Newspapers Feeling The Brunt Of Housing Slump
from the crack-up dept
Real estate professionals aren’t the ones seeing the way the internet is affecting their industry. Major newspapers, which already have enough problems to deal with, are taking a major hit from lower real estate listings (via Paul Kedrosky), many of which have shifted to the internet. There are two things going on here. There’s the general shift of all advertising away from newspapers and there’s the housing slump, which has taken its own toll on listing volume. At this point, the newspapers are trying to make the case that the slow business is mainly the result of the housing slump, rather than anything more fundamental. Fair enough, but then you have to look at newspaper earnings during the housing boom, which were already quite poor, and adjust them down even further, in order to get an accurate picture of their past performance.