February 18, 2007
Liars. Scoundrels. Terrible businessmen. Discredited hacks. Watching the NAR implode at the same time housing implodes is quite poetic, wouldn't you say HP'ers?
I think the only ones still drinking their Kool-Aid are the rip-and-read MSM, and even many of them are starting to actually think before they write. Not all of 'em, but some. It's a start.
But here's the reporter at Realty Times allowing the NAR spinmeisters to serve more unfiltered Mountainberry Punch! Hey Kool-Aid!
NAR Says Existing Home Sales Have Hit Bottom
Despite wailing from banks that late or non-payments on sub-prime loans are sinking their profits, continuing fear from homebuyers that they're catching a falling knife, and predictions from housing analysts that the pain is far from over, the outlook looks sunny for housing, says the National Association of Realtors.
Analysts say that a number of causes kept buyers away including affordability, the financial media, rising gas prices, rising mortgage interest rates, and buyers' fear of becoming "the greater fool."
Housing bulls suggest that the drop in housing sales is primarily due to fear -- that housing fundamentals are actually better now than they were during record housing conditions.
David Lereah, NAR's chief economist, said it appears the fourth quarter was the bottom for the current housing cycle.
"This information confirms 2006 was the year of contraction, and hopefully the fourth quarter was the bottom of this current business cycle," he said. "Home sales are leveling at historically high levels, and examination of data within the quarter shows home prices stabilizing toward the end. When we get the figures for this spring, I expect to see a discernible improvement in both sales and prices."
NAR President Pat V. Combs: "Since the typical owner stays in a home for six years, it's more useful to look at the five-year comparison for metro area home prices -- most of them are seeing strong gains,"