Letters to the Editor

Re: 'Realtors become own media to sustain market optimism' (Nov. 23)

Dear Editor:

Bernice IS part of the media. So is she among the psychic vampires?

How easy it is to criticize the messenger.

What about greedy flippers? Investor-buyers who lied and said they were going to be living in the homes? Overexuberant homeowners who giddily cashed out too much equity with HELOCs? What about the lenders who did not ask buyers to prove what they claimed as income and assets on loan applications, or who looked the other way when risky buyers overextended themselves? What about the frenzy that caused buyers to place multiple bids often for many thousands of dollars more than the home's appraised value? And what about the appraisers and lenders who approved high-risk mortgages for more than the homes appraised for and thus for more than the homes were worth?

Those people were the vampires trying to suck profit and fees from the vulnerable; some buyers understood what they were doing -- many did not.

Media is only the messenger. And media reports only what statistics reveal and what experts say.

Christina B. Farnsworth
Cantadora
Washington, D.C.

Re: 'Real estate hurt by media spin' (Nov. 16)

Dear Editor:

Kudos to Bernice Ross for telling it like it is! Everyone's heard of "self-fulfilling prophecy," and the doom-and-gloom reporters, after all, do want to sell newspapers!

Those negative "reports" ... based loosely on what they can gather for scary bits of news on the subprime quagmire (see actual statistics on percentages of those borrowers who are not performing versus those who are!), a higher-than-normal number of foreclosures because of that, and high inventories in many markets (great for qualified buyers, by the way!), etc., serve only to add fuel to the cries of "Fire!" by the media jostling for attention.

Buyers are beginning to see that they have opportunities they have not experienced in several years -- maybe ... ever! Teachers and public servants, such as police and firefighters, are now getting into housing markets that they were priced out of in many areas! Astute and qualified investors who are smart about what and where they buy are slowly moving from the "It's gotta be a big steal!" mantra to a more realistic "Where can I put my money now where I can be pretty sure it's at or very near the bottom, and not only leveling off, but edging upward?"

Settle down, settle in, and let's enjoy the climb!

Diane Lyons
Downing-Frye Realty Inc.
Florida

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