National real estate forecasts are nearly  as accurate as national weather forcasts.

National real estate forecast make no more sense than national weather forcasts.

Unfortunately, consumers are being blasted on a daily basis with negative media pieces regarding residential real estate. We all know the market is favoring the buyers. That's a given. However, it must be remembered that the goal of any media is to sell advertising space, not to accurately report. And it's easiest to sell advertising space with inflammatory gloom and doom pieces.

Many real estate brokers are complaining about the unrealistic buyer who wants to present an offer at a price monumentally off the asking price. The real estate agents representing these buyers implication is that while there are some properties which should have offers at this unusually low level, the buyers are generating an opinion of value based (in part) on media pieces not indigenous to the local market.

Let's talk about foreclosures. I have seen articles and heard new stories saying that foreclosures have increased over 75% this year. Wow.that's huge. Foreclosures and delinquencies have increased. However, the method by which the data is presented to consumers makes buyers think that a disproportionately high number of sellers are in default.

The reality is that, in Minnesota for example, the foreclosure rate is between 1 to 2%. Take a look at RealtyTrac.com. The rate is as large as it's been in some time, but it's far cry from the sound bite which screeches "over 75% increase."

As a prudent consumer of  residential real estate, you should seek out valuable knowledge-not just raw information. Raw information is available everywhere, particularly on the Internet. That's not wisdom. You need someone to interpret this raw data and convert it into something that enhances your ability to make an informed realty decision.