Mortgage lenders cut back on advertising but not on Google

As most of you have likely heard the real estate market here in the US is in a big down turn right now. So much so that many mortgage lenders are cutting way back on advertising to lower costs.

But not online advertising, according to Google:

“We have heard anecdotally from several advertisers that they are cutting their spending,” Jon Kaplan, director of financial services advertising at Google, told Reuters. “People are cutting their budgets but (Web) search is not the first thing, it’s the last thing.”

I would think that’s true simply because online ads are generally cheaper and are displayed much closer to the time of sale (or conversion) than most other ads. The web is also the best place to research mortgages.

Here’s the full story. Hat tip, thanks Dave.