Hmmm... I've got a feeling the Cramer Today Show appearance is causing a bit of a stir back home eh? Email your thoughts on the monkeys at the NAR and their discredited hacks Lawrence Yun and David Lereah to theheat@cnbc.com
And tell 'em they need to check in with HousingPANIC if they want the truth. Not the NAR or realtors on commission.
"Don't you buy now. Don't you dare buy a home now. You will lose money." Those words of warning from CNBC's Jim Cramer appearing on NBC's Today program have stirred up some Realtors.
The RealSource Association of Realtors sent an email to its members saying, "Such a broad-sweeping statement like this demonstrates Mr. Cramer's ignorance regarding how the real estate market really operates."
September 27, 2007
Have your voices heard HP'ers: CNBC hilariously asks "Should You Believe Real Estate Agents Who Say 'It's a Good Time to Buy?"
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14 comments:
Who cares if you loose $20,000 to $120,000 dollars? It's cheaper than rent! No-money down too!
Bwaaaa! ............
Hahaha! That is comedy gold. They weren't complaining when Cramer was claiming there was no problem in housing!!
The Realtwhores never complained when TCDL was talking up the "boom" and you better hurry before you miss out. Where were they then to say, "Hey stop this guy's over generalizing and going to hurt homeowners and buyers"
No where, WHY?
Because they benefited from it.
They did not protest when a lie was perpetrated to the ruin of the market, but now that someone comes forward and speaks the truth and its harmful to them but not so buyers well we just can't have that !!
Rot in hell realtwhores!!
Dude---Tooo Funny.The Joker's are pissed at the Theives now.
Sorry FB's, but a 1000sf crackhouse in Compton will not be worth $500,000 again until a movie ticket costs $100. Mail in the keys and move to a safer hood
"Don't you buy now. Don't you dare buy a home now. You will lose money."
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Here's the kicker. The prices are already back down to about 2004 levels. So he's really saying, "Everyone who bought after 2003 is a F@ckin idiot. They're losing money."
Someone's listening, because there are now 5.1 million homes up for suckers in the USA, not counting FSBO's and expired/retired/removed due to lack of interest listings...
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Glut: 5.1 million homes for sale
A major homebuilder warned this morning of the growing problem of "surplus inventory" as another month of weak sales of new homes left the inventory of unsold new homes at 529,000, and the total number of homes for sale in America at a staggering 5.1 million.
Inventory of unsold homes has spiked 14% in the past year, and 77% from August 2004 levels.
Homebuilder KB Home reported a 32% drop in third-quarter revenue and warned that inventory will continue to rise, driving prices lower: "We expect housing industry conditions to continue to worsen through the end of the year and into 2008," said Jeffrey Mezger, president and chief executive officer. "Rising foreclosure rates are intensifying the problem of surplus inventory and will likely drive further home price reductions."
Mezger says the "oversupply of unsold new and resale homes" has worsened in many markets. "At this time, we see no signs that the housing market is stabilizing and believe it will be some time before a recovery begins," he said.
Reuters on new home sales: "Sales of new single-family U.S. homes fell 8.3 percent in August to a 795,000 annual sales pace, its slowest rate in over seven years, while the inventory of homes dropped, a Commerce Department report showed on Thursday." Inventory dropped 1.5% from July to August, and stands at 529,000.
The National Association of Realtors reported earlier this week there are 4.58 million existing homes for sale, which represents a 10-month supply of homes at the current pace of sales.
More here: http://latimesblogs.latimes.com/laland/
For a moment, I was a little bit worried to agree with Cramer - he is more of an antiindicator. Fortunately, there are still enough commentators around who have a rosy outlook. Please housing bulls, stay around for awhile and secure a further downturn. Your slaughter will mark the bottom of the bust.
It's true that Cramer is not the person to attack the NAR/Realtors .It would be easy for realtors to tear him apart because he already sold his house and he want a bull run in the stock market .Cramer is just as much a cheerleader as the realtors are .
Cramer says it's a great time to buy stocks .How is he any different than realtors and the NAR .The economy is bad and its poised for a major contraction,so they are all full of BS.
It's Cramer vs. the NAR on the Today Show on Friday !
When people claimed there was "no problem in housing", there already was a huge problem ... prices were already locking million of americans out of getting into a first house.
So many houses now on the market, with fewer borrowers who can qualify or who are even interested.
This crash has a long way to go before bottoming out.
Interesting site. Realtwhores? I thought only adults would be posting. Now I find the site littered with boys posting between angst ridden trips to the pharmacy seeking creme to remove their unsightly prom nite pimples.
Cramer is to money what Dick Morris is to politics. If he says something it's time to give serious consideration to the other side. Cramer's hysteria about this makes me wonder if its not time to think about buying. Well, not quite, but it may mean the bottom is close. The fact remains that there will be a very long climb back.
well at least my email to them did show up on there
http://www.cnbc.com/id/21011946/site/14081545/page/3/
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