NBC Uses Housing Slump as Scapegoat

If all else fails – blame the housing market. It works for NBC.This time a struggling housing market is the reason auto sales are struggling. The week before, it was responsible for the drop in the Dow Jones Industrial Average.   Good thing “Nightly News” is focusing on global warming solutions or the network might even try to pin that on the housing market.

“Even Toyota sales fell and blamed a weak housing market for a plunge in light truck sales,” said “Nightly News” anchor Brian Williams on August 1. Williams also managed to mention that the DJIA finished up 150 points “despite the fact that the housing and mortgage market are showing even more signs of weakness now.”

ABC “World News with Charles Gibson” had a slightly different, but more balanced take on the housing slump.

“Home foreclosure notices were filed against 573,000 homes in the first half of the year, an increase of 58 percent over last year – devastating for some, opportunity for others,” said Gibson.

Some real estate professionals have been able to capitalize from the glut of foreclosures. However, one investor wasn’t as lucky.

“It’s really just draining me emotionally,” said Bruce Helmprobst, an upset Las Vegas real estate investor on “World News.” “And I have a lot of bills, and a lot of mortgages I can’t pay and banks are calling me every day.”

Helmprobst bought seven homes prior to the market’s downturn, hoping to make a quick profit. Three are now in foreclosure.

Julia A. Seymour
Julia A. Seymour
Julia A. Seymour is the Assistant Managing Editor for the MRC's Business and Media Institute.