January 11, 2008

It's Lawrence Yun, the NAR and 1.2 million realtors against HousingPANIC and the truth


Bring it on Larry.

I like our odds.

You're hated, discredited, and seen as a liar and a joke. Your morally bankrupt organization put out lies and disinformation that led to millions losing everything, trillions in losses, and an economic meltdown. And your 6% minions represent the least trusted profession in America.

And we just tell it like it is.

Yun said media-fueled consumer anxiety has caused the real estate market to be slower than it should be given the job market, household wealth, relatively low mortgage rates and falling home prices.

"This is the battle we're fighting, the consumer confidence battle," Yun said. "(The information) is implying that clearly there is excessive pessimism in the marketplace."

12 comments:

Anonymous said...

I don't know what is worse or I fear more: AIDS, terminal cancer or the NAR and REIC?

They all have the same result.

You are dead.

Anonymous said...

Consumer Confidence Sinks to Record Low Over Worry About Jobs, Energy Costs, and Foreclosures

WASHINGTON (AP) -- Consumer confidence fell to an all-time low as worries about jobs, energy bills and home foreclosures darkened people's feelings about the country's economic health and their own financial well-being.

According to the RBC Cash Index, confidence tumbled to a mark of 56.3 in early January. That compares with a reading of 65.9 in December -- and a benchmark of 100 -- and was the worst since the index began in 2002.

"People are anxious because everything sounds pretty awful these days," said Bill Cheney, chief economist at John Hancock Financial Services Group.

Anonymous said...

job market - slowing down

household wealth - drying up

low mortgage rates - on 150% overvalued houses

falling home prices - falling knives

No one is buying because the only remotely affordable houses are substandard starter homes, a phenomenon caused in no small measure by the NAR.

Anonymous said...

NEWS FLASH: 8:03 AM EST Friday

BoA offers to purchase counytrywide for $4 billion.

IN OTHER NEWS:

Bush says the US economy is strong and growing.

Anonymous said...

Don't you know we're charging on American Express.
Don't you know we're buying with American Express you don't need to pay the rest.
(With apologies to Crosby, Stills and Nash)

devestment said...

High gas and food.

Same wages.

Dried up easy money lending.

No savings.

Shrinking equity.

Political unrest.

Communist threat.

Stagnate stock market.

Skyrocketing inflation.

High unemployment.

Biased media.

Biased government.

Biased Federal Reserve Board.

And the genuine ability for people to make their own decisions based on open forums like this one instead of just watching the news.

Shakster said...

I agree-Excessive Pessimism
is equal to too much "REALISM".Realism is the worst enviroment for douchebag shills like Larry.
Hey Larry,get bent.

brokersleaveyoubroke said...

Yun said media-fueled consumer anxiety has caused the real estate market to be slower than it should be given the job market, household wealth, relatively low mortgage rates and falling home prices.

Household wealth? The savings rate is negative and americans are up to theit eyeballs in debt. Any home equity that wasn't sucked out in a record number of REFIs is being lost to sinking home prices. The smart people who never went on a credit fueled spending binge are way too smart to blow their wealth on a sinking asset.
Low mortgage rates? Well, yes if have 50 grand to put down on a median priced home and your credit is spotless. When you have to hand over 50K of your own money to buy a crummy little median priced home it makes it obvious how overpriced houses really are. Forget about handing over 100K for a decent house.
Falling prices? Sounds like a good reason NOT to buy now.
High home prices, tighter lending standards, down payment requirements and the end of subprime have put most first time homebuyers out of the market. And you can't trade up if nobody will buy your current house. It's over until Americans start saving again and the median income can afford the median priced house.

DaveO said...

Mr. Yun, you still do not get it. AFFORDABILITY corresponds to the INCOME/HOUSE PRICE RATIO. It doesn't matter if the interest rates are low if the prices are still way too high, despite falling a little bit. Would you finance a new Toyota Camry for $70,000 (that was $75,000 a few months ago) just because you can get a 0% interest rate?

Regarding the job market and household wealth, are you insane or just a liar? Where have you been for the last several months? The job market that you, Mr. Yun, say is good is actually declining. Did you hear about climbing unemployment, and the beginning of the current recession? Household wealth is shrinking too, you know, because of declining property values and thus declining equity. The NAR itself said that home equity is the primary source of most people's personal wealth.

Mr. Yun, every time you open your mouth, you are more delusional. The battle you're fighting is a losing one for valid reasons. Consumer confidence is low because consumers now know the truth vs. your lies and illogical statements. Think critically about what you're going to say before you say it.

Anonymous said...

Yun said media-fueled consumer anxiety has caused the real estate market to be slower than it should be given the job market, household wealth, relatively low mortgage rates and falling home prices.
--------------------------

Hey Larry, it is just getting started.

Chance Deveraux said...

"The one million realtors of the NAR Empire descend upon you! Our troll comments will blot out the sun!"

HousingPANIC should be saying about now: "Then we will blog in the shade."

belchorama said...

Where's the quote from Yun the douche bag from about a year ago? Something about median prices in FL going to 50 million by 2040 or something? Has anyone stuck that back in his face yet?