Remember just two years ago, HGTV and TLC were making a killing on the fix-it-up-and-sell-it tv shows. They convinced everybody that their homes were guaranteed money makers. Just renovate that kitchen and flip it. Easy money. In fact, if you ever watched any shows about real estate on HGTV you almost never saw anybody lose money (at least not that I recall). TLC had “Flip This House,” where even mom and pop were getting in on the action.
Fast forward to the present: the outing of the junk mortgage industry, predatory lending, and the collapse of home prices. Many people besides TLC and HGTV played a part in this including the real estate agents that were advising people, contractors, banks, the feds, the list goes on and on.
Now families, many of whom bear significant responsibility for their predicaments, are looking at being thrown out of the house that is worth less than the (junk) mortgage they got on it. Their rates have risen (which I’m sure was detailed in the papers they signed) and they can’t pay. It looks like the taxpayers are going to have to step in and bail them out (AGAIN). Meanwhile their children may not have a roof over them. It’s probably not going to get any better anytime soon.
My biggest complaint about HGTV is that they don’t have a series called “My First Foreclosure” or “Homeless Middle Class Families” or anything that even addresses the problem that we now have. Reality shows are great until the reality becomes everyday life for your viewers, huh HGTV? Things go south and your response is yet another annoying real estate host showing people how to make money in real estate.
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However you think this is HGTV’s fault is beyond me?? The whole real estate bust can be blamed on people trying to live beyond their income. I’m a realtor and I didn’t sell any clients anything I didn’t think they could afford. Many realtors did do this and it’s a shame they won’t have to pay for these families loosing their homes. Greed is alive and well in this country. Just look at our current administration.
But to blame tv networks for this……come on!!
Lo
lolita on July 10th, 2008 at 10:15 am | Link
YES THE SHOW IS CULPABLE FOR NOT ADVISING THE PURCHASER/BANK IS NUTS FOR NOT BEING REQUIRED TO PUT 20% DOWN!!! 100% FINANCING LOANS 80/20 LOANS… HOW MANY OF THESE PURCHASERS LOST THEIR HOUSES FOR BUYING HOMES WITH NO MONEY DOWN??? WHO THE **** GETS TO BAIL THESE MORONS OUT NOW???
John on August 13th, 2009 at 10:17 pm | Link
LOL I thought “My First Foreclosure} was MY idea! But you know, that might be a good show!! HGTV needs to find those spoiled brats, maybe 6 months after they overspent on a home. And see who’s foreclosing on them!! LOL
Hilarious, I remember seeing all of those “Fix it and sell it” shows on HGTV and I also remember the show that followed the trials of a first time home buyer and their Realtor. I remember the realtors often extolling the buyer to “think about the investment” and saying things like “You will only be in this home for a few years and then you can trade up.” Of course, the Realtor gets their fee regardless.
The “Flipping” shows often showed how to artificially inflate the price of a property by applying cosmetic embellishments to a house thereby eliminating those who might have been able to purchase and fix the home little by little for the purpose of long term residence.
Cal on December 23rd, 2009 at 8:15 pm | Link
Young people these days want, want, want. They EXPECT the same house that their parents took years to get. You could and can tell just by looking at them and knowing what kinds of jobs they have OR HAD that they cannot afford the houses they buy. Get real, HGTV! Show people who are struggling and really saving to buy a MODEST home. There really are people like that, people whose expectations are REALISTIC. Potential home buyers should ALL have to put down 10% and their monthly payments including taxes and insurance should not exceed 25% of their monthly income.
Judith de Jong on February 5th, 2010 at 9:12 am | Link