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NAHB Corrects ‘Doom and Gloom’ Reporting on Housing Market
NAHB has been stepping up new media appearances and interviews in recent weeks in order to explain the complex dimensions of the current housing downturn and credit crunch and correct some of the sensationalistic reporting that has made market conditions sound worse than they actually are in an effort to boost ratings or sell newspapers.
Appearing on CNBC’s “Wall Street Journal Report” on July 29, Jerry Howard, the association’s executive vice president and CEO, reminded viewers of the advantages in today’s buyer’s market for families that are looking for a place to live or are interested in making a long-term investment. There is a lot to choose from in the current market, he said, and mortgage interest rates remain at favorable levels.
“People should not be scared away” from the housing market, Howard said.
While the unraveling of the secondary mortgage market has prolonged the current market correction, NAHB Chief Economist David Seiders expects that a long-term recovery will begin to emerge during the second half of next year.
“Sales and housing starts should start to come together in 2008 and move into 2009 with pretty good momentum,” Seiders was quoted in USA Today on Aug. 9.
Credit Crunch Teleconference
Howard and Seiders will present a national teleconference on Tuesday, Aug. 28 at 2:00 p.m. EDT to discuss issues such as the possible duration of the credit crunch, its impact on home building and sales and what the Federal Reserve, Wall Street and Congress can do to address the problem and avoid a full-blown crisis.
Journalists will have the opportunity to ask questions at the conclusion of the call, but it is open to anyone interested in listening. To participate, dial 800-860-2442 and ask for the “NAHB Credit Crunch Call.” Presentations and reference materials will be available at www.nahb.org/teleconference 10 minutes before the teleconference begins.
A story on the teleconference will appear in the Sept. 3 issue of Nation’s Building News.
Howard and Seiders will continue to give a top priority to informing the media of the housing situation in the period ahead.
Following is a summary of the specific media outlets in which they have appeared during the last six weeks:
Television
- MSNBC
- CNBC
- Nightly Business Report
- Bloomberg television
Radio
- NPR Morning Edition
- NPR’s The Diane Rehm Show
- CBS
- ABC
- AP
- CNN Radio
- CBS MarketWatch
Newspapers and Business Publications
- Associated Press (multiple stories)
- USA Today (twice)
- Wall Street Journal
- CNN Money (multiple stories)
- BusinessWeek
- Business Journal (Boston, Charlotte, Milwaukee editions)
- Reuters (multiple stories)
- Los Angeles Times
Trade Media and Publications
- Realty Times
- InmanNews
- National Mortgage News (multiple)
Local Coverage
- AP stories featuring Howard or Seiders appeared in more than 40 local newspapers
- San Diego Union Tribune
- The Record (N.J.)
For more information on NAHB’s media response, e-mail Paul Lopez, or call him at 800-368-5242 x8409.
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