October 10, 2007

FLASH: The NAR announces they're run by monkeys. In related news right on schedule they lower their home sales forecast for the EIGHTH STRAIGHT MONTH


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.

29 comments:

David said...

DC Area Housing Unit Sales Show Huge Yearly Decline (Bubble Meter)

Anonymous said...

I really don't know what is more disgusting; the fact that these asshats still get covered in the press with some sense of authority or that the author of this blog is a UofM'er.

Keep up the good work Keith.
Go State!

Anonymous said...

"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.
----------

Spin like this is the worst. Arrogant and ignorant. Like in "Animal House" .... "All is well! Remain calm!" when the wholething is going to hell in a handbasket.

So, how many TV talking heads and underpaid newspaper copy desk editors will draw from Yun's quote for their headlines and lead-in "bumpers" before a commercial:

"...And when we come back, house prices could be going up!...Job gains and mortgage rates are steady...could mean finally some relief in sight from falling prices in your neighborhood...."

Monkeys.

Anonymous said...

They are no different than the sellers who refuse to cut price in line with prevailing market fundamentals while their house sits empty or is generating negative cash flow. The fear is that if they do made the admission then the flood gates on and it all comes down. Its going to come down anyway not matter what eventually but they do not want to be looked at as the one that caused.

Here's a newsflash for you: Its too late you already did contribute to the problem, just come clean you'll feel better!!

Anonymous said...

MSM are run by monkeys too, who publish everything NAR have to say without giving their input.

Anonymous said...

{sings} the sun'll come out, tomorrow...

Mark in San Diego said...

I guess 900 sales in Las Vegas and 1000 in San Diego are normal??? If you base them on 1995 at the bottom on the last meltdown!!

DaveO said...

'"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.'

Is he talking about Austin, Salt Lake, and Raleigh, or is he talking about some place that I'm not aware of?

Where I live, in MD, if right now you told any realtor or anyone trying to sell their house that "sales are returning to fundamentally healthy levels", you'd either get laughed at or slapped in the face. Is Yun an even more egregious liar than Lereah?

borkafatty said...

OT:

How are those Stocks doing today..Hmm! for those that actually take time to read a book about history, one can see the similarity in this Stock Market just like the Market of 1929. Up and Down...the big crash is coming...just make sure you cash out at the right time...cause you may end up jumping off of a roof in the end.

This Market has Blatant Manipulation all over it, if you don't see that...you deserve your fate.

As for my own personal preference..Only a suggestion of course so take it for whats it worth..Yes the Dollar is in the shitter..Yes we know this...but it is also the only worlds reserve currency...

Yes Euro this Euro that..
WORLDS RESERVE CURRENCY!!

Get it!!..Get into cash..sure Gold and Silver are great collectibles, I have some..well many..but what good is it when I go grocery shopping for my family??..Hmm? What hand the cashier a Gold Coin or Silver Coin..useless! but alas redeemable for CASH!!...CASH!! IS KING. You have been warned..good day.

just me said...

Some 2 million mortgages are due to reset to higher rates in the months ahead.


( CAN NNR folks read?)

Anonymous said...

Some 2 million mortgages are due to reset to higher rates in the months ahead.

can NAR folks read???

Anonymous said...

I didn't think it was getting that bad in NC, but when I went through the Starbucks drive-thru this morning I got a little something extra with my change. "Crystal" at the window slipped me her Realtor* business card! LOL!

JohnnyReb

Anonymous said...

The Paper Money blog has a great post on NAR forecasts & related quotes supplied...

Anonymous said...

news...

OKLAHOMA TAKES A STAND ON ILLEGALS
>
Oklahoma is no longer OK for Illegal Aliens......

Ø .
> It seems that at least one state has decided to take matters into it's own
hands, since the Federal Government keeps dragging it's feet on this Illegal
alien stuff and even reversing popular opinion on how to handle it.?? BRAVO
OKLAHOMA!? (Too bad all politicians don't have the 'guts' to do this) Every
State needs to do this!!!!
>
> Oklahoma's Governor Brad Henry has signed a sweeping immigration Reform bill:
House Bill 1804, that its sponsor believes will go a long way in dealing with
the illegal alien problem in the state.
>
> Oklahoma's Governor Brad Henry has signed a sweeping immigration Reform bill:
House Bill 1804, that its sponsor believes will go a long way in dealing with
the illegal alien problem in the state.
>
> House Bill 1804 was passed by overwhelming majorities in both the House and
Senate of the Oklahoma Legislature.? The measure's sponsor, State Representative
Randy Terrill, says the bill has four main topical areas: it deals with identity
theft; it terminates public assistance benefits to illegal; it empowers state
and local police to enforce federal immigration laws; and it punishes employers
who knowingly hire illegal aliens.
>
> Oklahoma is no longer "O.K." for illegal aliens, Terrill observes.? "When you
put everything together in context," he contends, "the bottom line is illegal
aliens will not come here if there are no jobs waiting for them, they will not
stay here if there is no government subsidy, and they certainly won't stay here
if they know that if they ever encounter our state and local law enforcement
officers, they will be physically detained until they're deported.? And that's
exactly what House Bill 1804 does."
>
> The Oklahoma legislator is pleased the bill he sponsored into law was signed
by Governor Henry and believes it will go a long way to curb the illegal
immigration problem in the state.? "I would remind people that states are
separate sovereigns in our federal system," Terrill points out.? "Anyone who
doesn't understand that needs to go back and take an American federal government
class in college," he says.




> As a result of that sovereignty, the Oklahoma lawmaker insists, "We have as
much right - in fact, I would argue, a responsibility - to protect our tax
payers against that sort of egregious waste, fraud and abuse as the federal
government should have a responsibility to protect that international border,
but doesn't do that."
>
> Terrill says as long as the federal government refuses to do its job of
protecting the international borders of the United States, states like Oklahoma
must take action to deal with the problem that is costing taxpayers in the state
$200 billion a year in public benefits, law enforcement costs, and other
resources.
>
Americans need to wake up!

mrmx said...

I'm surprised that NAR didn't call suzanne and get her rolodex. if that database is tapped, the housing problem would be over.

pizza hut deep dish said...

"The speculative excesses have been removed from the market"...

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

Translation: "A massive number of Realtors - have been removed from the market."

Translation, translation: The USA is in its biggest housing and economic crash since the great depression.

Credits: I think Bush and Cheney deserve a cookie and a tall glass of milk for a job well done.

What great achievement will they perform next? I cant wait!

Weeeeeeeeeeeeeeee!!!!!


><

Ed said...

anon @ 5:12 hit in on the head. That will be the 10/11 o'clock news story. The image of Kent Brockman pops to mind.

Anonymous said...

No matter how they spin it they cannot talk back the housing decline by denying it is happening.

Its like standing in front of the beach and denying the tide its right to come in. The tide isnt listening and almost everyone else is laughing at you

Anonymous said...

They have to say this because thats what their members want them to say. They have to say this, even if they dont believe, just to continue to draw their weekly pay cheques to feed their families.

DaveO said...

Reflecting on '"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.'

...this quote is not only egregiously wrong on Yun's part, but also tantamount to a slap in the face to all those in or heading into financial trouble by trivializing the problem.

Anonymous said...

thanks for exposing the antics of this unethical group.

Anonymous said...

Why do realtors exist again?

DAGG said...

"The NAR announces they're run by monkeys"

that's an insult to monkeys everywhere. any monkey could have guess a more realistic number.

Anonymous said...

Why do realtors exist again?

Manual processes and workflows need to be set up and the kinks need to be worked out before the risk are priced down low enough for the processes to be automated.

manual cotton picking->cotton gin
human stock trades->NYSE -> Nasdaq
Travel Agents -> Expedia
Realtors -> ??

- SR Engineer Dude

smitty said...

"SR Engineer Dude"

Evolution and or God, your Choice, takes care of that already!

TM said...

Is Yun an even more egregious liar than Lereah?

You better believe it. Even Lereah hit the point where he looked at the BS statements the NAR wanted from him, and quit, rather than continue to look ridiculous.

Anonymous said...

Can someone please explain what he THINKS he means by .....returning to fundamentally healthy levels.... God! what reality does this nitwit exist in!

Anonymous said...

October 1, 2009

For the thirty-secondth straight month, the National Association of Realtors revised down their sales estimates. It was nearly 15 months ago, Countrywide Financial collapsed and multiple SEC and FBI probes were launched against 7 top mortgage lenders and David Learah of Move, Inc.

Anonymous said...

October 2nd, 2009

Today the National Association of Realtors cited continuing poor weather over the last 48 months as a significant factor in the yearly decline of homes sales and prices since 2005.