October 10, 2006

Realogy (owner of Century 21 etc) launches housing bubble propaganda counter-attack


OK, now it's gettin' fun!

The soon-to-be-unemployed folks at Realogy, owner of Century 21, Coldwell Banker and ERA realtor groups, are placing full page ads (starting last Friday in USAToday) announcing that the housing crash is over and it's time to get back in.

Oh, man, this is too good to be true... The ad was then written about by real estate poodle Marlow Harris (owner of "Seattle Dream Homes") who writes real estate pornography for the REIC-advertising dominated Seattle Post Intelligencer. You can flame her here (the comments are hilarious!)

Here's some highlights:

Realogy's desperate CEO said: Although the media has focused on the downside of the changing real estate market, there are also compelling messages about real estate that we need to reinforce to consumers,” such as the recent drop in mortgage rates.

and this...

Perriello explained that, “The unfortunate reality here is that good news seems to get buried in the newspapers and it's the negative headlines that get all the attention. What we're trying to do [with the ad] is motivate buyers with the facts. Mortgage interest rates have come down, there's an ample supply of inventory and homes are selling.”

"Give consumers facts and figures in order to send them the message that houses are selling.”

And then concluding with:

Now is not the time to be quiet,” Perriello added. “Now is the time to be noisy.”

OK, I'll bite. Here's noisy for you:

THE LATE GREAT HOUSING BUBBLE WAS AN EPIC PONZI SCHEME, WHERE PRICES DETACHED FROM THE FUNDAMENTALS AND THEIR HISTORICAL AVERAGES. IT WAS FUELED BY AN OUT OF CONTROL AND CORRUPT REIC, INTENT ON EARNING COMMISSIONS AND SCREWING HOMEDEBTORS.

EVERY PIECE OF DATA NOW CONFIRMS THAT THE BUBBLE HAS BURST, AN EPIC CRASH IS UNDERWAY, AND HOUSING PRICES WILL NOW DROP BACK TO WHERE THE FUNDAMENTALS MAKE SENSE AGAIN

Hope that helps.

12 comments:

synthetik said...

If you guys post over there, please try to be civil at least.

Remember that these people actually believe the bullshit they spew... I know its' hard to believe but it's true.

Just another inconvenient truth -- their livelihood depends on the continual denial of the truth.

Anonymous said...

Kieth,

Keep fighting the REIC! :-)

Anonymous said...

Can what she says be held against her in a court of law? Didn't someone remind her she has the right to remain silent?

Alan P. said...
This comment has been removed by a blog administrator.
Anonymous said...

The bankruptcy filing listed $350 million in assets and $297 million in liabilities. Bruck said the company simply "ran out of cash," hurt by slowing sales and a slowing economy.

For the past few years, Kara Homes was riding high, acquiring lots and scrambling to meet the seemingly insatiable demand for $1 million estates as well as townhouses, single-family homes and adult communities. Dun & Bradstreet said its annual sales were $288.4 million, up from $103.3 million three years ago.

Then the housing market slumped, taking Kara along with it. The Federal Reserve's campaign to boots interest rates limited buyers' access to cheap financing and a run of years of rapid price appreciation got beyond the ability of would-be homeowners to pay up.

http://www.nj.com/search/index.ssf?/base/business-4/1160281793133420.xml?starledger?b&coll=1&thispage=2

devestment said...

Post raw data. It's hard to argue with facts and the readers need to be informed so they can make good financial decisions. The people do not need to be misinformed by REIC propaganda.

FORCLOSE YOU said...

I smell more foreclosures. Can anybody explain why people go around daily with their head stuck up their ass.
Some of my genious neighbors said we are not buying we will ride this bubble out. Yesterday fools buy a 600K 2 bdrm condo. It has to be the ugliest peace of crap I have ever seen.

Anonymous said...

Did they miss the front cover story on Time about how fantasic the housing market was?

Get in or miss out forever - remember?!?!?!

ZZwcck said...

You know I've seen this campaign of disinformation before, but I can't remember where nor can I remember how effective it is... Who ever came up with it should probably get a little kick back from the REIC though.

Anonymous said...

Like our current Administration, if you say over and over enough times, not only can you say it with a straight face, but you do so sincerely! Lord help us all...

FL - Paradise Lost said...

Great one, Keith!

I am adding you to my links on "Paradise Lost" - keep up the good work.

- Frank

gcmmello said...

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