September 11, 2007

FLASH: Ho-hum.. another day and yet another lowering of the annual home sales forecast by the monkey-run NAR and discredited Lawrence Yun


HP MESSAGE TO THE MAINSTREAM MEDIA - WHY THE F*CK DO YOU EVEN BOTHER QUOTING THESE HACKS ANYMORE? IF YOU DO, AT LEAST MOCK THEM WHEN YOU'RE QUOTING THEM!!!

Good god, seven straight months and seven straight lowerings of their forecast. How many more months will this go on? 10? 20? 50? Idiots. They must be paying Yun a lot to look like such a total fool. Career-ending move Lawrence. Good luck with this disaster on your resume...

Realtors Group Foresees 8.6 Percent Drop in Existing Home Sales in 2007


A trade group for real estate agents on Tuesday lowered its forecast 2007 existing home sales for the seventh-straight month, predicting a drop of 8.6 percent from last year.

Next year, the trade group expects existing home sales to climb to 6.3 million. It forecasts new home sales will fall 24 percent to 801,000 this year and 741,000 next year.

"There's been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential buyers on the sidelines," said Lawrence Yun, NAR senior economist, in a statement.

Yun said that the jumbo loan market is "beginning to settle"

The association expects existing-home prices to drop 1.7 percent this year to a median price of $218,200, and then to rise 2.2 percent in 2008. The median new-home price is estimated to drop 2.2 percent to $241,100 in 2007, and then increase 1.7 percent next year to $245,100.

29 comments:

Anonymous said...

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ho hum

median price for LA condos at all time high today

my oh my what a crash

Anonymous said...

ho hum median price readings inflated by wipeout of subprime buyer segment

Anonymous said...

Comparing the NAR to monkeys is unfair...........to monkeys.

And just because one area in one segement of housing in one city hasn't gone down yet.......yeah, good save. There is no crash.

Who's the dope now?

Anonymous said...

ho hum

median price for LA condos at all time high today

my oh my what a crash


LA condo asking prices off 4.2% yoy only higher priced units selling (no buyers for 400k starter units), pushing up the median selling price statistic. (price per square foot is obvously down in this case)

area 51 said...

And to other news:

The National Used Car Salesmen Association predicted used car sales prices will rise next week. Now is a great time to by a used car. Used car prices always go up. They're not making any more used cars. All used car markets are different, talk to your used car salesman today.

Anonymous said...

Wow, that NAR stuff really gets your blood boiling Keith. Don't blow a head gasket over it. I'll be in Staines all next week. I'll buy u 2 pints if that helps. The Cream of Manchester ...Boddingtons.

CJF said...

I love the picture. I'm putting a blog together over at moneyfunnies that links to all the funny financial stuff in the blogosphere.

westwest888 said...

The drop for 2007 will be 25%, minimum. The drop for 2008 will be over 50%. August 1 everything changed. That's what this hack doesn't realize. No more easy loans, more than 50% of mortgage products removed, the speculators jumping off, the landlords getting nervous, and the hesitation of everyone who has used Google before buying a house. Yun's expecting 500,000 sales a month?? I'd be surprised if they sold 250,000 from now to the end of the year. It's going to be soooo bad....

Anonymous said...

Mattel should make retarded dolls of this guy and call "yun-tards"

brokersleaveyoubroke said...

If the NAR says that prices will increase next year then that means they are predicting another bottom for this year. Funny that they didn't mention the word "bottom". Maybe it's because they've predicted a bottom every month for the last year or so. It's kind of pathetic that the MSM publishes their BS press releases every month.

Anonymous said...

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ho hum

median price for LA condos at all time high today

my oh my what a crash

September 11, 2007 7:09 PM
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Ho hum another MT headed trite troll comment

Your the the last of a dying breed. Please P/U your vial on contagion so we'll stop seeing your pathetic posts DumbA$$

Anonymous said...

Countrywide is going to be saved! The stock is going up! Were going to be OK! It brought the whole damn market up! Hip, hip, hooray!!!

Anonymous said...

what is google? :)

Anonymous said...

The beautiful Diana Olick mentions the prostitution story on air:
http://tinyurl.com/2raoal

And yes, I have a thing for her ;-)

Anonymous said...

Amazing how this supposed crash is happening in secret. Prices in LA are up. Prices in SD are down 2-5%. Prices in SD are about even.

Yet in HPland prices are down 50%.

Well it makes sense since you retards also think Ron Paul will win with 1% support.

I take it math wasn't your strong subject in school.

DYKWADDD said...

Lawrence Yun--
You make Dan Quayle look like a damn genius...Don't let the NAR use you like cheap toilet paper...grow some NUTS, have a little integrity and get the FU#$K up outta there!!

The NAR has ZEEERO CREDIBILITY!!

Anonymous said...

http://www.cnbc.com/id/20723962

another hat tip from Diana. I'm amazed that a member of the MSM would be soo receptive to what is considered by the engineers of the glass menagerie to be a radical fringe viewpoint (despite it being based on sound economic fundamentals, something we've all forgotten the last few decades!!)

DAGG said...

Bloomberg quotes other people's opinion rather than only NAR

``To say home prices are going to go up next year, you have to wonder what the NAR is thinking,'' said Alex Barron, an analyst who follows homebuilders for Wayzata, Minnesota-based Agency Trading Group Inc. ``We're going to see a drop in volume and prices.''

http://tinyurl.com/2z3p2c

COUNTRYSLIDE said...

Countrywide's chief executive Angelo Mozilo, who announced plans last week to eliminate as many as 12,000 jobs, said recently that interest rate cuts by the U.S. Federal Reserve won't be enough to revive home sales and warned that the U.S. economy is headed for a recession.

Paul E. Math said...

Just imagine what those August numbers are going to look like. Much hilarity will ensue. I predict weeping and gnashing of teeth.

Not that prices will have fallen all that much in August, just sales. But the NAR will once again feign surprise at such a decline and confidently declare a bottom.

That's how screwed up the NAR's thinking is: the worse the monthly decline the more certain they are that the declines are over.

Anonymous said...

Reasons realestate is not selling by region.

Phoenix and Las Vegas were to hot in August its never been hot in these cities during August before.

Southern California and Florida suffered to many sunny days nobody wanted to go inside and look at homes. Sunny days are rare here you know.

The North West coast had to many cloudy days buyers were just to depressed to shop.

This winter it will snow in the Northern States and since we know it never snows there we expect forward sales to be sluggish.

As soon as we return to more normal weather patterns in these regions, pent up demand will take care of record inventory. Please hurry for best selection and pricing.

Anonymous said...

Mortgage industry faces severe job cuts
By David Wighton in New York

Published: September 11 2007 22:31 | Last updated: September 11 2007 22:31

More than 100,000 jobs may well be lost from the US mortgage industry in the next few months as the turmoil in the credit markets begins to bite.

Industry experts predict that lenders and brokers will cut at least 20 per cent of their headcount as volumes look set to fall more than 25 per cent next year.


pwnd

Anonymous said...

Would anyone like to respond to Carlos here?

potzi13 'at' hotmail 'dot' com

I read about your opposition to the goverment mortgage bail out by our government and I will sign your petition..............when hell freezes over. I don't understand why you're so opposed to this since it will save many people from foreclosure which will have a terrible effect in out economy. We can already see the effect that this problem has had on banks, lenders and the stock market. It will only get worse. The government needs to step in and help people in times of crisis otherwise things can only get worse. I also disagree with your argument that many borrowers acted with greed when they bought their homes with questionable loans. I myself purchased a home and I dealt with 4 potential lenders of which 3 of them were pressuring me to take loans that I knew were not good for me. I had choices but unless you go out there and take the time to get the best loan possible you're likely to get cheated because many lenders are unscrupolous. The only people that don't deserve to be bailed out are speculators who thought they could make a quick buck. How can you call someone greedy who just wanted to own a piece of the American Dream? It's attitudes like yours that made the Great Depression last as long as it did and damage our country as much as it did.

REismyLife said...

Yun is right on this time.. Finally. He's got the market pegged. Time to get off the fence if you want to buy at a deal. With interest rates going down next week we are going to see a landslide of activity start to pick up. Don't lose out!

Lawrence YUN said...

ATTHOLS.......ATTHOL ATTHOL ATTHOLS!!

smitty said...

they quote them because they get people riled up! and, it's cheap content!

wawawa said...

I said it somewhere else, but I say it here too.

Integrity my man, Integrity!!

People believe that Gold, Platinum & etc. are the most scarce commodity in the world, BUT they are wrong, the most scarce commodity is INTEGRITY.

Scientist believe that universe revolves around sun, BUT they are wrong, the universe always has and will revolve around MONEY.

I rest my case.

Anonymous said...

Did you guys see the CountrySlide foreclosure numbers for Nevada? It matches their numbers for Florida. I didn't know Vegas was that bad already. Both numbers pale in comparison to Clownifornia. Those 50% off townhomes in Ft Myers aren't looking so good now. The drop from $345K in 2005 to $145K in 2007 is amazing. I think they'll be $105K by the time it's over.

Anonymous said...

If the NAR is forecasting a percentage drop in sales, I would multiply that number by at least three. Just my opinion.