In November, The Morning Call reported that Lehigh Valley October home sales had skyrocketed 19.6% over the previous year's figures. And just last week, it followed that up by claiming a 1.4% increase over the entire previous year overall. Both of these articles rely almost exclusively on information supplied by realtors, who have a vested interest in creating a buzz about the market.Northampton County records reveal that real estate transfers have actually dropped in each of the past five years. They're down ten percent last year, and a whopping forty-six per cent over the past five years. As a title searcher, I can attest to this general decline.
On Sunday, The Morning Call continued painting its rosy picture of Lehigh Valley real estate, although it was probably accidental. You won't see this online, but the paper's hard copy "Scope Out" section lists nearly an entire page of "Lehigh County Deeds." It looks very impressive, especially at this time of the year. There's just one teensy, weensy little problem. Instead of deeds, the paper lists mortgages.
Most of us know the difference between deeds and mortgages. Deeds are a record of ownership, while a mortgage is a promise to pay a sum of money, secured by real estate. If there's any confusion, it's easy to clear up in Pennsylvania. Nearly every Deed contains this heading - "Deed." Nearly every mortgage contains this heading - "Mortgage."
Deed transfers are periodically listed in just about every local paper, whether it's here or New Jersey or Florida. We're nosy, and like to know what our neighbors paid for that home down the block. Some people hate making that public, and will often ask Recorders of Deeds to keep that information away from reporters. "Do Not Publish" will be affixed to the Deed via sticky note, and it usually works.
Until yesterday, I never saw a newspaper list mortgages. Although they are a matter of public record, even those of us who don't mind seeing our home sales published, would rather seeing what we owe to this or that bank in the newspaper, especially when we are current.
I think the paper screwed up. After all, it is factually inaccurate to list mortgages as deeds. Editors are obviously being asked to do more than they can handle. Whatever may have happened, people who are minding their own business have a right to be left alone. According to the APME's Code of Ethics, a newspaper "should respect the individual's right to privacy."
In addition to these privacy concerns, it appears that the newspaper is unintentionally creating a false impression that the real estate market is quite healthy.
