September 28, 2007

Has the monkey-run Pravda-like National Association of REALTORS(R) completely lost control now?




More Jim Cramer on CNBC yesterday, commenting on the monkey-run NAR asking for a "correction" to his report on the Today Show that if you bought a home today you'd lose money:

"Well that's a good organization (the NAR). You know what they remind me of, that organization that wants a correction (from me)? Pravda when they covered the Kremlin. Occasionally there were disputes. But typically Pravda took the Kremlin line. Occasionally someone got out of line, I didn't see it."

"They've got the whole Denny's Grand Slam on their face. They've got the four-stack"

"The National Association of Realtors is saying now's a good time to buy. That's interesting, cause I think they've said that for, how many years have they been in existence?"

62 comments:

Anonymous said...

YES!!! Finally somebody calling a spade a spade!!! This charade was really getting old of NAR being looked at as a reputable source for accurate data on housing!!

Anonymous said...

LOL Nice reference, as usual. I used to hang out at the Pravda bar in New York in the 90s, during my business trips. What a bunch of babushka babes! And yes, I know the newspaper...just getting situated after 2 bottles of Brunello di Montecinos over booty parteeee, so bare with me.

How's the dollar doin'...hoo-wee, the euro is on fire again. Man, first Marta destroys the US women's soccer team, now the euro comes bitching...S&P energy sector is booming...ok, looking good...wow, I'm so drunk that I can't see my graphs straight...

Anonymous said...

Damn you Keith, that Grand Slam breakfast made my mouth water...I just love that greasy stuff after partying. All right, back to finance..hic...

Anonymous said...

Oh boy, just in: Northern Rock is borrowing billions more from BoE today.

Anonymous said...

yes, it's similar to how the NY Times's editors think every proposed tax increase is a good idea.

At some point, you simply lose credibility if you're always saying the same thing no matter what the facts.

Paul E. Math said...

Just watched Cramer v. the NAR president-elect Charles McMillan on the Today show. McMillan brought a knife to a gun-fight.

McMillan was asked to name some real estate markets where it was a good time to buy. This idiot waffles a little bit and then gives Indiana, Michigan and Ohio, with some of the worst state economies and the biggest declines in home prices. Amazing.

Cramer ends by quoting the NAR's call of a bottom to the market in August... 2006.

I'm no Cramer fan but it's fun to watch these hacks carve each other up.

Anonymous said...

"We have no choice but to approve it. If we fail to raise the debt ceiling soon, the U.S. Treasury will default for the first time in its history," said Senate Finance Committee Chairman Max Baucus.

"Plainly, especially in this credit crisis, we cannot let that happen," the Montana Democrat added.

Anonymous said...

HAHAHAHAHAHA!!!!!!!!

Cheerlead all the way up now deny it's going down.
FU Realtors.

Lots of these ramen eating termites were flipping and speculating on homes, ate their own cooking, now they are in deep S$#! trouble becasue re prices are tanking.

Baaawahahahaha

Anonymous said...

Yesterday could get on the cnbc video clip now you have to sign in to view it.
the word is spreading you termites.
How's the ramen taste you pos unethical double talkers.

tangelo mozilo said...

Wow. I can't believe NAR would demand a correction from ol' Jimbo.

I guess they know that once Cramer starts on something, the cat's out of the bag.

Agent #777 said...

Yeah...and his rant 6 weeks ago was about the little people who are going to be losing their homes - just like he went on Comedy Central to say.
He will be singing something else next month.

Anonymous said...

Cramer is a Lenin-look-alike, isn't he?

The plot thickens :D

Anonymous said...

-
-
-
-
I thought you guys liked Pravda and all things communist. What's going on?

Chris said...

Say what you want about Cramer, but at least he had the stones to finally say in public, in front of a camera, what needed to be said. That the NAR is a group that will blatantly lie despite being faced with facts. I don't know how those people go to work everyday.

Denverguy said...

I liked that for once the hosts were not making fun of such statements. A year ago...hell even 6 months ago they would have called such talk "crazy". Ahh how things change. It should be a interesting next couple of months now that the "hot" selling season is over.

DOPES said...

SO, LET ME GET THIS RIGHT.
.
.
MY HOUSE WENT UP OVER 200%.
.
.
IT GOES DOWN 3%.
.
.
OH BOY, I AM IN TROUBLE.
.
.
WHAT A BUNCH OF DOPES!

Anonymous said...

SO, LET ME GET THIS RIGHT.
.
.
MY HOUSE WENT UP OVER 200%.
.
.
IT GOES DOWN 3%.
.
.
OH BOY, I AM IN TROUBLE.
.
.
WHAT A BUNCH OF DOPES!

September 28, 2007 2:27 PM

So the 200% price appreciation you enjoy is actually real and sustainable?

Who is the real Dope here?

Anonymous said...

DOPES said...
SO, LET ME GET THIS RIGHT.
.
.
MY HOUSE WENT UP OVER 200%.
.
.
IT GOES DOWN 3%.
.
.
OH BOY, I AM IN TROUBLE.
.
.
WHAT A BUNCH OF DOPES!

September 28, 2007 2:27 PM
------------
Yes, your paper gain is illusory until its locked in. This housing lead recession is going to affect your employment, which in turn affects your ability to pay your debts which in turn puts you out on the sreet and that will be when you'll realize any actual gain on your asset.

Anonymous said...

In a word, yes.

Kevin said...

In response to Dopes:

You think that a 3% drop in your current house value has no meaning because your house has gone up 200% previously?

That doesn't actually mean anything. My house has gone up similarly -- but over a 15-year period. Average compounded annual rate of appreciation: 6%. That's not a bad gain, but not a bubble gain either. House prices in our area are currently flat. If they fall, I'm still not in trouble. Even if they fall a LOT I'm not in trouble since I have been there a long time, have a fixed interest rate, and more equity than debt.

Are you in trouble? No, probably not if the gain in price occurred while you owned the house (as opposed to "it had already gone up 150% by the time I bought and can only go higher!"). You could see much of that gain vanish, but you shouldn't be upside-down on your mortgage.

HOWEVER, if you have new neighbors they may be in BIG trouble. They bought at the peak and will not be able to sell the house if they need to move because they may owe more than the house is worth.

The bursting bubble can have REALLY bad effects overall without DIRECTLY clobbering every single home owner. I own my home and it was a sound financial decision. The bubble burst will not directly impact me. However, if my neighbors have resetting ARM's that they can't refinance due to falling home prices, that WILL hit the economy and therefore will get me indirectly.

It's just not as simple as you seem to think. It gets you directly if you bought at the peak, indirectly otherwise, but it will affect you.

smitty said...

"Say what you want about Cramer, but at least he had the stones to finally say in public"

well, even though he's a "market maker," he apparently was poor enough that he slept in his car at one point and knows that a place to sleep is more important than a McMansion to sleep in. I think he also realizes that housing transactions don't produce anything. I mentioned this fact to a realtor and his face said to me: "get real" so I said: "rising home prices don't add doctors, hospitals or food on the tables, just a bunch of devalued dollars." I think I left an impression on somebody who obviously hated "black people" since they usually don't win superbowls....

coffee is for closers still solvent said...

Dopes can't sell it, because the market is flooded with cracker boxes just like his...

Dopes can't borrow the equity because he can't afford to pay back the loan...

Yep, Dopes has it going on...

save the greenbacks said...

Dopes,

The problem with your logic is that you assume your house has somehow stopped falling in value. You acknowledge that it has fallen 3% already. I hate to break it to you, but this crash is just getting warmed up. Clearly you're worried that you might actually be in trouble or you wouldn't be trolling a housing bubble website. Did you really think a 200% gain over a few years was real?

Anonymous said...

pkk

Yes, LIARS all...

Veronica Lodge said...

RE: The National Association of Realtors is saying now's a good time to buy.

Yes, the big real estate crash is underway and the National Ass. of Realtwhores is saying that now is a good time to buy.

The last few years were also a good time to buy, but many of those who took the NAR's advice are now facing foreclosure, short sales and 'Phantom Tax' on forgiven loans.

“Changing the IRS CODE for these situations will relieve a tax burden for families who are already in financial distress and are most likely unable to pay additional taxes,” says NAR President Pat V. Combs, who supported the House committee’s action in moving the Mortgage Cancellation Tax Relief Act, H.R. 3648, forward. NAR has pursued repealing the “phantom tax” law since the early 1990s."

"Action on this legislation comes at a good time, too — when many families are being affected by the resetting of interest rates on subprime mortgages and the ongoing rise in foreclosures."

That's just great! The NAR was the head cheerleader when the real estate bubble was being created and now they are congratulating the IRS for its philanthropic gesture which will ease the blow when bankrupt home debtors are tossed out into the street.

V.L.

french toast w bacon said said...

A local real estate office has CLOSED and their office building is now up for sale. They just purchased and remoldeled the building in 2004.

Anonymous said...

Here are some realtors who are in denial about the housing market:

http://activerain.com/blogsview/216815/Jim-Cramer-says-on

brokersleaveyoubroke said...

The thing that surprised me was that when Cramer said he stood by what he said and there was nothing to correct the hosts agreed with him. Usually the hosts try to water down his rants or at least remain neutral but this time they backed him up. Obviously the NAR had expected the network to put pressure on Cramer to correct his statements. I guess they don't have nearly as much clout as they thought they did.

Anonymous said...

Lenin would love no one to buy. Housing stocks crash some more and good ole Lenin will be the first in line to buy them up. He's full of it and full of himself.

borkafatty said...

Dollar down ...77.86 THIS IS MADNESS!!! WHERE IS THE NEWS ON THIS?????????????????????????

Anonymous said...

RE:MY HOUSE WENT UP OVER 200%.

of course you dont say what market you are in dope.Will see your house auctioned on the courthouse steps soon enough.

DaveO said...

So, let me get this right:

I buy a house right AFTER it has gone up 200%.

It goes down 3%, and keeps going down for a long time before reaching a sustainable price.

Then the ARM resets, and I can't afford the new monthly payment, and I can't sell for what I owe.

I'm F***ED!

Get it now, Dopes?

Does everyone think Dopes is a NAR buddy, or simply a troll?

Anonymous said...

.


Nyet!




We will never give up the cause til we have total control!



.

Anonymous said...

You know why Cramer was telling people not to buy home now. His builder friends he talks to know that if this bubble takes 5 to 10 years to deflate, there will be very minimal new home transaction within that period. But if the bubble takes rapid plunge in prize(home being affordable to people) then within one to two years, people will start to buy home again.

Jim Cramer quoted Washington Post and said that Montgomery County Maryland prizes are rising, that is not true. The same Washington post said that DC, Arlington VA and Fairfax VA gained 6% since last year.

Please check this site and see what's happening in Nothern Virginia.

http://novabubblefallout.blogspot.com/

Anonymous said...

It's just not as simple as you seem to think. It gets you directly if you bought at the peak, indirectly otherwise, but it will affect you.

September 28, 2007 3:05 PM
(IN Reference to DOPES' 200% gain 3% loss comment)

BINGO! That's his or her problem Dopes thinks too simply;)

Anonymous said...

From a strictly PR point of view the New Jersey Board of Realtors was way off base sending out that blast email to their members telling them to call NBC and demand a correction. That only gave the story legs. A story that few would have even seen (who has time to watch the Today Show?) and would likely have forgoten about. It is sometimes best just to shut up. This could well be a tipping point with the MSM and the public in thier view of NAR and Realtors as liars and thieves.

russdog777 said...

sleazy leech realtors....realtwhores

Back in former home near Detroit a few weeks ago I found two former realtors pole dancing / table dancing. Yeah you realtor types should stick to what you best with your former professions. Their consummate lying infectious greed ruined hte home ownership experience for many friends of mine and ruined others financially- FOR LIFE.

Realtors there kept saying it was a great time to buy, and that the market bottomed out in this time in 2006. Theyve been calling subsequent bottoms ever since- every month. Don't take these realtwhores seriously... They really do have the ethics of a table=dancer and that is where they typically belong. Or they make nice Walmart Greeters.

And they know the tricks to deceive you into thinking tha a terrible market is a good one. They have other tricks to prevent you from seeing the huge numbers of vacant homes on the market-- to make you think that there's a shortage and that you had better hurry up and buy- "or be priced out forever".

Cramer is right, but he is only bringing out the advice that everybody wishes they had at least a year ago. Not really that valuable listening to him now. But he is correct in that the recent past was not a good time to buy.

We need some regulation of these lying sleazebags with real teeth! realtor attempts to intimidate Jimbo are seriously pathetic and only show that the realtos have run out of all their usual tricks- and are desperately turning to intimidation because nothing else works anymore.

Until then, Go back to table dancing realtors.

mrmx said...

THOUGHT I SHOULD PASS THIS ON:
====
hello all! I just got a call from Suzzane! she asked me if I watched Jim Cramer on the Today Show and I confessed that I had seen it and my wife and I were under a load of bills, fighting and now losing hope that we could sell our house and we're ready to go back to our affordable love nest over at Carefree Apartments.

Howerver, Suzzane was really comforting! She said that Jim Cramer was simply being foolish when he implied that our home's value will drop like the NASDAQ did in 2000! She even sent over a statue of Bernacke to bury in our front lawn! Maybe if everyone did this, the problem would go away?

Regardless, there is hope since Suzzane told us that "If homes weren't so important, why would God have so many houses?" Another good Suzyism for you: "If Jim Cramer got so rich by living in a car, then you'll get richer with a house!"

-TheManInTheAd
=====

FYI: Yes, I'm obsessed with Suzzane.

GT said...

oh man i loved that denny's line!

smitty said...

"Usually the hosts try to water down his rants or at least remain neutral but this time they backed him up."

the MSM can "Be Tray Us" (read the sheeple) on other things but way too many people know the truth about housing since they see their mortgage payment and they see their pay stub.

Another tidbit: On KPFA's "Gun's and Butter" show, they mentioned a survey that suggested that 40% of job holders now believe "a layoff tomorrow is possible." Hello Brave New Economy!

Anonymous said...

LOL, Cramer basically says to NAR in front of national and international audience :

"STFU YOU LYING SACKS O' SH1T!!!!"

Love him or hate him, you gotta respect this moment of pure honesty.

Anonymous said...

It's always a good time to take our liar's loans and buy 20 pre-construction condos in Miami at $800,000 each.

Anonymous said...

Dopes, your not just in trouble.....you are troubled.

-dcandout

Anonymous said...

Equity...where's it at?

Anonymous said...

Looked at 2 townhouses in renton wa,a suburb of seattle sept 2006 one was priced at $340,000 the other at $332,000 both 3 bedrooms with den, today same type of unit in same development priced at$299.000 and $295,000. Not so special anymore, glad I am still renting.

DAGG said...

DOPES,

you're probably one of those idiots that thinks just because your house went up 200% that even if it drops 50% you're still up 150%. my advice to you, go back to school and take some math class along with those realtwhores and mortgage brokers. you're all a bunch of morons.

Not Dopes said...

save the greenbacks said...

Dopes,

The problem with your logic is that you assume your house has somehow stopped falling in value. You acknowledge that it has fallen 3% already. I hate to break it to you, but this crash is just getting warmed up. Clearly you're worried that you might actually be in trouble or you wouldn't be trolling a housing bubble website. Did you really think a 200% gain over a few years was real?

September 28, 2007 3:10 PM

=================

If I may speak for Dopes,

You babboons keep saying 50% is what housing will drop.

OK say Dopes bought at $100,000. It went up 200% so it is now $300,000. HPers say it will fall 50% to $150,000.

Sill a 50% gain in price.

No matter how you renting fools spin it, renting during the boom was retarded.

And all the while Dopes lived in a home not some shit hole apartment where all of you live.

He is most definitely correct in calling you all dopes.

Anonymous said...

dagg,

please enlighten me with your new math where a 200% gain and a 50% loss does not equal a gain.

no wonder you people rent, you can't do basic math

happyrenter said...

"No matter how you renting fools spin it, renting during the boom was retarded."

well, let's take $100,000. dopes paid HOA of $300 a month or $18,000 over 5 years. then Dopes gets tax bills, $2,000 a year or $10,000 over 5 years. then the real estate agent wants a 7% commission, that's another $10,500 and the accumulated financing costs were $18,750+ becuase of closing costs, etc....

so, adding it all up, Dopes paid at least $56,500.

Smarty, on the other hand, pays $550 a month, or $33,000 over five years, utilities included, to live in a "shit hole".

so, looking at things conservatively, Dopes is $23,500 behind!

A "smart renter" makes money in all markets and Dopes don't.

Ron said...

Dopes check this out....you have a 75k house it goes up 100% to 150k. Then there is a 50% correction right, omg we are back at 75k! From 100% up to 50% down, and back to the mean isn't math amazing?! So, let's see your 75k house with 200% appreciation is now at 225k, we get a 50% drop and you are at 112k, now add in YOY drops and you might be back to some ugly numbers again. Point being is 200% is easily crushed on the way down.

wawawa said...

Cramer again, steering S!!!!!t. this is better

http://www.cnbc.com/id/15840232?video=534767113&play=1

DaveO said...

"If I may speak for Dopes,

You babboons keep saying 50% is what housing will drop.

OK say Dopes bought at $100,000. It went up 200% so it is now $300,000. HPers say it will fall 50% to $150,000.

Sill a 50% gain in price.

No matter how you renting fools spin it, renting during the boom was retarded.

And all the while Dopes lived in a home not some shit hole apartment where all of you live.

He is most definitely correct in calling you all dopes."

First of all, HP didn't start until 2005 (Ask Keith).

Looking forward, if housing drops at all, no matter how much it has gained in the past (the 2000-2005 boom), anyone who buys NOW will be in the red. I think that's the main point that we're trying to get across: Now is a TERRIBLE time to buy.

Yes, if a lot of us bought in 2000-2003 in bubble areas, and didn't extract equity, we would probably be up (in nominal terms; at the moment). But if someone were to buy NOW (or last year or the year before that or perhaps even another year before that), they'd be screwed.

Anonymous said...

Pay attention bitchy little school girls. If one bought a house before 2003 then you are just fine. 2003-2004 and you may end up even or slightly underwater. 2005-2007 and you are f**ked. Simple math.

Anonymous said...

happyrenter said:

well, let's take $100,000. dopes paid HOA of $300 a month or $18,000 over 5 years. then Dopes gets tax bills, $2,000 a year or $10,000 over 5 years. then the real estate agent wants a 7% commission, that's another $10,500 and the accumulated financing costs were $18,750+ becuase of closing costs, etc....

so, adding it all up, Dopes paid at least $56,500.

Smarty, on the other hand, pays $550 a month, or $33,000 over five years, utilities included, to live in a "shit hole".

***********************

$550 including utilities gets you a studio apartment in the ghetto

$300 in HOA fees for a $100K house...on what planet?

7% comission? again on what planet?

financing costs? that is offset by not paying rent or are you assuming he'd live at home like you?

This is most likely how it would play out.

Bought for $100K. Paid $50 in HOA fees a month for 5 years = $3000.

Sells for $150K plays 4% comission = $6000.

Property tax is offset by the income tax deduction.

So total cost is $109,000. Still makes a $41,000 profit even after a 50% drop from peak.

Even most of your fellow wingnuts agree buying pre-bubble was a good idea. You have to be one dumb asswipe not to realize that.

Then again anyone who lives in a $550 rental in the ghetto isn't likely to be too intelligent.

Anonymous said...

SO, LET ME GET THIS RIGHT.
.
.
MY HOUSE WENT UP OVER 200%.
.
.
IT GOES DOWN 3%.
.
.
OH BOY, I AM IN TROUBLE.
.
.
WHAT A BUNCH OF DOPES!

--------

3% drop only? Help a budaluva out and pass what you are smoking in a circle. Gee, DOPES think that his POS-leveraged to the wazoo house dropped only 3%. Sure buddy, you live in a 3k sq ft loft in Tribeca next to Gisele Bundchen, for having a drop in value that low.

happyrenter said...

"So total cost is $109,000. Still makes a $41,000 profit even after a 50% drop from peak."

you didn't add on the interest that you paid. and I'd never believe the $50 HOA. I've never seen that. Maybe $150, but not $50. I typically see $200 +/- for low/mid end and $500 or more for higher end.

keith said...

Can someone get Cramer's appearance this morning on the Today show with the NAR hack video to me - or on youtube and let me know the link

cheers

the anti-dopes said...

how come each time dopes posts, he bought or sold a house for a different price or got a new job? how many houses did dopes buy the past few years?

Anonymous said...

http://video.msn.com/?mkt=en-us&brand=msnbc&fg=rss&vid=8f128f4c-3428-4f0e-9908-a803893ec6ce&from=05

DAGG said...

Cramer vs NAR enjoy

http://www.cnbc.com/id/15840232?video=534767113&play=1

smitty said...

"Love him or hate him, you gotta respect this moment of pure honesty."

notice, though, he's pumping the stock market! "when the FED makes the next rate cut, we're to the moon alice!" so, either Jim is roping people into a "sucker rally" or there really will be "a rally" when GW gets his $200 billion to spend.

Fat and getting fatter said...

Great choice of the Dennys "Grand Slam" (er the origonal Slam as the baseline) being an inflation indicator. This has gone from $2.99 to $5.49 at the local restraunt here in bubble central SoCal IE Hemet. I go there with my father when I visit and usually order these cause they were good values.

I asked the waitress how long she had worked there - 10 years. How much has the price incresaed - see above. How much have her wages increased in that time - none.

You can thank the increase in Chinese & Indian consumption of foods higher up the chain, and most of all the food vs fuel use of farmland which is somewhat decreased by putting houses and shopping malls in. Using jokenol (ethanol) as fuel has really put the double whammy on the consumer as peak oil and the above countries have shifted supply vs demand.

Thank Clinton and Bush both for this gift. And next time you eat at Dennys give the poor waitress a decent tip.