Tuesday, October 30, 2007

Why oh why does the MSM lie

Just once I wish the MSM would report something resembling the truth instead of outright lies like these. Hey Marya Roney, I know I'm asking a lot, but how about some fact checking?

Here is the week to week inventory for Dallas: This is straight of the MLS, no data manipulation, just raw data. Sept 2006 inventory was 40,694. Today it is 41,577. That is an increase of 2.2%. Yet here is what the MSM story says:

luckily, inventory levels have fallen 2.4% in Dallas since September, 2006.
How? Who? Where do you get these number from? Can you do simple math Marya? Did you mean to say an INCREASE of 2.4%? Does anyone at CNN Money edit these stories?

Marya continues:
In the second quarter of 2007, the median home price was up 1.7% in Chicago, 1.7% in Dallas, and 1.4% in Houston, compared to a national decline of 1.5% in the same year-over-year period.
Really? Housing is booming in Texas? No shit. Here I was thinking it was tanking. My bad. But just one question. Why I wonder do builders need to resort to huge incentives in order to move inventory in Dallas when the market is booming. Here is a story from 2 weeks ago about builders in Dallas giving away free pools with homes and up to $150,000 DISCOUNTS. Have you ever seen any business give away freebies in order to move a product that is selling well? Nope, neither have I.

Ahhh and there's yet another MSM lie. When a builder sells house X for $250K in 2006 sans pool and with a pool for $251,000K, the MSM treats that as a gain in price. In reality the $30K value of the pool makes the selling price $221,000, comparing apples to apples. This concept flies right over the MSM's pea-brained head.

Amazing that in the same market where all is well, prices are surging home builders are slashing $150K off homes and giving away free pools. Congrats Dallas, you have managed to single handedly turn the very basic laws of supply and demand on its head. For your next trick, can you suspend gravity?

No comments: