July 11, 2007

FLASH: Hilariously, and for the umpteenth straight month, the monkey-run NAR lowers its housing sales and pricing forecast


Ya gotta love the little guys.. the gift that keeps on giving

Why the media still reports anything these lying corrupt jokers say as news is beyond me. And guess what folks - next month, the monkeys will lower the forecast again. And the month after that? The monkeys will lower their forecast again.

And the month after that?

And the month after that?

And the month after that?

And the month after that?


Realtors Pare Back Forecast Again,But Project Rebound Next Year

WASHINGTON -- The National Association of Realtors continued to pare back its forecast for existing U.S. home sales in 2007, while projecting a modest rebound for the struggling housing market in 2008.

In its latest forecast for the real estate market, NAR on Wednesday projected that existing home sales will fall 5.6% this year to 6.11 million, compared with its previous forecast of a 4.6% decline.

New-home sales are also expected to be soft this year. The NAR said new home sales are likely to fall 17.7% to 865,000, compared with the prior forecast of a 18.2% drop.

Lawrence Yun, NAR's senior economist, said a good buyer's market had developed, amid falling prices and swelling housing inventories.

32 comments:

Anonymous said...

Time to buy! Selection and now pricing has never been better!

You know, eventually they will be correct with their forecast.

Anonymous said...

Yun has a nice tie on in that picture

Anonymous said...

“Paul Kasriel, chief economist with Northern Trust in Chicago, questioned the Realtors’ assessment that this is a good time to enter the market, saying weak sales and prices suggest that potential buyers are smart to be sitting on the sidelines right now.”

“‘No one is buying into their Kool-Aid; that’s why prices are falling,’ he said. ‘It could be that they’re going to fall a lot more. The Realtors tend to be overly optimistic. Eventually they’ll be right about prices turning around. I don’t know when prices are going to stabilize but I suspect they’ll fall more than they think this year. It may be a much better time to buy six months or a year from now.’”

Anonymous said...

Just heard this report on the radio presented as (paraphrasing) "Good news for homeowners! The NAR predicts that home prices will stabilize and begin to go up again next year." The "Good news!" part I found especially funny/sad.

Anonymous said...

Very appropriate picture. As we all know chimpanzees can fly into a rage and fuck you up worse than you thought possible. Like chewing your face and your package off for starters.

NAR will and REIC will lead you to the financial equivalent.

Anonymous said...

Read an unbiased article today (can't remember where) that predicts TOTAL (new & used) home sales for 07 will be 6.24 million. They note that this figure will peg it at the same sales rate as just before the bubble took off in 01. So that puts NAR in a position to be cutting their prediction each month just like homedebtors who will be cutting price each month until they find a buyer.

Anonymous said...

Good thing Yun isn't in China....

Given the accuracy of his forecasts he could well be missing his head by now...

Anonymous said...

Send Yun of Real Estate for Dummies.

Anonymous said...

Monkeys are better at forecasting than the NAR and Yun

guy n. cognito said...

when Yun's not making predictions, he likes to run around his cage and fling poop. sometimes his handlers let him frolic w/ the crowds...

http://tinyurl.com/3blyuo

Anonymous said...

The time to buy is NOW:

Reason number 1: Mexican population in America will soon increase to 500 million. They ALL need a place to live (and No, one giant clown house is not enough)

Reason number 2: The Big One is predicted to hit California sometime in the near future, sinking California into the ocean, thus creating the need to house California's immigrant population (legal and illegal) which is estimated at close to five hundred and fifty million.

Reason number 3: Mercury Insurance (which is really run by aliens from Mercury) predicts home values will triple every year for the next twenty years.
(source: Housing Guru,internet blogger, and fortune teller of the celestial stars)

Anonymous said...

Aren't they just doing what we did the last few years of the boom? We kept predicting that the market would correct/crash over and over and now they are going to do it the whole way down. Good times...

HiMomItsMe said...

Getting rid of the lying white guy Liarrieah and replacing him with the smartest looking guy you could find. (an asian guy with glasses) is HILARIOUS.

Yun only has has to LOOK like hes telling the truth to fool the latest set of new bagholders to buy each month. By the time they realize RE goes down they already hold the bag.

same old story.

Anonymous said...

"a good buyer's market had developed, amid falling prices"

Now that's some good financial advice....buy amid falling prices!

Anonymous said...

Febuary 2012 the NAR again thinks that sells will be down slightly more than expected and prices will be down a 75 straight month. A monkey could do a better job but it is a nice picture of Bush you have there.

Sequoia512

bozonian said...

Hahaha! I knew it! Over a year ago I predicted this would happen:

"Whitey gave me too much money. My civil rights got violated".

http://tinyurl.com/2hx9r3

Anonymous said...

My friend is left holding the bag in Beaumont, California because he has to move and the house he bought last year for 435,000 is now AT MOST going to sell for 399,000.

He says his wife can't believe it because she's been watching all the "Pimp Your Flip" style shows on TV.

I guess what you don't know CAN hurt you.

kitchenstove said...

Why are you insulting Cheetah like this? He deserves better.

Guy Daley said...

Keith
Housing Panic

Dear Sir:

I demand an immediate retraction of the comparison of our organization to that of the NAR. We are in no way, shape or FORM affiliated with the aforementioned.

This type of defamatory conduct will not be tolerated. Any further transgressions will be aggressively pursued in a court of law.

Lawrence Cheetah, IV Legal Counsel
National Association of Simian Realtors.

jimatlaw said...

What's just so, so overwhelmingly irritating is that the MSM, when printing NAR quotes, never calls them out on revising their fantasy "forecasts" over and over again, never calls them or other REIC groups out on revising their statistical methodologies for existing stats without changing the names so as to make them appear comparable, etc. Makes me crazy to even read this stuff...

RJ said...

The pollyannas keep repeating that next year the market will rebound. Who are the millions that will be buying next year? The unemployed? the retail clerks? The bankrupt? The majority of Americans making under 40k a year and struggling with credit card debt? $9 an hour Mexican laborers? How many people have 25-35k sitting in the bank for a down payment? I'm sure there are plenty of people smart enough to have stayed out of debt, invested wisely, and are now liquid, but they're a small minority. I believe residential RE is going to suffer for a very long time.
Then again, iphones are flying off the shelves!

Anonymous said...

First, they revise the prior month/period down... and then they cover there mouth as they quietly report the latest declining forecast.

Your are right Keith! Who can take these forecasts seriously? I would never invest a substantial sum of money based on what these folks are reporting!!!

larry pun said...

It's a knife-catcher's market.

Anonymous said...

It looks like homey is flashing the NAR gang sign.

a.creampuff said...

jimatlaw: "MSM...never calls them out on revising their fantasy "forecasts" over and over again..."

And consider - there is probably a small window when most people pay attention to those MSM reports - around the time they are considering buying. So the bad track record is important beyond just being good reportage.

Anonymous said...

Like Charlie Brown "wait 'til next year!"

Greenscam said...

"If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years," said David Lereah, chief economist of the National Association of Realtors and author of "Are You Missing the Real Estate Boom?" "It's as if you had 500,000 dollar bills stuffed in your mattress."

He called it "very unsophisticated." (Los Angeles Times Aug 28th, 2005)

Keyser Soze said...

I guess what p*sses me off so much about realtors is that they are not nice people. The word that comes to mind is 'snotty'.

Keyser Soze said...

Anon 11:50 am: you could insert 'Chicago Cubs' for Charlie Brown.

Anonymous said...

I think i work with that ape!

Anonymous said...

Everybody works with that ape!

kitchenstove said...

LOL LOL at


Anon 9:39 PM with:

"Very appropriate picture. As we all know chimpanzees can fly into a rage and fuck you up worse than you thought possible. Like chewing your face and your package off for starters.

NAR will and REIC will lead you to the financial equivalent."



and Guy Daley with:

"Keith
Housing Panic

Dear Sir:

I demand an immediate retraction of the comparison of our organization to that of the NAR. We are in no way, shape or FORM affiliated with the aforementioned.

This type of defamatory conduct will not be tolerated. Any further transgressions will be aggressively pursued in a court of law.

Lawrence Cheetah, IV Legal Counsel
National Association of Simian Realtors."



and Anon 5:22 AM with:

"It looks like homey is flashing the NAR gang sign."



Honestly, this entire thread made me laugh so hard I was crying.