November 03, 2006

You can't make this up: NAR begins campaign to trick people into buying a house (he he he he he!)




Yes, the same NAR urging a real estate price crash, put out ads today to urge suckers to buy depreciating homes. Good god, we really are in la-la land now...

PEOPLE OF THE WORLD - THE NAR IS A DISCREDITED, DESPERATE ORGANISATION RUN BY CORRUPT, EVIL MEN. POINT AT THEM. LAUGH AT THEM. BUT DO NOT LISTEN TO A WORD THESE EVIL PEOPLE EVER SAY AGAIN.

Press Release
Source: National Association of Realtors

NAR Bullish on Housing Market, Advises Consumers to Take Action Now While Conditions Remain FavorableFriday November 3, 10:09 am ET

WASHINGTON, Nov. 3 /PRNewswire/ -- In a full-page newspaper advertisement running in six of the nation's leading newspapers beginning today, the leadership of the National Association of Realtors® is launching a national campaign to urge home buyers who have been waiting to buy the home of their dreams to act now before the market changes.

NAR's first-ever newspaper blitz features the headline, "It's a great time to buy or sell a home." The advertisement points out that interest rates have fallen seven months in a row and are near 40 year lows, inventories of existing homes are higher than they have been in decades and prices have stabilized. But the perfect conditions for buyers are likely to change as sales pick up, prices gain traction and conditions improve for sellers next year.

"Homeownership is a safe, secure way to build long term wealth. The national median price of homes bought 10 years ago has increased 88 percent. The number of U.S. households is expected to increase 15 percent during the next decade, creating a continued high demand for housing," the ad reads.

It quotes former Federal Reserve Chairman Alan Greenspan saying, "Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter."

26 comments:

kilobar said...

What a bunch of scumbags. These shills have no comprehension of even the most basic economic principles and are leading innocent people to financial ruin.

Shame!

Anonymous said...

the end is near

Detachable Cletus said...

Wow.

America has been led, drunk, down a long dark alley.

Now comes the knife

Anonymous said...

Amazing. How different is this from a sleazy stockbroker that tricks a little old lady into putting all her life savings into an unsuitable investment just for the high commission check? I work in the investment industry. Can you say "SEC/NASD Smackdown"? I can't believe the real esate industry has been able to run amock putting people in "unsuitable investments" for so long and still blatantly doing it. Shameful.

Anonymous said...

from the article

"It's a great time to buy or sell a home."

when it's 'great' to 'buy' or 'sell', then it is great, and is to the advantage of, the transaction handler(s), i.e. realtors, etc.

how E.D.yotic.

underdpog2u said...

"It's a great time to buy or sell a home."
How is it a good time to sell when know one will buy because prices are no longer falling, they have only stabilized?

What a bunch of Ass Clowns.

Anonymous said...

"Put your Hands to your sides..Step into the noose and DROP through the TRAPDOOR !"

NEXT !

Anonymous said...

The NAR is a form of business monopoly that should be outlawed.

If we had a non-NAR controlled housing market prices would be properly set so as to allow more Americans to OWN homes and save for the future.

LauraVella said...

Nasty NAR said: "Homeownership is a safe, secure way to build long term wealth".

Only under the right conditions.

Meaning, price to salary ratio of only 2.5-3 x salary, and buying after a substanial market decline which we have not seen yet...but soon will.

Anonymous said...

The NAR gas gauge is on empty and the engine is starting to spit and miss ....I'm gonna drive by and smile and wave Bye Bye !!

AM Fence Sitter said...

It’s time for the Bubble Observers to prepare a simple statement regarding the truth about the housing market and the NAR. We can paste a few good links, post it on every blog then email it to everyone in the country.

The NAR is a greedy dinosaur using an antiquated media source to promote the party line, I mean Lie. It’s time to put these jokers down like the dying dog they are, once and for all.

Bottom Line: People need to stop buying homes period..

Anonymous said...

Realtors are using immigration as their way out of the home glut. How pathetic. Talk about selling out. How are these people going to pay the loans? Bravo if homebuilding can save the third world -- it has not.

Talk about desperate.

-----

FRESNO (AP) – The slumping housing market could get a $200 billion boost from new immigrant home buyers if mainstream lenders start using alternative methods to score credit, a national group of Hispanic realtors said Friday.

Creditors like Citigroup Inc.'s Citibank see recent immigrants as a growing market niche, but those who lack Social Security numbers or legal status in the U.S. are often rejected by the three major credit bureaus.

A handful of new credit reporting systems already used by 200 real estate brokers, community groups and mortgage counselors nationwide allows them to calculate risk by evaluating a prospective client's utility bills and rent checks.

Should the new reporting methods gain wider acceptance on Wall Street and among secondary mortgage lenders like Fannie Mae, housing markets in places like California's Central Valley would stand to gain the most, the National Association of Hispanic Real Estate Professionals said.

“Gateway states like California and Texas will disproportionately benefit from the housing boom because so many of their residents are immigrants,” said Gary Acosta, the association's co-founder, speaking from the group's annual convention in Las Vegas. “Boosting homeownership among these populations is a positive contribution to the overall fabric of our society and our economy.”

A study by the Joint Center for Housing Studies at Harvard University shows Latinos will account for nearly one-third of the home-buying pool by 2010. That same year, the disposable income of Hispanics will exceed $1.08 trillion, or 9.2 percent of total purchasing power nationwide, according to the Selig Center for Economic Growth at the University of Georgia.

No law requires that buyers be in the country legally in order to purchase real estate, Acosta said. Citibank, for instance, doesn't require that borrowers be citizens or legal residents of the United States, Citigroup spokeswoman Janis Tarter said.

As with many other minority and immigrant communities, bringing Hispanic families into the mortgage market is a continuing challenge, say officials at Federal Reserve Banks across the country.

Community groups from California to Atlanta have begun offering financial education classes in Spanish as the number of mortgage products available to immigrants and underserved populations has grown.

In Fresno, the housing advocate ACORN Housing Corp. helps clients secure loans by writing alternative credit profiles, which often draw on of months of data from telephone bills and employment records, said Lydia Lopez, the group's local manager. Once ACORN vets the client's financial stability, they send them to Citibank, which finances the home loans.

Automating that process by using programs like First American Corp.'s Anthem service, which generates a credit score using the nontraditional data, will help new immigrant clients win prime-grade financing and acceptance in the secondary market, said Acosta.

Anonymous said...

More welfare for illegal dirtbag Mexicans!!!!

Wahooo!!!!!!!!!!

Anonymous said...

"$200 billion boost from new immigrant home buyers"

The the Flippers/Realtors have found their Greater Fools....

Nuff Said!

Disgorge! said...

From my experience, living in several countries around the world, the NAR is typical of such organizations. They do not pretend to tell the truth. Can you imagine an association of Car Salesmen that was trustworthy? [Thinks] .... nah!

overdeveloped said...

Californians, get ready for 6 families of illegal aliens living in one house.

Right next door to you!

Boise Boomer said...

"the housing advocate ACORN Housing Corp. helps clients secure loans by writing alternative credit profiles, which often draw on of months of data from telephone bills and employment records"

Wow, this is hysterical, in a sad train-wreck way. So if you are an ileagal, have any type of employment, and can show a record of making your $50 phone bill payments on time, you can afford a $2000/month mortgage. Has everyone fallen down the rabbit hole?

Paul E. Math said...

Disgorge makes a good comparison between todays real estate agents and used car salesmen. The problem is not so much that the NAR is a bunch of shiesters, it's that people don't realize it. But then again, they are our 'agents' and are supposed to represent our interests - the problem is that they are not.

There is supposed to be this fiduciary relationship between agent and seller/buyer but there doesn't seem to be any oversight of whether agents are living up to their fiduciary duties.

I may not have the length of experience to judge, but I get the feeling that there is a general cheapening of the professions in this country. We are just one step away from the American Bar Association starting a national campaign of "Now is the perfect time to sue or be sued!". Or doctors advocating that you have all your visceral organs removed, just in case you might catch cancer in one of them.

My grandmother was a real estate agent and I would like to think they weren't always such scumbags. The NAR is really abusing their position as agents - some of the misleading stats used in this ad campaign constitute a real breach of trust.

threadjacker said...

CNN MONEY
Are you at risk for mortgage fraud?
The real estate market has never offered such opportunity for graft. Here's how it works.
By Marcia Vickers, Fortune senior writer
Since the housing market started to soar in 2001, mortgage fraud has become the fastest-growing white-collar crime, according to the FBI. Last year, crooks skimmed at least $1 billion from the $3 trillion U.S. mortgage market.

Now that the market is slowing, fraud is only rising. As business dries up, there's increasing pressure on lenders, brokers, title companies and appraisers to be profitable. That means loan and title documents aren't scrutinized as carefully as they might be, and courts can't keep up with the volume of paper. Then there's the mad rush by many to sell, particularly by people who paid high prices for homes, and suddenly can't afford the mortgages.

It's like a tasting menu for con artists, so tempting that in some cities drug dealers have turned to mortgage fraud. Here are three types of mortgage fraud and how they work.

Anonymous said...

Wow!

Well, if they say its a good time to buy, then maybe i had better before i'm priced out of the market!

Anonymous said...

NEVER discuss AFFORDABILITY!
NEVER discuss UNSUSTAINABLE price inflation.
ALWAYS equate not owning with POVERTY.

Veronica Lodge said...

"Homeownership is a safe, secure way to build long term wealth. The national median price of homes bought 10 years ago has increased 88 percent.

Long term wealth my Gucci shoes! The National Ass. of Realtors is quoting a short term statistic, in which most of the "appreciation" was realized in the last 5 years.

This reminds me of the sinking of the Titanic. As the ship was sinking, it broke in two and the back half actually rose out of the water --- for a brief moment.

Leave it to the NAR to create a dead cat bounce on the way down to the bottom of the housing crash.

dan said...

Take a look at the Reuters article titled
"Housing market woes to play role in U.S. elections" I think the conclusions of the reporters effect on the elections are spot-on but her reasoning is bassackwards.
It's a shame. Reuters is usually a far better source than this article illustrates.

Anonymous said...

$40 Million "Public Awareness Campaign"?

Can you say "DAMAGE CONTROL?????????"

Anonymous said...

The media seems to be concerned about false advertisement also.

Vortex said...

I like the careful choice of the last word...

""The market is much better than you might hear or read," Steven says. "Consumers should take advantage of this perfect alignment of low rates and extraordinary inventory before market conditions change.""

So sellers can thing "it might change for the worse, I better get out now" while buyers (who live in caves or drink the cool-aid) can think "I better get in now before it 'recovers' and I get priced out".