October 01, 2007

HousingPANIC Stupid Question of the Day


Do you think America is sick and tired of the National Association of Realtors, their army of 1.3 million six-percenters, and their lies, spin, deception, corruption and arrogance?

34 comments:

Anonymous said...

I live on Long Island, New York ... everyone has this weird shell-shocked look on their faces as they buy their Starbucks at 6:00am in the morning - Hummer's and BMW's running, waiting outside - ready for the long pointless ride to work ... all to pay off their ATM McMansions out here in Suffolk county ... soon the other shoe drops here as well!

Anonymous said...

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Yes & No. If they are not paying attention to housing issues then they will have no idea what is going on and that will play into the hands of NAR.

Anyone who is monitoring the housing recession knows full and well that NAR is full of it and they are completely discredited of even a scintilla of credibility until they come clean, either on their own or by force of law.

Anonymous said...

When do people start suing them?

Tangelo Mozilo said...

Are you kidding? I wonder how many dumb-assed Amerikans even know who the NAR is.

"Um, are they like those rifle guys with like Charelton Heston?"

Owner Earnings said...

Most of America doesn't even know who/what or even how to spell NAR.

Anonymous said...

I don't think so. Most people still think of them as experts in the real esate field. Sad but reality.

Veronica Lodge said...

RE: Do you think America is sick and tired of the National Association of Realtors, their army of 1.3 million six-percenters, and their lies, spin, deception, corruption and arrogance?

Apparently not, because The National Ass. of Realtwhores has just published a BIG NEW LIE:

"WASHINGTON, September 25, 2007 - Existing-home sales fell in August when mortgage availability problems were peaking, according to the National Association of Realtors®.

The LIE: Mortgage availability problems peaked in August?!? Do they actually expect anyone to believe that mortgages will now be easier to get from failed banks?

And here comes the SPIN:

NAR President Pat V. Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said the good news is that the mortgage picture is improving. “Mortgage interest rates have been declining and loan availability is improving,” she said. “Movements to enhance the FHA loan program and to raise the limits for conventional financing could provide additional relief, and it looks like the worst of the mortgage availability problem is behind us.

I'm totally bewildered! The mortgage picture is improving?!? The worst of the mortgage availability problem is behind us?!? The mortgage industry is on the verge of collapse and the NAR sees this as an improvement.

This latest batch of NAR propaganda is -- as always -- a load of sewage.

V.L.

Anonymous said...

http://www.news4jax.com/news4georgia/14216490/detail.html

When the motive for offing RE agents is because they screwed their lives over to the point that it reduces the rolls of NAR

Anonymous said...

No I think most Americans support the 2nd Amendment.

Anonymous said...

I agree with a previous anon, most of america doesn't know what NAR stands for.

I have never quite understood how the commission is suppose to motivate the agent when they perform the roll of the "buyers agent". Yea, they will really fight for you to get the lowest price and hence a lower commission..... In my experience this has not been the limiting factor in getting the price down. My battle has always been with my wife who falls in love with the house and doesn't want to walk away if we can't get the price we want.

brokersleaveyoubroke said...

From the NAR press release that Veronica Lodge posted:
NAR President Pat V. Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said the good news is that the mortgage picture is improving. “Mortgage interest rates have been declining and loan availability is improving"

When Ben cut the prime rate this kicked off inflation fears which caused the price of 10 year treasuries to drop which increases their yield which means higher long term interest rates. Thirty year mortgage rates have actually increased in the last few weeks. The press release is an outright lie. I wish someone in the MSM would point this out.

Anonymous said...

Recently I went to City offered class for Low Income people and First Time Home Buyers in Fremont, Ca and it turned out to be an advertisement for Agents and Brokers. They made statements like the first thing to do when buying a house is to make a Real Estate Agent your best friend. And they have invited bunch of Real Estate Agents and Mortgage Brokers to give presentation.

Anonymous said...

I suspect 9 out of 10 adults couldn't tell you what the acronym NAR stood for.

Anonymous said...

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A female realtor in So.Cal was bitching about how homes in a certain area haven't appreciated as much as homeowners would have liked.

Come to find out she has owned a large home in a gated community, it has sat empty for over 3 yrs!

She sat on it during peak. And now she complains she never got what 'she' wanted!


Now who's fault is that?


She's the local market expert!


.

Anonymous said...

Most Americans are completely ignorant of economic issues. Not surprising when lazy journos are just a bunch of parrots that simply deliver the PR from the NAR and the Fed.

That's the big problem with democracy. I'm not saying there's a better system but if the majority of the population is ignorant and uneducated you end up with George W Bush as president and a population suckered by the central bank.

Anonymous said...

Foxtons Is Going Out of Business
BIZ Briefs
NJBIZ Staff
10/1/2007

Foxtons North America, a division of Foxtons, the London-based real estate company known for charging discounted commissions, said last week it is shutting down because of the housing slump, according to the Asbury Park Press.
The company, which is based in West Long Branch, said it is considering bankruptcy and it will continue only with a skeleton crew. It is laying off 350 of its 380 employees.

Foxtons’ business model of charging commissions lower than the standard 6 percent is likely to have contributed to the company’s downfall. Observers said real estate agents were less motivated to show buyers Foxtons homes because of the lower commissions, and amid the real estate downturn, the company was unable to produce the sales volume to compensate for what it lost in commissions.

Frank@NeverColdCall.com said...

That's the big problem with democracy. I'm not saying there's a better system but if the majority of the population is ignorant and uneducated you end up with George W Bush as president and a population suckered by the central bank.

That's the problem with our current system of democracy. The USA was originally a democratic republic and only land owners were allowed to vote (meaning true OWNERS, not mortgage debtors). I'd love to see that system come back ... ahh, the Constitution as originally written and intended.

Those were the days.

I'm a realtor said...

NAR=National association of retards

They don't have a clue.It is classic pump and dump scheme.

Did they find yun at a taco bell drive thru selling gorditos?

Cmon hp'ers.You all are smart enough to have seen this train wreck comeing.You were smart enough to google housing bubble 3 years ago because you knew we had a problem.

Jambu said...

frankie

but if only landowners could vote how would the poor opressed minorities express themselves? you sir are a racist. that is all have a nice day

Anonymous said...

Bubble II is brewing!!!
Wow what a mess two bubbles, and i put my money hardly anyone new this one was brewing.

Check out link below.

http://tinyurl.com/2gqllb

Anonymous said...

Anonymous said...
I agree with a previous anon, most of america doesn't know what NAR stands for.

I have never quite understood how the commission is suppose to motivate the agent when they perform the roll of the "buyers agent". Yea, they will really fight for you to get the lowest price and hence a lower commission..... In my experience this has not been the limiting factor in getting the price down. My battle has always been with my wife who falls in love with the house and doesn't want to walk away if we can't get the price we want.

October 01, 2007 4:09 PM
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The commission is only nominally affected by even large price swings. Buyer's agents are worthless, but they will "say" that they are looking out for you and usually will collude with the selling agent to work the seller and buyer to cut a deal, hence so that they get paid. The agents may also perform some minor logistical services, like opening the doors to the units with the largest buyer's agent commissions, move paper along that is essential for closing the deal so the agents get paid etc.

Do it all yourself as a buyer and your reward should be a home that is priced at least 3% lower that it wold be if you had an agent and it should be a home that you want and not one that they "work" you into liking only to later find they glossed over alot of negatives.

Bottom line up front, this bubble burst is going to be the end of the REIC as we know it, NAR and all its sheeple agents will not realize it until the moment its over, because they are that oblivious to reality. As evidenced by this previous post:

Anonymous said...
.


A female realtor in So.Cal was bitching about how homes in a certain area haven't appreciated as much as homeowners would have liked.

Come to find out she has owned a large home in a gated community, it has sat empty for over 3 yrs!

She sat on it during peak. And now she complains she never got what 'she' wanted!


Now who's fault is that?


She's the local market expert!


.

October 01, 2007 5:52 PM

Anonymous said...

>> NAR=National association of retards. They don't have a clue.It is classic pump and dump scheme. Cmon hp'ers. You all are smart enough to have seen this train wreck comeing. You were smart enough to google housing bubble 3 years ago because you knew we had a problem.

Tangelo Mozilo, OF COURSE they know EXACTLY what they're doing! A criminal enterprise of this size doesn't just flounder around, with the left hand wondering what the right hand is doing.

Anyone who thinks the Fed is floundering, run by a bunch of morons who didn't see this mess coming, is a completely ignorant tool. I'm not saying that Bush is either an idiot or actually a really smart guy, but he knows EXACTLY what's going on.

It's ALL being done on purpose, folks - a decades-long plan that is unfolding exactly as planned...

Anonymous said...

Housing blogs like this one have been an excellent tool in exposing the bubble and all of the greed and slime beneath it but I feel like they're usefulness is waning.

What the US really needs is some action on the part of it's people to save their country and themselves from the greed of their corrupt banks and government. I think housing blogs could transform and conglomerate to be an important part of such a political movement.

I'm actually not even an American so all I can offer is a few ideas.

Perhaps the loyal visitors to these housing blogs could stop sitting back in gawking in amazement as the US economic train wreck unwinds in slow motion and rather become leaders in a movement to educate the US and organize people to change the system.

To start, everyone who is angry at what is happening should rally to inform and educate everyone they know with excellent material like:

Money As Debt

http://video.google.com/videoplay?docid=-9050474362583451279

Maxed Out

http://housingdoom.com/2007/09/30/debt-and-lots-of-it/

Try to get your friends and family interested in these blogs and the economy in general.

Start lobbying the media (in an organised way). Bombard Oprah, 60 Minutes, 20/20 and Dateline with your views and make them understand that this is the biggest news story of the age.

Lobbying the government would be great too but let's face it. Unless your lobbying in overwhelming numbers this is pretty pointless.

What needs to be done is making democracy in the US work the way it's supposed to. We have this wonderful tool called the Internet at our disposal. The internet should be improving democracy in the US but instead powerful corporations are corrupting every level of democracy. The root of this evil is of course, money.

Stop campaign contributions!

Destroy the fiat money system!

Vote Ron Paul!

Educate everyone you know and make them vote!

Use the internet and get organised!


Don't just sit back and watch your great country turn into a banana republic.

Anonymous said...

Anonymous said...
>> NAR=National association of retards. They don't have a clue.It is classic pump and dump scheme. Cmon hp'ers. You all are smart enough to have seen this train wreck comeing. You were smart enough to google housing bubble 3 years ago because you knew we had a problem.

Tangelo Mozilo, OF COURSE they know EXACTLY what they're doing! A criminal enterprise of this size doesn't just flounder around, with the left hand wondering what the right hand is doing.

Anyone who thinks the Fed is floundering, run by a bunch of morons who didn't see this mess coming, is a completely ignorant tool. I'm not saying that Bush is either an idiot or actually a really smart guy, but he knows EXACTLY what's going on.

It's ALL being done on purpose, folks - a decades-long plan that is unfolding exactly as planned...

October 01, 2007 8:06 PM
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Only partial agreement. The RE bubble was only inflated to offset deflation caused by the dot-com bomb, otherwise when combined with the post 9/11 economic aftershock the economy would have gone down hard.

Transfering bubble and then pricking the RE bubble which would then slowly bleed over a decades time was really just the mechanism they chose to spread the sudden pain of the dot-bomb bubble burst over time. They new RE would be sticky unlike stocks so you spread the pain over time, plus because you have more people owning homes than stocks you spread the pain over more of the economy.

However, they did not anticipate the insane sub-prime lending debackle that was unleashed, so when they tried to prick the bubble w/ rate increase it just did not happen. For over 2 years long term rates did not budge!!
Therefore, I actually do believe that its possible the economists at the top did not anticipate the sub-prime monster they would create. Now that they've popped the bubble and sub-prime is being exposed to be a malignant cancer they have discovered the systemic risk it poses and do not know what to do with it.

Thus its basically being too smart for your own damn good and not realizing how human greed would play out in such a low rate environment over such a long term. We live in financially interesting times, good luck.

Anonymous said...

Don't just sit back and watch your great country turn into a banana republic.

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

This country has been dying for 15+ years. It's too late to save the patient.

As long as I come out of it OK, I don't care. I have invested wisely, including making a small fortune in buying AND SELLING real estate over the years that I am not really worried.

You idiots were so busy attacking each Democrats and Republicans you failed to see they were one and the same. Both sides equally disgusting.

Well too bad. Fuck you and have a good day.

Anonymous said...

This country has been dying for 15+ years. It's too late to save the patient.

As long as I come out of it OK, I don't care. I have invested wisely, including making a small fortune in buying AND SELLING real estate over the years that I am not really worried.

You idiots were so busy attacking each Democrats and Republicans you failed to see they were one and the same. Both sides equally disgusting.

Well too bad. Fuck you and have a good day.


Dude, if you're living in the US you'll be picking bananas as well when the shit hits the fan. If you plan on leaving the US with your small fortune then good for you. Doesn't show a whole lot of patriotism though - but then either does anyone else who doesn't get off their arse and take an active role in saving their country (99.999% of the population).

Paul E. Math said...

"NAR=National association of retards"

That is an insult to the mentally disadvantaged. I'm only partly being sarcastic.

A person with a mental disability would not try to screw you over and cheat you out of what is rightfully yours. They are good people with certain intellectual limitations.

The ignorance and stupidity of the NAR may suggest mental impairment but their moral culpability means they are not worthy of carrying a special olympians jockstrap. For real.

Anonymous said...

Bye bye middle class

Anonymous said...

"This country has been dying for 15+ years. It's too late to save the patient.

As long as I come out of it OK, I don't care."

This is exactly the problem that we have in America. As long as I get mine I don't give a shit about anyone else. It's the same attitude big business, the NAR and our ruling elite have. Attitudes like these are why we are failing as a nation. Selfishness, greed, moral decline and apathy have been the downfall of nearly every empire throughout history.

Anonymous said...

New highs in the DOW and GOLD mean a break from the crash - the crash people have been predicting for years that has killed the shorts.
Expect Stagflation for at least the 6 months past elections.
Home prices - after the intial drops - will flatten in most markets.
The kill won't come until after the new president is in.

Anonymous said...

.



in addition to 8:00pm



This woman realtor also said,
" California real estate only goes up"!


She is working in the Palm Springs area.

Anonymous said...

6% gain isn't that great by the time you kick in inflation adjustments and interest payments, it's a losing proposition.

Anonymous said...

Unfortunately, realty clerks, whether they are working for the buyer or the seller, want the highest price they can get.

There is no financial motivation for a buyer's agent to work for a low price for the buyer. Here lies the problem.

Anonymous said...

I am from the UK. I lived in the US for 5 years in the 90's and bought and sold several properties. It amazed me that American's could not see through the Buyer's Agent scam and all the other hangers on that make a living from real estate transactions. How many other countries have Escrow agents?

I now live in New Zealand. People here think real estate agent commissions are too high at 2.75%. In the UK, standard agent commission is 1.25%.

For goodness sake wake up.