A HousingPANIC message to the incompetent monkeys polluting the head office of the National Association of Realtors:
The nation is laughing at you. You've lost all credibility and respect. You are not only harming the homedebtors of America, you're also harming your 1.3 million suckers, err, I mean dues-payers.
Lower your damn forecast once and for all. "Drama-forecast". Lower 2007. Lower 2008. Lower 2009. You know the truth of what's happening, so say it. And believe it or not, the truth will actually HELP your suckers, err, I mean your dues-payers, start selling houses again.
Why? Because the truth will freak out the homedebtors who need to get the message that prices are going to fall dramatically, and they'll lower the damn prices.
Stop sending Yun out to lie to America. Stop with your lies and spin. And stop being the most evil and distrusted organization in America. You're not fooling anyone anymore.
Realtors Group Lowers Forecast for Existing Home Sales for Eighth-Straight Month
WASHINGTON (AP) -- The decline in sales of existing homes this year will be steeper than previously anticipated, a trade group for real estate agents said Wednesday.
The eighth straight downwardly revised forecast from the National Association of Realtors calls for U.S. existing home sales to be 10.8 percent lower than last year as housing market struggles persist.
In its October report, the association predicts 5.78 million existing homes will be sold in 2007, down from 6.48 million last year. Last month, the association predicted an 8.6 percent drop from a year ago.
Still, the group maintains an optimistic message. It's senior economist, Lawrence Yun, noted in a statement that markets including Austin, Texas, Salt Lake City and Raleigh N.C. are showing price growth and 2007's home sales will be the fifth-highest on record.
"The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains," Yun said.