Journalism 101

[Gonz]

If we want to take a non-news story & make it a news story, craft your writing carefully.

Home foreclosure rate soars in 2007

The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year

About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million.

More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006

but fail to mention that 99% of American home are NOT in some form of forclosure.

Now, post this information, and related scare tactics on all front page newspapers & have it become lead stories in the broadcasdt media & WHOILA! you have a story from a non-story.

Source

 

[SouthernN'Proud]

But ya see Gonz, it makes Mr. and (hopefully) Mrs. Gated Community think, "OMG! That means one of our kind is losing their home! We must panic!"

 

[spike]

Pretty ridiculous to think that the soaring foreclosure rate and housing market collapse is a non-story.

Geesh, just ask a real estate agent. I happen to know a couple and the market is screwed.

Non-story.........pfffffft.

 

[Gonz]

WHat part of 1% do you not get?

It's not a national crisis.

 

[paul_valaru]

WHat part of 1% do you not get?

It's not a national crisis.

1% of how many

and what would be considered the normal rate of foreclosure?

1% could very well be a national crisis, if the banks forecast and budget for .001% foreclosures.

 

[spike]

Sure, house prices across the US falling 10%, the biggest mortgage lender in the country loses 400 million with many others going out of business, real estate workers losing their jobs, $100 billion pumped in by the Fed, new home sales plummeting by the largest amount on record.

Non-story

http://www.msnbc.msn.com/id/22897832/

 

[SouthernN'Proud]

It all goes back to people borrowing more than they can afford. To borrow that much implies that someone was willing to lend that much. Enter greedy banks. Now they are left holding an empty bag because the Budweisers couldn't afford their Dom Perignon delusions.

 

[paul_valaru]

It all goes back to people borrowing more than they can afford. To borrow that much implies that someone was willing to lend that much. Enter greedy banks. Now they are left holding an empty bag because the Budweisers couldn't afford their Dom Perignon delusions.

and irresponsible lending IS a story. Here there are guidelines for lending (I assume in the states too) but they didn't follow them, leading to this problem. (that, and thanks to TLC everyone thinks they can make a fortune flipping homes, they should have a show highlighting the disasters)

 

[Gonz]

Irresponsible lending or irresponsible borrowing?

If you can't afford it, don't ask for it. The lender only sees what you put on paper.

 

[paul_valaru]

Irresponsible lending or irresponsible borrowing?

If you can't afford it, don't ask for it. The lender only sees what you put on paper.

irrespobsable borrowing is a constant, but the lending is the news, the lending institution, in relaxing their constrants have opening the door for major market losses, which effect more than the guy loosing his house.

 

[Gonz]

By relaxing their rules, allowing 500,000 more borrowers to buy homes, they've allowed 5000 more people to overextend themsleves.

That is the fault of the lender?

Alright, from now on...only the rich can buy property because they won't get foreclosed upon.

Round & round we go....

 

[SouthernN'Proud]

By relaxing their rules, allowing 500,000 more borrowers to buy homes, they've allowed 5000 more people to overextend themsleves.

That is the fault of the lender?

Alright, from now on...only the rich can buy property because they won't get foreclosed upon.

Round & round we go....

There was a time when you had to be able to pay for what you borrowed. Amazingly, lots of people didn't borrow all that much because they knew they had to pay it back. We call them our grandparents.

Now you know as well as I do that there are tons of people in houses they can't afford. Irresponsible on their part for signing, but also on the lender for offering so the next guy wouldn't get the interest income/forclosure rights.

Plenty of blame to go around.