Market Watch reports on a professional association’s attempt to use millions of dollars in advertising expenditures to overcome prevailing economic trends.
The National Association of Realtors is launching a $40 million advertising campaign to encourage Americans to buy houses amid the ongoing housing slump.
The Realtors’ campaign includes $26 million in television advertising, about double what the group spent in 2006.
The ad campaign comes as the U.S. real estate market is weathering a prolonged downturn. The Realtors’ latest data show sales of existing homes down 10.7% over the past year.
New homes sales, meanwhile, have fallen 15.3% in the past year, according to the latest government figures.
The Realtors said the new ads will run more than 8,750 times on national television and radio between January and November. They’ll run more than 25,000 times on local radio stations.