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Misleading real estate numbers

Posted: September 4, 2008 7:54 p.m.
Updated: November 6, 2008 5:00 a.m.
 
I am very disappointed by our local newspaper, The Signal, with regards to the article published today that reports the fact that local real estate sales are up 22 percent.

Of course, on one hand, this can be interpreted as good news for local housing and worthy of print.
However, my disappointment lies in the fact that there was no reporting of the change in median price year over year, nor was there any mention about the percentage of sales that were foreclosures or "distressed" sales.

While the increase in units sold can be seen as a positive sign for local real estate, it is not the whole picture.

We, the citizens of Santa Clarita, need and deserve to see the whole picture on all news-related matters, including local business and real estate matters.

Reporting only the increase in homes sold seems to represent a bias on the part of the real estate industry in that it could be seen by readers as a sign the market is turning around, that we have hit bottom and that the market is on the rise.

It could cause the lay reader who has been considering purchasing a home but was waiting for the market to bottom, to perhaps incorrectly conclude that by this article that we indeed have not only hit bottom but that the bottom is behind us.

This is not fair reporting, and we do not deserve this biased information.

Without reporting the truth about prices and foreclosures, we are not getting the whole picture.

Who is the newspaper serving, the industry or the people? Please address this.

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