify sources, or if there was contradictory data, even when it was on the next reporter’s desk. While the media is only partly at fault for publishing data that may be misrepresented, foreclosure listing companies’ regularly reported data to the media without clarifying their foreclosure collection methods, and releasing the data with no cautionary clauses or information.
The bottom line was that it was imperative to get the word out there, from the media’s perspective. Now, it’s no longer news that foreclosures have dramatically increased, or perhaps the increases have slowed. Now, it seems the media is reporting articles that can act as bandages for such reporting.
This being said, let’s take a look at this week’s foreclosures in the news.
On October 16, 2008, Bloomberg reported the following article, “NJ to Help Avoid Foreclosures, Economic Chief says.” The plan provides “major sums” to assist home owners in averting foreclosure.
A similar article in the Wall Street Journal published on October 16, 2008, “Trickle-Up Plan Aims to Stem Foreclosures,” summarizes a plan that aims at “stimulating the economy” through home buyer vouchers and thus curbing future foreclosures.
These two articles were at the top of foreclosures in the news and act only as a sample. While the media is seemingly trying to patch things up temporarily, it is certain that the next dramatic increase will be once again, front and center.
Chris Sopaz
Foreclosure Data
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