December 31, 2007

FLASH: Sales of unwanted used homes crash 20% from last year (media reports 0.4% increase), Lawrence Yun again says things will be just fine

This is the infamous NAR report, not really worth our time, but thought you'd all like to know what Lawrence Yun and the Monkeys had to say today for sh*ts and giggles...

(note - I'm back in London now after a week of looking at an amazing sea of for sale signs in Arizona)

"Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilising," said Lawrence Yun, NAR chief economist.

"Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market."

24 comments:

Anonymous said...

Oh, but Lawrence says the same thing differently:

Reprinted from the local fascist daily controlled by the real estate cartel:

Existing home sales edge up in November
By Jeannine Aversa
Associated Press
Article Launched: 12/31/2007 07:15:23 AM PST


WASHINGTON - Sales of previously owned homes inched up in November but that didn't change the overall bleak picture for an ailing housing industry that has been suffering through a painful slump.
The National Association of Realtors reported today that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. Over the last 12 months, however, existing home sales have plunged 20 percent, underscoring the troubles in the housing sector.

Economists were calling for sales to either move up slightly or hold steady for November.

Home prices continued to sink.

The median price of a home sold last month was $210,200. That marked a 3.3 percent drop from a year ago. It was the fifth biggest annual decline on record. The median price is where half sell for more and half sell for less.

Sales were mixed across different regions of the country.

Existing home sales jumped 10.3 percent in November from October in the West. They were flat in the Midwest. However, they fell by 2 percent in the South and by 3.3 percent in the Northeast.

The inventory of unsold homes in November was 4.27 million homes. At the current sales pace it would take 10.3 months to exhaust that overhang.

"Inventory is still high and further reduction in prices may be required in some areas to induce buyers back into the market," said the association's chief economist, Yun.

To Lawrence Yun: F*ck YOU. I mean it PERSONALLY As*hole.

Anonymous said...

Who are these people buying houses???

What the NAR should do is announce there will be no statistics produced for February because they are upgrading their stastics gathering systems. Then have *all* their members not close anything in February... Pushing those sales through on March 1.

Then they can report a year-over-year increase for March...

Anonymous said...

Don't worry. Be happy. Trust your Bush.

Anonymous said...

Does anyone know what the median price for Oct was before they revised? I thought it was higher than $206,900.

Oct r 206,900
Nov p 210,200

Anonymous said...

0
0
0
0
LONG LIVE COMMUNISM

LONG LIVE KEITH

LONG LIVE RON PAUL

Carol said...

Even I, the optimist, know that the market isn't near stabilizing yet. However, these reports do provide a bit of amusement and diversion. As I've said in the past, it's as if they want to speak it into reality. Unfortunately, they're a lone voice, not supported by the facts, in an unstable market.

Overcoming Real Estate Losses
http://WhineCountryRealEstate.blogspot.com/

Anonymous said...

Figures on sales that appear in the press are meaningless. Last week I heard a good one on CNBC concerning sales of new homes. If a builder writes a contract on a home and then the buyer backs out, it still counts as a sale. Yea, you heard that right. Someone commented that builders they had talked to said they are seeing 40-50% of their contracts being broken. How's that for fudging the numbers

sunday papers by joe jackson said...

Sure,it's good to be positive! Positive thinking is what they say WE HPers should do!!

OK,SO,IM POSITIVE that some things that are reported in the MSM outlets are 100% INCORRECT! FAKE! GOOD NEWS FOR THE SHEEPLE!

Sometimes even evil, crude or funny lies! Bwaaaa!

IM POSITIVE THINGS WILL GET BETTER!

Even when they stonewall/ignore Ron Paul's massive followers and wisdom.

Nevertheless, Bush and cheney lead the way into a bliss of nothingness... When will they be packing their bags for home??? Soon I hope.

Happy 2008 New Year's Keef!

PANIC IN DETROIT

Veronica Lodge said...

RE: "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market."

OH SH!T !!!

Will this propaganda from the National Ass. of Realtwhores ever end?

On the way up, we had David Lereah spewing his "The Real Estate Boom Will Not Bust" mantra. Of course Mr. Lereah's claim defied the law of physics.

So now that the real estate bust is fully underway, another NAR sideshow geek is claiming that the housing crash is over at every temporary plateau of the downward spiral.

OK. Fine. Whatever.

But for those who are not afraid to face reality, I recommend this Happy New Year message from Jim Kunstler:

● Has there ever been a society so exquisitely rigged for implosion?

● The housing market is in a death spiral. Eventually, the median price of a house will have to fall back to the median income, and it has a very long way to go, perhaps 50 percent. Until that happens, houses will be generally unsellable.

● At the same time, of course, an anxious finance sector will be offering fewer mortgages and on much more rigorous terms, so there will be far fewer qualified buyers even for distress sales. And the median income itself may soon not be what it has been.

● The whole equation has changed. As the painful re-pricing process plays out, many owners/sellers will be upside-down and under water in what they owe on the mortgage in relation to the value of the house they occupy. Quite a few may have lost jobs and incomes along the way.

● Most of these unfortunates would be better off just mailing in the keys and walking away. But in so far as these awful liabilities are peoples' homes, full of all their stuff and their children's stuff, not to mention being the repository of all their previously-imagined wealth, as well as their hopes and dreams, walking away is psychologically more easily said than done.

And what about Iraq, Iran, Pakistan, peak oil, the decline of the dollar, global warming, the Bush crime syndicate and the election of 2008?

Those topics and many more are covered in this article.

V.L.

cheap trick said...

"It's not some big secret, we just nead a new leader that solves our problems, not making more of them."

VM 12/2007

That's why you should vote for Ron Paul too! I was voting for clinton, but after reading ron paul's web site, I changed my mind. He's an original republican with a future vision of PEACE and PROSPERTY, not a bushco/clinton criminal network member. The 9/11 proof is located in 25 million copies of video. The history of lies and war and profit con-jobs are all well documented. Our future is up to you and I. Vote for Ron Paul! Buy a bumper sticker! Do something!

Mark in San Diego said...

And November 2006 sales were down a huge percent from 2005. . .so it goes - down down down. . .and duh!. . .fewer homes were on the market in November than October - this is ALWAYS the case. . .people pull houses off the inventory at the holidays, and re-list in Spring. Here in San Diego, we have 20,500 homes on the current MLS - last year at this time we hade 17,300!!!. . .there is a HUGE increase across the country year to year, but the lazy MSM can't get off their butts to find this out.

Anonymous said...

If sales drop to zero I suppose one could say, in a perverted NAR sense, that sales have stabilized.

Roccman said...

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National City Mortgage

RIP

http://www.tickerforum.org/cgi-ticker/akcs-www?post=21879

kilgore said...

I actually feel kind of sorry for Lawrence Yun and for Asian Americans as well. Mr. Yun really is about as close as it gets to being the stereotypical "redicarous" asian. He just comes across as so pitiful and inept that he makes all Asians look bad.

I know, I know, his lies are ruining lives and he is getting paied to lie. But I'm not even sure that he's smart enough to grasp the gravity of his actions.

Anonymous said...

The majority of sales happeing now are foreclosures! New home sales continue to decline and the MSM is finally figured out and reporting what is happenging in housing so noone is speculating and noone with cash is buying!

This is more spin to pump up hope for the spring! Don't buy it folks!

Anonymous said...

I actually feel kind of sorry for Lawrence Yun and for Asian Americans as well. Mr. Yun really is about as close as it gets to being the stereotypical "redicarous" asian. He just comes across as so pitiful and inept that he makes all Asians look bad.


I guess David LeReah makes all white people look bad? He's the stereotypical lying white guy trying to scam people.

Keith, your blog is sinking to new lows with idiotic racists, socialists and neocon trolls.

Socal crash said...

Ole buddy Yun is also making some stupid comparisons (on video!) between stock volume and real estate sales volume.

Anonymous said...

LONG LIVE COMMUNISM

LONG LIVE RON PAUL

DEATH TO THE WHITE MAN

Anonymous said...

cheap trick is exhibit A as to why Ron Paul and his merry band of idiots are IN FUCKING SANE

listen moron, the 9-11 evidence is this...islalsmists hijacked planes and flew them into buildings

nothing more nothing less

people landed on the moon

Pearl Harbor was not planned by FDR

A lone gunman shot JFK not some fanasty of Oliver Stone

The CIA did not create AIDS to kill black people

And no, those are not black helicopters at your front door you psycho

Anonymous said...

cheap trick said...
‘but after reading ron paul's web site, I changed my mind. He's an original republican'with a future vision of PEACE and PROSPERTY,’

Please articulate how RP stands for peace.

To my knowledge, his plan is to kiss up to totalitarian dictators,
in other words; Us ‘most tolerant nation on the planet’ by far, are conspiring to kill our own people, but the most brutal dictators who rape and pillage their own peoples are the ones to be trusted. Hmmm.

So, I’m guessing in RPs world we can all wear matching uniforms, we’ll have one peaceful radio and TV channel and ‘white peoples bible’ delivered to our door each morning.

Ron Pauls propaganda machine may be using some common anti taxation rhetoric
But his intentions are obviously evil to the core.

People that feel the need to question whether it was someone other than Islamo fascist that attacked us on the day of Sept 11. don’t have an ounce of peace in their hearts.

Happy New Years!

Anonymous said...

Anonymous kilgore said...

I actually feel kind of sorry for Lawrence Yun and for Asian Americans as well. Mr. Yun really is about as close as it gets to being the stereotypical "redicarous" asian. He just comes across as so pitiful and inept that he makes all Asians look bad.

I know, I know, his lies are ruining lives and he is getting paied to lie. But I'm not even sure that he's smart enough to grasp the gravity of his actions.

December 31, 2007 7:15 PM

So according to your logic, does that mean that David Lerah is making all white people look bad? Race can not be co-related with the behavior of an entire group of people.

DaveO said...

Lawrence Yun is full of sh*t, any moron could see that. The good news, IMO, is that he doesn't have nearly the same clout as that other liar, David Lereah. Dave himself admitted that they were working off of assumptions that didn't turn out to be true, and as such resigned. Why anyone would believe Yun's BS is beyond me. You'd have to be F'd in the head to drink from the punchbowl when there's a giant fu*king turd obvious to anyone with an IQ high enough to walk on two feet. He's lost credibility beyond repair.

edd said...

just my imagination ....
Even if there could be a five% real m/m jump in units, it would mean little if the y/y prices
were down ten%.

It's possible for average prices
to be down ten% y/y in 2008, but any five% m/m real jump in units
ain't likely any time soon.

Maybe there's some index that
factors both units and prices
into one number.
.
.

GWash & ALinc would curse if
they could see us now.

kilgore said...

"I guess David LeReah makes all white people look bad? He's the stereotypical lying white guy trying to scam people.

"Keith, your blog is sinking to new lows with idiotic racists, socialists and neocon trolls."

Dude, the difference is that there's tons of white faces in the media and very few Asians. And just like the fact that blacks are disproportionately portrayed in the media as gangsters with gold teeth is terrible for blacks (and whites), having one of the very few Asians on television spewing evil lies through a shifty smile makes Asians look bad because it reinforces negative stereotypes. How in the hell is that difficult for you to understand?

I thiink that one of the biggest reasons that racism is still such a huge issue is because any time anyone says anything remotely contraversial, idiots like you overreact.

Do you really not understand the fact that, other than a few anchors, Asians are severly underrepresented on tv? Do you really not understand that when Asians go on television, it's more important that they represent themselves in a positive way because there are so few high profile Asians and there are so many narrow minds?

I've lived in Asia, I do business in Asia, and I have several very close Asian friends. And I'd be willing to bet all the tea in China that I have a much greater understanding, appreciation, and empathy for Asians (particularly the Chinese) than you do.

And if you, Mr. Anonymous, are telling me that you seriously think that Lawrence Yun isn't more detremental to Asians than David Lereah was to whites, then you're either not being honest or you're just stupid.