This group is now so completely and thoroughly discredited, so obviously corrupted and self-interested, that any MSM who reports this smut without questioning should be seen as discredited and untrustworthy themselves.
The corrupt David Lereah and his NAR henchmen put out this bewildering 2007 prediction this week, which flies in the face of their own pleading and predictions that home prices are wildly overvalued and are in the midst of a meltdown.
For the love of god, how dumb do the NAR think the American people are? And how obviously incompetent and corrupt can this group be? At least tell one story and stick to it. By trying to satisfy both sides of the equation - "It's a Great Time to Buy or Sell a Home" - all they've done is shown they either don't understand basic economics, or they're just simply liars.
Here's the latest smut from the NAR. Sorry to make you gag over breakfast.
Housing Market Expected To "Coast" Into 2007 With Modest Price Gains
Following a correction in home sales and prices in 2006, existing-home sales are expected to "coast" at roughly the same level next year, although there will be some additional decline in the new-home market.
"Overall home price gains will be modest," said David Lereah, NARs chief economist, and sellers are adjusting to the market transition. "Home sellers are becoming realistic about current market conditions and are now offering more competitive pricing, in addition to some incentives or concessions - especially to help first-time buyers," he said.
"We now have the most favorable market for home buyers in several years, and most sellers - who've been in their home for a normal period of homeownership - are still seeing very healthy returns on their investment.
Conditions for buyers have improved because sellers are flexible now and mortgage interest rates are near historic lows. The market promises to be more balanced between buyers and sellers by early spring, supporting future price growth," Lereah said.
"Given the huge gains in home values during the housing boom, and this year's rise in housing inventory, overall price gains this year and next will be modest," Lereah said.
November 12, 2006
Discredited and corrupt National Association of Realtors predicts homes prices to go UP in 2007
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Following a correction in home sales and prices in 2006, existing-home sales are expected to "coast" at roughly the same level next year, although there will be some additional decline in the new-home market.
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I like that word, "correction". Does it mean the prices were wrong??
"We now have the most favorable market for home buyers in several years, and most sellers - who've been in their home for a normal period of homeownership - are still seeing very healthy returns on their investment.
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What about those people who bought in the last 18 months? are they screwed?
Conditions for buyers have improved because sellers are flexible now and mortgage interest rates are near historic lows. The market promises to be more balanced between buyers and sellers by early spring, supporting future price growth," Lereah said.
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That sounds like bad news for those of us who have not bought yet.
Keefer you should pay me -
You are the breed that is bringing this world to its knees - greed and ignorance.
Get real Keef. Loser
I am offended by your assertion that I am somehow corrupt and a liar. This is just more alarmist talk from an outsider to this industry. If you people got off your asses and bought a condo instead of sitting in front of a computer we wouldn't be in this mess. We are just regular people with families, car payments, boob lifts, and botox. 2007 is going to be a GREAT year... no matter what you meanies say.
I follow only a few towns in the the CA Bay Area on the peninsula. The market doesn't seem as crazy as it did a year ago and some of the stuff coming on the market is not all gussied up. Most are still totally redone and staged and perhaps investment properties. But now, on occasion, some are brought on the market not quite finished and others are real messes. But bottom line, it looks to me like prices are still going up. Asking prices are significantly higher.
It all depends on the meaning of "modest" (not to mention "soft"), doesn't it? "Modest" apparently means anything less than rising a lot, including falling!
I post Santa Monica (westside of Los Angeles) numbers under Los Angeles County on http://bubbletracking.blogspot.com/. Inventory is high, days on market are all-time highs, and prices are cut to sell.
"Anonymous said...
I follow only a few towns in the CA Bay Area on the peninsula....it looks to me like prices are still going up. Asking prices are significantly higher."
Prices will continue to go up as long as the banks are still giving away suicide/liar loans (free money.) I keep hearing that the bank examiners are going to be handed "new guidelines", always in the future, shortly, in a few months, etc. Until they actually DO
start enforcing stricter lending policies; the prices will still continue to rise because the money is still easily available to pay those rising prices.
I just visited the only development in our area, nothing but huge, unbelievably overpriced(for this area,) spec sh#tboxes! Standard incentives: granite tops, new car, appliance upgrades, etc. but you have to go thru the developers credit company to get them. Can’t afford the payment, well how much CAN you afford, we can work out something (actual conversation with saleslady.)
Don’t ever expect the REIC to NOT go down the death spiral, kicking, screaming, clawing, clutching and conniving right to the end!
Keifer won't let us comment on his plea for cash on the ipod thread. What a shill. Lame (and gay) attempt for financial support of a news compiling blog. Get a life or better yet get a real job and buy your own darn ipod. Sheesh!
Dear Keith,
Santa will bring you an IPod> You have been a very Good boy.
"i follow only a few towns in the...bay area..."
have you looked at the hercules,ca. area? if not, please do. yahoo has a real estate section that you can use.
i firmly believe that not until the last batch of home prices bought at the peak (2004-05) has made that "correction," prices will not go up. i'm looking at 2010 to bottom out. after that prices will gradually go up relative to income.
Get the 80GB ipod, better battery life, better yet, buy one on Craigslist...
"Discredited and corrupt National Association of Realtors predicts homes prices to go UP in 2007"
Yes, we're through the looking glass now. The housing bubble becomes "overbloat." Panicked sellers become "flexible." The housing crash becomes a "soft landing." The unstable housing market becomes "balanced."
The National Ass. of Realtors has also stated that the expected 1.6% rise in real estate prices for 2006 is a gain. However, when the current 2% inflation is taken into consideration, the NAR gain becomes a loss.
The NAR has launched a $40 million ad campaign with the slogan "It's a great time to buy or sell a home." There is a real paradox at work here, because there are great times to buy and there are great times to sell, but it is never a great time to do both simultaneously.
Carol Lloyd's column SURREAL ESTATE in the real estate section of today's San Francisco Chronicle has called attention to the absurdity of the ad that the NAR ran in newspapers from coast to coast. Her column dissects the ad's wild assumptions and asinine predictions.
It makes for a good read. Quite frankly, I'm surprised that the newspaper actually ran the column.
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