July 27, 2007

Century21 CEO announces that they're "not going to participate in the pity party" anymore. HP cracks up.



"We've just elected that we're not going to participate in the pity party anymore," Kunz says. "The economists are talking about the United States of America, and we're talking about Hometown, USA."


- Tom Kunz, chief executive officer of Century21 Real Estate

45 comments:

Anonymous said...

Uh, that's not HOME-town USA, that would be [farted-up stucco crapbox]-town USA. There. That's better.

Anonymous said...

They'll be participating in the pity party when they announce their collapsing sales, mass layoffs and office closures soon

Anonymous said...

CFC up $1

What a crash.

Anonymous said...

Yes, let's talk about fundamentals...

Anonymous said...

Well, perhaps you should put today's move in CFC in perspective. Have you seen a 6-month chart latey? Only down about 33%. That would qualify as a respectable crash. Yeah, it might fill the gap at 34. Oooh. And when all is said and done, odds are Mr. Tan In A Can does the perp walk.

Mark in San Diego said...

Completely out of touch with economic reality, which is why the real estate "profession" is in such trouble - cheap money is gone - period! 6.5% is NOT CHEAP MONEY!!!!! When the average house in SD county is still 500K, and average family income is 52K, 20% down and 6.5% is NOT affordable!!!. . .these RE idiots don't seem to get it yet... that zero down and 1% interest only loans created the bubble. . .I would like to just shake them and slap them in the face like the gangsters did in the old 1930's movies.

Anonymous said...

Anonymous said...
Well, perhaps you should put today's move in CFC in perspective. Have you seen a 6-month chart latey? Only down about 33%. That would qualify as a respectable crash. Yeah, it might fill the gap at 34. Oooh. And when all is said and done, odds are Mr. Tan In A Can does the perp walk.


==========

HA HA HA. Perspective you say? OK let's put things in perspective.

DOW is up 26% since July 2006 and down a whopping 2-3% this week.

Housing is up over 100% since 2001 and down about 2-3%, maybe 10% in some areas.

But whatever, you go on thinking the end is near if you must.

Anonymous said...

Fine, so over many years, home RE has been a great investment. But over any 3-5 year period, the results vary wildly.

Is there ANYONE stupid enough to tell someone that NOW is the right time to buy, given that (1) prices are already sky high, (2) prices are falling in most markets, and (3) even at today's prices and interest rates, it is still economically cheaper to rent, even after taxes, blah, blah, blah.

YES, fxxking scum sucking, 6% bottom feeding realtors...they will tell you ANYTHING to get you to buy. Why shouldn't they? They get paid and walk away. Ask them if they want to buy the home they are selling to you as an "investment".

The whole profession is full of shit. And now because the media happens to be focusing on the downside, rather than cheering the upside (like for the last 5 years), there is a problem.

Fxxk all of you realtors and the horse you rode in on...

Anonymous said...

LOL! Bitter home debtors, now bitter NAR and bitter Century 21 RE Agents stuck eating Ramen for the next 3 years!

Anonymous said...

$500K with an interest only mortgage is no more expensive than renting that $500K home. I/O is renting with a tax deduction.

Anonymous said...

$500K with an interest only mortgage is no more expensive than renting that $500K home. I/O is renting with a tax deduction.

July 27, 2007 7:52 PM

BRILLIANT! Well, it might be cheaper if you thnk monthly, but whose equity is lost when the property value drops 25%? Oh, right, you will just hand it to the bank and f your credit for life. Go ahead dumbass

james dean said...

Citing the strong job market makes little sense.

If you need to own the home for 7 years (on average) to have the 'investment' make sense, why does the current job market keep getting listed as positive for buyers? If you don't have your job next year or the year after (or thru 2014), you are just being tricked by the NAR and the robust economy built on debt... again.

In an era of falling home prices, rents that don't cover expenses, and faltering economic numbers - the strong job market may look like something positive but is just more smoke and mirrors that will screw you in the end.

And what is the other positive they quote? Low interest rates. Seems to me we have all learned that buying at historically low interest rates means gambling on the fact that rates won't have risen (and prices fallen) by the time you sell.

Amtex said...

So the Dow is up 26% since July 2006. Okay...the Dow is 30 stocks. Much of the increase has been driven by the energy stocks. Pure consumer staple spending. The rest by huge government and consumer debt.

Housing is up 100%? And down 2-10%? And this is good why? Tons of debt to run prices up. Wages have been flat over this period and housing up 100%...and this is good news to you?

Wow, stupid is a tough thing to deal with.

Nowisagreattimetolie said...

If one's only skill is shoveling BS what does one do? Pile on another shovel full. You would think a CEO would have more to do than this but with sales down as much as they are perhaps he has some extra time on his hands.

Anonymous said...

It's a pity he'll be out of a job soon along with thousands of his REALTORS

Mr. T said...

I pity the fool!

Ben Dover said...

The whole profession is full of shit.

It's NOT a profession. Any blond bimbo ex cheerleader can get a "license" in a couple of months. PROFESSION... LOTFLAMO

Anonymous said...

Do you think there was a real election?

Pity Party

Yes
No

Choose

Anonymous said...

I am a realtor. I work damn hard for my 6% commission, which I get most of the time. My average commission is 2.89% (no you lowlife scumbags, we do not get 6%, we earn less than half of that after our broker cut.)

Our expenses have skyrocketed in this business between E& O Insurance, property marketing costs, and technology tools to better serve our clients. We work hard and earn a good income to show for it. I pay cash for my cars and have about 70% equity in my properties.

Since "the sky has fallen" my commission income has gone up over 132%. Why? Because I'm damn good at what I do, and my clients know it. And yes, I work in Sacramento, CA when I’m not playing at my cabin at Lake Tahoe.

So, go dance around your "realtors suck" campfire and try to raise a few more voodoo spirits. I look forward to the boost you will give my business. I'm crying all the way to the bank.

Oh, by the way... I do eat Ramen sometimes, especially when I camp or I get home at 10:30 after a hard days work and want a quick dinner. Not enough time to grill up a filet mignon with sugar glazed asparagus. I accompany my ramen with a nice glass of Silver Oak cab while relaxing in front of my plasma screen. Ramen is also great camping mixed with instant potatoes.

covered wagon said...

Sounds like he's getting ready to leave his own pity party...right through the window of his swanky office tower. Someone 'oughta send this guy a grief counselor.

coast_rat said...

"Fine, so over many years, home RE has been a great investment. But over any 3-5 year period, the results vary wildly.

Is there ANYONE stupid enough to tell someone that NOW is the right time to buy, given that (1) prices are already sky high, (2) prices are falling in most markets, and (3) even at today's prices and interest rates, it is still economically cheaper to rent, even after taxes, blah, blah, blah.

YES, fxxking scum sucking, 6% bottom feeding realtors...they will tell you ANYTHING to get you to buy. Why shouldn't they? They get paid and walk away. Ask them if they want to buy the home they are selling to you as an "investment".

The whole profession is full of shit. And now because the media happens to be focusing on the downside, rather than cheering the upside (like for the last 5 years), there is a problem.

Fxxk all of you realtors and the horse you rode in on...

By Anonymous, at July 27, 2007 7:46 PM "

What the FXXX is wrong with this dude? He's got a stick up his butt about something...
I like the way he just admited the RE is a good investment then rants about Realtwhores. Sounds like the dude is pissed cause he missed out on the historic run-up in prices. Sorry Dude if you're not smart enough to take advantage of the market cycles. Try taking a couple of economic classes. That's spelled e-c-o-n-o-m-i-c-s.

Me, I'm buying foreclosure properties now. I can buy three houses for every two I sold last year. I'm gonna make another killing in the long run. Positive cashflow is the way to go!

Hang loose dudes,

Best of luck to ya!

Anonymous said...

You missed a [/b] tag somewhere.

Paul E. Math said...

So funny to hear Kunz blaming the media, now that the media is (sometimes) actually getting the housing bubble story right.

Kunz is saying that everything would be alright if people would just bury their heads in the sand and continue paying his agents their commissions for doing nothing and continue spending more and more of their income and taking on more and more debt for housing.

Kunz and Yun are sort of like 2 people with one brain except that they don't really have more than half a brain total between them.

Shakster said...

Mr. T said...
I pity the fool!
___________________________________

Ah,Mr T? Yes,Mr T,quite respectfully SIR.About your last comment sir.That should have been.....................FOOO!!!

Anonymous said...

People keep saying housing is up 100% but I don't see it where I live. you can buy a new home here for $160K, about the same as in 1999. Maybe it did in a few parts of California or Florida, but now they're paying for it by leading the nation foreclosures. I guess that's a good thing?

Anonymous said...

The DOW was only at 40 in 1933 and now it's at 14000. Some crash.

Anonymous said...

Time to go to war, that will take the heat off the markets - yea - right.

Anonymous said...

I can't wait until the internet realty thing really kicks into high gear. The killer app for online real estate is not yet here IMHO. L

ooking at a bunch of irrelevant houses with fucking moron realtors with not-so-hidden agendas was a horrible experience. Same thing on the sell side. I have never in my life felt so strongly that the prices for those services were so mispriced -- probably by nearly an order of magnitude.

Anonymous said...

Fine, no pity party. Just go straight to Hell and don't let the door hit you on the way down. :)

Anonymous said...

pity party 44 up, 2 down

A way of experiencing grief, in which you spend your time feeling sorry for yourself and whining endlessly about how crappy your life is.
Pity parties can be just for one or for many people, such as maybe your friends and close people, who will try to comfort you or just be there for you while you keep asking yourself what did you do to deserve whatever it is that made you so sad in the first place
Pity Parties require the proper outfit, which is usually pajamas cause you dont get all dressed up during those feeling-sorry-for-myself moments. Also you should have no make up on or just the one from the night before; hair undone as well.
It also involves tissues, comfort food such as ice cream; chocolate; potato chips; cookies; cake; and candy. Low fat food is banned
Alcohol might or might not be allowed (if alcohol makes you go wild, no alcohol should be brought to the pity party in that case since the point is not exactly to have fun). The purpose of a Pity Party is to dumpt the pity
Music is also very important at pity parties, including songs like "One is the Loneliest Number", "All by Myself" and any other song that makes you feel like throwing yourself from the nearest cliff
Pity parties usually end after you are done whining or if someone breaks it up. This will usually be a cynical loved one who will not let you drown in self pity and will take you either to have the best time ever, drinking and partying or will just make you crawl out of bed by making you see how pathetic you look and how you should cut the whining and just do something to make things better

Anonymous said...

What the FXXX is wrong with this dude? He's got a stick up his butt about something...
I like the way he just admited the RE is a good investment then rants about Realtwhores. Sounds like the dude is pissed cause he missed out on the historic run-up in prices. Sorry Dude if you're not smart enough to take advantage of the market cycles. Try taking a couple of economic classes. That's spelled e-c-o-n-o-m-i-c-s.

Me, I'm buying foreclosure properties now. I can buy three houses for every two I sold last year. I'm gonna make another killing in the long run. Positive cashflow is the way to go!

Hang loose dudes,

Best of luck to ya!

July 27, 2007 10:48 PM

Hey douche bag...

I sold my investment properties in 2006, because they had doubled in value and the rents had not increased one nickel, but there were people lining up to buy. You missed my point completely a-hole.

The point is that real estate can and is a great investment, if you buy at the right time...buying now in Sacto area is like trying to catch a falling butcher knife. If you could short the Sacto/Central valley market, you would make a ton of money, even now, after stuff has fallen so far.

The realty whores what people to buy no matter when or where the market is because they make their 5-6% no matter what and then laugh way to bank. Like a car dealer selling a lemon to a dumbass.

I hope a few of those repo buys blow up in your face smart boy. Fxxk you

Anonymous said...

Mark said:"6.5% is NOT CHEAP MONEY!!!!! When the average house in SD county is still 500K, and average family income is 52K, 20% down and 6.5% is NOT affordable!!!. . .


LauraVella said: Thanks Mark, this needs repeating. 80+% off home prices anyone?

People are in denial that prices won't fall THIS much. The simple truth is that families can't afford to buy a house with the overheard costs continuing to skyrocket. Cost of living is a lot: house maintainance, house & car insurance, prop.taxes, healthcare costs, fuel costs, food, etc, etc, etc...house prices will plummet. It's guaranteed.

Anonymous said...

Anonymous said...
I am a realtor. I work damn hard for my 6% commission, which I get most of the time. My average commission is 2.89% (no you lowlife scumbags, we do not get 6%, we earn less than half of that after our broker cut.)

Our expenses have skyrocketed in this business between E& O Insurance, property marketing costs, and technology tools to better serve our clients. We work hard and earn a good income to show for it. I pay cash for my cars and have about 70% equity in my properties.

Since "the sky has fallen" my commission income has gone up over 132%. Why? Because I'm damn good at what I do, and my clients know it. And yes, I work in Sacramento, CA when I’m not playing at my cabin at Lake Tahoe.

So, go dance around your "realtors suck" campfire and try to raise a few more voodoo spirits. I look forward to the boost you will give my business. I'm crying all the way to the bank.

Oh, by the way... I do eat Ramen sometimes, especially when I camp or I get home at 10:30 after a hard days work and want a quick dinner. Not enough time to grill up a filet mignon with sugar glazed asparagus. I accompany my ramen with a nice glass of Silver Oak cab while relaxing in front of my plasma screen. Ramen is also great camping mixed with instant potatoes.

July 27, 2007 10:36 PM
---------------
We are not crying for you just becuase you're in a ponzi scheme where you have to pay part of the extortion you take from a transaction to an even bigger parasite.

Let me know how ramen goes with thunderbird, old english and rat burgers, because basically that is were dinasaurs such as yourself are headed.

And why are you a relic of the past? Your own damn greed, if you'd have earned the commission it would be something different, but more often than not you were nothing but a gatekeeping troll that would derail the transaction unless you got your cut to get out of the way.

Godd bye parasite, please insure you get a tetanus & hepatitis shot, its tough out there living on the streets homeless, but its your just reward for screwing over so many niave sheeple. It will be extra tough for you because you'll be running into some of your former clients while want to plunge a shive into you!!

Anonymous said...

Anonymous said...
CFC up $1

What a crash.

July 27, 2007 8:05 PM
-----------
But its down over 30% from its 52 week high and all it insiders have bailed by selling off 100 of millions of dollars worth of shares. But please feel free to buy up all the shares the insiders are unloading I'm sure it has noting to do with the health of the company and the 1 USD jump obviously has nothing to so with all the buybacks CFC has been performing over the past year to prop up the shares from completely collapsing. I'm sure as a shareholder of CFC you'll have no problems with the executives using CFC's cash reserves in these hard mortgage finance sector's hard times to buy back shares that happen to be their own shares that they are dumping on the market due to dirt cheap options they got for all the great value they've added to the performance of the company DUMBA$$.

joisey said...

If prices don't fall then families will have to be forced to stay together like the old days. It will be the grandparents, parents and adult children living together in the McMansions. It will take 3 or 4 incomes plus retirement money to afford a home in the more expensive parts of the country. That will greatly reduce the demand for housing. Either way, the REIC loses. They should learn from business and economics 101 that you cannot price out your customers, even in the magical fairytale land of California where every illegal immigrant wants to live.

Ben Dover said...

I am a realtor. I work damn hard for my 6% commission

WORK? Wearing a fancy suit and driving around all day spouting BS is hard work? Realtwhores are CON MEN, pure and simple!

My average commission is 2.89% (no you lowlife scumbags, we do not get 6%, we earn less than half of that after our broker cut.)

Sounds like you actually work for the mafia!.

Anonymous said...

Hey Ben Dover and Anon...
I'm the 6% hard working Realtor.

LOL, can't believe you guys are so pissed that I work hard for a living...and do well. All my RE is cash baby. Ive got plenty of other investments. If my business model changes I'll retire and do something else that I love. Or, I'm exploring a new online business model for real estate. Either way It will take a lot to put me out on the street.

Can't really say that any of my clients have called me a con artist. I play straight up and tell them like it is. Right now, I've got several buyers waiting out the market... on my advice. When it's time for them to dive in they will, and they will thank me for it. Oh yes, and will be happy that I made my 2.89% since I will have probably saved them 10 - 15%. My seller clients? their homes are priced right for the market and they sell. And they refer others to me.

Sorry guys, I can't join your little self pity party. I'm good at what I do, appreciated, and love helping people out. Oh yeah, I also donate a significant portion of my income to charities. Sounds like you might need some of it...

Anonymous said...

Anonymous said...
Hey Ben Dover and Anon...
I'm the 6% hard working Realtor.

LOL, can't believe you guys are so pissed that I work hard for a living...and do well. All my RE is cash baby. Ive got plenty of other investments. If my business model changes I'll retire and do something else that I love. Or, I'm exploring a new online business model for real estate. Either way It will take a lot to put me out on the street.

Can't really say that any of my clients have called me a con artist. I play straight up and tell them like it is. Right now, I've got several buyers waiting out the market... on my advice. When it's time for them to dive in they will, and they will thank me for it. Oh yes, and will be happy that I made my 2.89% since I will have probably saved them 10 - 15%. My seller clients? their homes are priced right for the market and they sell. And they refer others to me.

Sorry guys, I can't join your little self pity party. I'm good at what I do, appreciated, and love helping people out. Oh yeah, I also donate a significant portion of my income to charities. Sounds like you might need some of it...

July 28, 2007 10:28 PM
--------------
The very fact that you read & post here belies the assertions that you make. You're desparate, you know we, we feel it. You come here to lie to yourself. You know your days of easy parasitic living are numbers and that you're going to have to finally get a real job.

I have no need for your charity, and your welcome for the freedom that I've proved you over the years of my sacrifice. Its only regrettable that instead of using it for the benefit of all you used it for the benefit of yourself to the detriment of others. Just by being a realtwhore you're prima facie parasite. Many other nations do not even know the concept and many others that do, the transaction costs are a mere 1%. Only because of the illegal monopoly and trade practices of US realtwhores do you have a nickel to your name.

6% Realtor said...

--------------
The very fact that you read & post here belies the assertions that you make. You're desparate, you know we, we feel it. You come here to lie to yourself. You know your days of easy parasitic living are numbers and that you're going to have to finally get a real job.

I have no need for your charity, and your welcome for the freedom that I've proved you over the years of my sacrifice. Its only regrettable that instead of using it for the benefit of all you used it for the benefit of yourself to the detriment of others. Just by being a realtwhore you're prima facie parasite. Many other nations do not even know the concept and many others that do, the transaction costs are a mere 1%. Only because of the illegal monopoly and trade practices of US realtwhores do you have a nickel to your name.

By Anonymous, at July 28, 2007 11:30 PM

Hey there anon -

6% Realtor here.

I'm sorry that you just don't get it.
I read here because I want to be knowledgable about everything concerning real estate for my clients. That means not just reading one side of every issue but both sides. I'm sorry that you are not bright enough to understand that.
This blog has good info that helps me help my clients. So do other sources of information. By understanding all sides to an issue (irregardless of which side I personally believe) I add value to my clients, and they compensate me accordingly.
Personally, how can I be desparate when I've got a very healthy balance sheet, a growing income (in a correcting market) and many, many happy clients who I call friends? Please justify your accusations.
If I might, I would suggest that you read and study the full issue, not just the side that makes you feel good about yourself. Drinking the kool-aid (whether it be doomsday believers or the MSM) is not healthy.
No intentions to insult, I would sincerely be interested in understanding if there is any substance behind your rants.
Thanks for listening.

Anonymous said...

6% Realtor said...

The content of your comments are self evident of a contrary intent and motive. The projection of your behavior upon other posters to denigrate them is also indicative of the true situation that you find yourself in.

The easy cheese has moved, I recommend you reinvent yourself and move on to a more meaningful and societally productive endeavor, e.g honeydipper as your obviously well versed in shoveling sh!t.

6% Realtor said...

LOL -

Hey Anon, you just can't do it can you? You can't explain your rants and raves. When push comes to shove, and I ask you to explain yourself in a reasonable manner you can't... you respond with more gibberish, but avoid my questions.

I'm sorry that we were not able to have a valid discussion. We have intelligent people on this blog, pay attention to them and I hope you can walk away learning a few things. You should also follow other blogs, and yes read some of the MSM (even if you disagree with what they say) to obtain a full rounded viewpoint. I'm sure that having done so you will then be able to have an intelligent discussion.
I understand that my unsolicited advice will annoy you - I apologize for that.

Best of luck to you -

Anonymous said...

6% Realtor said...
----------
If you were versed in the English language then you'd appreciate the words I use and the concepts that they convey.

I do not debate those who are mentally and linguistically handicapped, such as yourself, to the point they are incapable of fathoming the most simplistic of concepts, e.g. the windshield that is about to be on your mind.

You my friend are the one in the need of luck.

6% Realtor said...

I'll be glad to end this "non discussion" on a reasonable note, not hurling insults back and forth at each other. I've got more important things to do... like earn my 3%.
I'll agree to disagree, and let's move on.

Have a great life Anon!

Anonymous said...

Dear 6%:

Not one express, direct derogatory comment hurled toward you personally, however I do note a multitude of such hurled indiscriminately by you toward others, again your attempts to project your inappropriate and unprofessional behavior upon others who just happen to to detest your ignoble "profession" is noted. But feel free to feel secure in your mind that you've taken the high road.

PS - I believe you previously stated the commission take was 2.89% & not 3%, while I know NAR indocrinated habits die hard, but when its memorialized in plain view on the same page/screen you may want to refrain.

Again good luck, you're going to definitely need it as the teet has run dry in your current "line of work".

6% Realtor said...

Hi Anon -
I seem to recall some comment about "...some of your former clients while want to plunge a shive into you!!" etc. However, if that was not you I apologize!

Anyway, you are right on one thing...my average is 2.89%. I market my client's homes for 3%, but accept less on the buy side if the home suits my buyers needs. My mistake!

Enjoy Life -