April 29, 2008

FLASH: Here's the latest S&P Case-Shiller numbers that Lawrence Yun, the NAR and realtors on commission like Greg Swann do NOT want you to see

"We think the housing market has now hit bottom"

- Lawrence Yun, NAR Chief Propagandist, January 2007

"The BubbleBloggers will someday bawl balefully in private, but they will never, ever admit that they have been very publicly very foolish."

- Greg Swann, America's Most Discredited REALTOR™, July 2006


Housing prices post record declines - Las Vegas, Miami and Phoenix all saw prices plummet by at least 20%.

Home prices posted another record decline, as most of the nation's largest markets suffered double-digit drops over last year, a survey released Tuesday shows.

The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000.

"There is no sign of a bottom in the numbers," S&P spokesman said David M. Blitzer, said in a prepared statement. "Prices of single family homes continue to drop across the nation."

Atlanta -5.6%
Boston -4.6%
Charlotte 1.5%
Chicago -8.5%
Cleveland -9.2%
Dallas -4.1%
Denver -5.5%
Detroit -16.5%
Las Vegas -22.8%
Los Angeles -19.4%
Miami -21.7%
Minneapolis -12.5%
New York -6.6%
Phoenix -20.8%
Portland -2.0%
San Diego -19.2%
San Francisco -17.2%
Seattle -2.7%
Tampa -17.5%
Washington -13.0%
20-city composite -12.7%


Mark said...

"There is no sign of a bottom in the numbers," S&P spokesman said David M. Blitzer, said in a prepared statement. "Prices of single family homes continue to drop across the nation."

Yet SRS is near a 52 week low...

Anonymous said...

Yeah but Charlotte is still going up.



ForWhomTheTollBuilds said...

All Swann had to do was shut his trap about the bubble and do a good job at selling houses.

He could have made a lot of money (for a while) and then escaped most of the blame since he is after all, *just a salesman*.

I often wonder why people feel the need to draw attention to themselves like he does.

"Look at me! I'm on the wrong side of History! Those who disagree with me are corrupt and I will Hector them publicly!!!"

His blog is fun to leave comments on. When you know that nothing remotely negative can get through moderation anyway, you can really let him and his contributors know what goddamned crooks you think they are.

Mark in San Diego said...

Where can one begin? Empty houses, falling rents, falling property values, 20 BILLION California deficite!!! (as of yesterday according to Arnold). . .Billions in red ink in Arizona, Nevada, Florida, etc. etc.

The fun has just begun. . .then there is England, Spain, and other parts of Europe to cause more property loss and more credit problems. . .As Warren Buffet said yesterday when he paid CASH for a piece of Wrigley's - "now is a great time to have cash!"

Jeeze - even American dollars are probably ok these days. . .the end of credit as we know it is here.

Tom C said...

mark, srs is a basket of REITs. this means that it is mostly composed of commercial real estate properties. do NOT confuse this with residential. there is no short strictly residential fund. give it time, this will turn over too though. but yes, it is misleading, i can only imagine how many people kept trying to buy srs in all of this to only see their cash evaporate.

tater said...

And, to think that I was using these open houses by the realtor scum to get my free snacks.
I guess that means less wine and cheese at these open houses. That only leaves ramen snacks for the open houses. Lets see: They'll have ramen cookies, ramen cakes, and ramen-flavored ice-cream.


DOPES said...







Alice Cook said...

It is also a big bad news day over in the UK. Mortgage approvals hit an all time low. Also, Inside track, Britain's biggest property company went into administration.

Today was a watershed day for real estate. Things just went from bad to absolutely awful.

Alice Cook

Banana Republicrat said...


Anonymous said...

Swann and Yun are the Ozzie and Harriette of real estate idiocy.

You'll notice that David "Liarreah" at least had the forsight to remove himself from public eye when he realized the true nature of this debacle. Now he can bask in his winnings and book sales after milking the sheeple for their hard earned cash. Not defending his conduct since I think him to be grossly unethical and little more than a used car salesman. But nonetheless, he at least knew when to exit stage left. Which is more than I can say for Yun or Swann.

Hell, even Casey knew when to quit.

lawrence yun said...

Yes, please don't forget about Charlotte. Charlotte has always been a leader in real estate, with real appreciation of 1.5% in the last year. What happens in Charlotte, is followed by the rest of the country. This Case-Shiller guy has no idea what he's talking about. I show a price decline of only 3% (since last month).

And don't forget that if you want to move this year please consider Charlotte. It has sprawling strip malls, office parks, and subdivisions like the rest of the country. There's mountains 100 miles away and it's the headquarters of Bank of America, aka Countrywide.

real estate pro said...

Buy now or be priced out forever.
Real estate never goes down.
Its always a good time to buy.
Renting is just throwing money away.

Lady Di said...

We are so screwed!

Frank@Scottsdale-Sucks.com said...

I still know people in Scottsdale who actually believe they'll sell their houses in 1-2 years for DOUBLE what they paid in 2005 at the peak.

Now them's some DOPES!!!

Anonymous said...

Swann is desperate and has his own home for sale now


Anonymous said...

-20% in Phoenix is just SICK!

Anonymous said...

Why doesn't the MSM ask Yun to comment on these numbers against his 2008 prediction of flat prices?

Anonymous said...

HP got every city right

Anonymous said...

What's happening in Seattle? I heard it was different up there.

Anonymous said...

Even though Times are Ruff!

it's still a great time to buy(or sell.)

-Greg Swann

Anonymous said...

i love the spin here...srs is at a 52 week low but it doesn't really matter

dow jones is up 5% this month but it doesn't really matter

gold is down over 10% from peak but it doesn't really matter

you all keep talking about recessions, depressions, housing crashes all you want if it makes you feel better. fact is you will all die in your decrpeid 1 bed/1 bath shithole

Anonymous said...

Bet Swann hasn't sold a house in a year

yu been skooled said...

Fo all youse bipolar haters, check out da podcast from Shiller on the Current and Future State of US Housing Industry....



4min 42 seconds into the presentation.

See fo' yo'self.

Oh yeah, and KISS MY ASS you bunch of anal 'tards....

Anonymous said...

Swann should be sued by anyone stupid enough to have hired him

Anonymous said...

Swann's home at 909 west culver street for sale at $450000 Zillows for $374000 and they bought it for $455000 June 07


Smell the desperation!

Anonymous said...


Exterminate the GUILTY. said...

Exterminate the GUILTY.

Anonymous said...

HOusing Panic - oh yeah

Two houses for sale in a nice suburb of cleveland - 3 BR, 1 1/2 baths, 1,700 square ft

The price? $50K

That's right $50K

Both foreclosures.

Rental for $700-$900 month

That's right.

I'm a buyer.

Yoski said...

Congrats Vegas!
Hard to believe that you beat us here in Miami, but credit where credit is due.
Another year or two of those kind of losses and we're back to normal. Burn baby burn!

DK said...

Sure we are at a bottomn..... unless you consider we are just starting the subprime resets which will really get going in the summer with a 3 to 6 month lag to get in the foreclosure numbers. And there is more!! the option arm resets (assuming all those millions of borrowers choose NOT to pay the IO payment)which will result in HUGE higher payments from their 1% start rate....that is NEXT YEAR. Those foreclosures (bigger than sub prime) won't have any effect on home values....right?

Anonymous said...

Swann is a douchebag. By this time next year he'll be pimping out his idiot son for web site work to help feed his bloodhound wife. Oh, too late!

Anonymous said...

Charlotte NC-
you tenacious little monkey

mairca izda debol said...

It's time for a Lawrence Yun Watch if there isn't one already. Why do these PhD's pimp themselves out like this? They could have a nice career at a university or financial company instead of ruining their reputation by spewing out lies. Have they no shame or morals? A PhD from UVA isn't handed out like candy. Why tarnish it?

Anonymous said...

Never fear everyone. WHen the fed stops cutting rates EVERYTHING will turn around. Gas and food will fall due to our new and improved mighty dollar!

Oil will be 40 bucks a barrel according to the Mass media. After all when Assin Greenspan raised d rates from 1 to 5 percent and infatlion was stopped dead in its tracks remember? That was 2004 through 2006 and we had 5 plus through 2007. Gee nothing went up during those rate hikes right? Only everhting under the sun as well as the dollar tanking.

Don't buy this dollar reversing due to a 2 percent fed funds rate. i can't figure how just stopping rate cuts will reverse all the damage. You need to RAISE rates alot and quick to do that.

You have to RAISE RATES AND SUFFER A BIT then HOUSING RECOVERS. our money needs an buy what we need first. Ironic huh?

Anonymous said...

A 20% fall sucks when you're levered to the teeth

Lost Cause said...


David said...

"It's time for a Lawrence Yun Watch if there isn't one already."

There is one.

Google: Lawrence Yun