I struggle with whether I should even waste virtual ink here on HP with anything the wholly-discredited and laughable National Association of realtors and their chief propagandist Lawrence Yun put out. It's getting so bad now that I think law enforcement should get involved. They need to be stopped.
Just when you thought they couldn't do themselves and their members any more damage, they went ahead and royally screwed the pooch today, announcing that home sales and prices would rise in 2008. Even though the real economists in the room are correctly predicting massive falls in sales and prices.
Nice to see some media actually read this crap before they copy/paste the headline. Seth Jayson is on them like white on rice. Here's Seth (thanks for the link!):
Down Isn't Up. Really.
By Seth Jayson December 10, 2007
Seems like every week, the National Association of Realtors (NAR) finds a reason to pump residential homebuying by looking at numbers and spinning them to claim that down is up, white's the new black, a Jolly Rancher is a sprinkle.
Worse yet, the business media -- even outfits like The Wall Street Journal, where they know how to add and subtract -- parrot the NAR party line.
As a result, unless Joe Sixpack happens to drop by on a day when I'm watching the NAR, or frequents a more vigilant (and feisty) housing blog like Housingpanic, he's likely to think things are getting better. That would be wrong.
Moral of the story? Don't be duped by lazy reporting and interest-group fact-flipping. It's going to sink plenty of real estate agents, too -- which is why the NAR is working so hard to try and rebuild its media machine.