Posted on 12/31/2007 3:53:57 PM PST by managusta
The subprime mortgage crisis is tearing through the newspaper industry as US papers suffer sharp falls in real estate advertising.
The extent of the damage was visible this month when Tribune Company, which owns the Los Angeles Times and Chicago Tribune, reported a 40 per cent decline in November for its real estate classified advertising revenues.
Gannett, the largest chain, said recently it was on track for a 27 per cent drop in real estate advertising for the fourth quarter after reporting a 23 per cent slide in the third quarter.
Edward Atorino, an analyst at Benchmark Capital, said: “It’s spiralling downward at an accelerating pace.” He predicted that the problem would “get worse before it gets better”.
(Excerpt) Read more at ft.com ...
I must admit I am enjoying this decline. These folks have been so arrogant for soooooo long it does one’s heart good to see them get theirs.
bump
My heart just bleeds.
I am deeply saddened. On second thought...GO PUT SOME ICE ON THAT!
paperboys hit hardest.
Women and minorities “paperboys” hit hardest. Don’t you read the Washington Post?
We’re deeply concerned ..................... not!
no, but thanks. In the university press, it would read, "paperpersons." I guess I'm just out of touch.
All right the DBM finally figured out a way to tie there problems on President Bush.
Next thing they will be asking for subsidies.
Say I want a house on the south side of town in the range of $150k-$200k that's two stories on at least 1/3 acre of land, I don't want to search through column after column of other houses. I want to enter my requirements, get a list and then start looking at pictures and maps. That's about as far from non-interactive ink and paper as you can get.
But, but, just a year ago the REALTORS(TM) said everything was going to be ok!?
Here's a story about how McClatchy Newspapers' stock (which includes the America-hating Sacramento Bee) is now downgraded to a "sell", and that their ad revenues declined 5 consecutive quarters, the last of which declined nearly (are you sitting down?) NINE percent.
Pick up the Bee and you will see them cheerleading for an economic downturn, and scaring the heck out of folks about the housing market "crisis".
They try to potty on the economy seeing political advantage (and like 100% of all leftists) never seem to realize that it hurts them too.
It also never occurs to papers such as the Bee that readers just like me are so repelled and alienated by their America-hating activism, that they are canceling their subscriptions; thus, lowering the subscription count, and further driving away advertisers.
Pity.
I have a friend who owns a local town rag (actually a pretty conservative rag) and he says that Craig’s List is hammering his classifieds. Not sure if this includes real estate. But frankly if I was buying a house I don’t think I would even think to look at the paper first - there are some pretty good real estate websites around IMHO.
So besides people who shouldn’t have borrowed money in the first place, the “crisis” is also affecting the commie newspapers?? Better and better.
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