Follow Up: Media Disinformation about REO's Substantiated

A day after I blogged about an article predicting more doom and gloom because of increased foreclosures entering the market, a new article today seems to support my position.  Read the article here:

The report from Clear Capital found that while the number of bank owned properties for sale did dramatically increase in the top 15 markets (not the Sarasota/Bradenton market), prices in those areas showed average gains or mostly stable home prices compared to the previous month.  The article I blogged about yesterday, using Realty Trac as a source, predicted dumping foreclosures in the market would further depress home prices.

Any time anyone reads a real estate article relying on Realty Trac, Zillow, or Trulia, they should take the predictions with a grain of salt.


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