Last week, I was thinking about blogging on RealtyTrac and all their self-proclaimed foreclosure rates, which I had been hearing on the news, seeing in print, and didn’t I see some sky writing by them, too?  Over the weekend, I decided to "Google" them and find out what they were about. One thing I discovered, they are pretty good publicists, since they had no problem getting all the media outlets to publish their claims. 

     Well, Lordy, Lordy, guess what happens before I can blog them. Tuesday evening I am proceeding home and hear on WRVA 1140 about the 800 % jump in foreclosure rates in Virginia claimed by RealtyTrac. I immediate called WRVA and spoke to Matt who had written this piece and asked him if he had "googled" RealtyTrac. I also gave him my quick spin on RealtyTrac. I must have been convincing, because the report was not repeated in the next half hour news segment. My real problem is how long this report had been aired, since its root was in this article published Tuesday in the RTD.

     Now I know I am a little late on this issue,(sorry, been playing golf, since the sky is falling according to RealtyTrac and who knows if golf is even played in heaven), so I have just gotten around to addressing these claims. Here’s a copy of an e-mail I sent Marilyn J. Shaw at the RTD. I’ll let you know if I get a response.

Ms. Shaw –
 
I hope you researched this claim by RealtyTrac before publishing. If you will “Google” RealtyTrac, you will see more reliable sources such as the Mortgage Bankers’ Association dispute many of their claims. It is amazing that RealtyTrac has suddenly become the SELF PROCLAIMED experts on foreclosure rates. Their web site has been in existence for a very short time. They are what the real estate business calls “aggravators”. Through their website and their CLAIMS, they attract investors, real estate agents, etc. and then try to sell them their services.
 
Go sign up for their 7 day free trial. It will still require you to enter a credit card, etc. to have the “free” trial with the hope you’ll forget to cancel within the 7 days. Sign up to be one of their partners. If you’re a real estate agent, you will immediate receive a call you, which will try to sell you “an exclusive zip code” on a month to month basis. This business model for real estate has been in existence for many years (i.e., HomeGain, HomeValues, HouseHunt.com, etc.). RealtyTrac just happens to be the only one working the foreclosure market and very successfully so, since the media just accepts whatever they claim as gospel.
 
I realize your article had a disclaimer about the possible double counting by RealtyTrac, but may I suggest a possible quick check on their outrageous claims. Since Media General publishes in numerous markets, your advertising division should be experiencing record revenue in the legal notice section if RealtyTrac’s claims are true. All foreclosures require a set number of publication notices prior to sale. If Virginia is truly up “798 percent” Media General’s revenue should reflect this. Of course, should you find RealtyTrac’s claims exaggerated, I hope there will be a retraction. Hope, but doubt, since newspapers are sold with headlines and not facts.