April 08, 2008

FLASH: NAR's Pending Home Sales report hits record low (again) and Lawrence Yun is sent out by his masters to lie, spin, deceive and shovel sh*t

COME ON MAINSTREAM MEDIA - CALL THIS SHILL WHAT HE IS - THE NAR'S PAID LIAR. A CONMAN. A DISCREDITED HACK.

DO NOT REPORT THIS CRAP AND SPIN AS NEWS - REPORT IT AS PROPAGANDA FROM A CORRUPT AND DISCREDITED LOBBY GROUP. DO YOUR F*CKING JOB!

Month after month the NAR and their shills have been wrong. Month after month the army of ramen-eating six percenters have declared "we've hit bottom". Month after month after month after month after month after month after month after month after month after month after month after month...


Pending Home Sales Hit New Record Low

The National Association of Realtors says pending U.S. home sales fell to the lowest reading on record in February, signaling the housing market distress is not yet over.

NAR's chief economist, Lawrence Yun, said existing home sales could start to show a sustained increase within a few months.

"We're looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets," Mr. Yun said. "The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met."

24 comments:

The Housing Bubble Ate My Balls!! said...

"The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met."

wider access to affordable credit????
pent-up demand????


I think there are two bubbles.... the Housing Bubble and the Bubble that Yun is housed in.

Max said...

It's fun to watch him and NAR entangle themselves in more and more rope.

Judge Smails said...

well, the world needs ditch diggers too.

Anonymous said...

I'm not sure where you are getting your version of this news release, but CNN's version doesn't have the pent-up demand quote you bolded.

http://money.cnn.com/2008/04/08/real_estate/pending_home_sales/index.htm?postversion=2008040811

Interesting to see how the different news outlets edit their own spin into the already spun story.

Deucebag said...

Dear Mr Yun:

The "pent up Demand" that you speak of will not be sated until prices drop at least 50% from peak.

VaguelySexual said...

I always like it when they talk about the pent up demand, sounds vaguely sexual...

Anonymous said...

Has anyone told the homeowner yet that their home is not worth 250K? "We won't lower our price." , "It's an insult". are still the predominate attitudes out there.
Although, I am seeing one thing. Not as many houses are going up for sale as people seem to be finally giving up new postings, realizing that they can't get big triple figures for old homes to retire on by ripping someone else off. Also, banks are not lending.

Speechless said...

And of course "pent-up demand" simply must exceed pent-up supply right?

THE BAILOUT COMETH said...

Yun and the Boys have nothing to fear...They have lobbist who have Congress in the hip pocket. The Developers,Builders,Realtors & Gang will now start stealing directly from each & every taxpayer through these "Elected" crooks.

Why do we take it?

We need some good old 60's style marches minus the drugs & hippies to hold somebody accountable.

Refuse to buy overpriced said...

If you are going to continually roast an economist, go after Mark Zandi.

Lawrence Yun is just a clown.

Mark Zandi is the head cheerleader for the bailout / price fix.

I dream of the day when he is called to testify in front of a hostile Congress.

Anonymous said...

Another Zen pronouncement from the masters of an alternate universe.

Haggis

Sixpercenter said...

What pent up demand? I've been renting a gem of a house for three years. We just had a baby and, yes, I'd like to buy my own house. But not at these prices and not with the futures market predicting future declines.

I suspect Yun will only find "pent up demand" in the most ill informed in our economy.

spamalot said...

That so-called "pent up demand" doesn't exist. Whatever demand there was was gobbled up (and then some) by the creative financing, aggressive selling overbuilding, and low interest rates of the past few years.

We borrowed buyers from the future, so now there's a record low number of buyers.

Sure, there have been some fence sitters waiting for the bottom to fall out. But the fact is, if you really wanted to buy a home in the past few years -- and perhaps even if you didn't -- you probably bought one. So when people eventually start buying again, it wont be because of "pent up" demand. It will be good old fashioned bargain hunting.

I hate -- I mean, I f*cking HATE -- realtors.

Anonymouse said...

Pent up demand? Everyone who wanted to buy did buy the last couple of years, most will be back to renting, and those who saw this coming are not buying for the next couple of years. The only pent up demand I see is sellers wanting higher prices, realtors wanting their 6%, and the smart people wondering where to safe guard their money.

Democraatus said...

Only a revolution can fix this.

Anonymous said...

Silly little boy that Yun is.

Open_up_wide said...

Man I want whatever he's smoking! That must be some good S_IT!

DOPES said...

LAWRENCE WON'T BE ON THE PAYROLL VERY LONG IF EVERYONE KEEPS LAUGHING AT HIM LIKE THIS...

DOPES!!!

Frank@Scottsdale-Sucks.com said...

I just read the latest release of the FairTax book and it explains that the NAR's sole mission is to keep the mortgage deduction alive and well, hence their fierce resistance to the FairTax. This is why they have all the politicians in their pocket - with 3/4 of Americans "owning" their homes, they pander to the NAR and keep the deduction alive to stay in office. As a result, the NAR has a blank check to spin, distort, and lie. They get away with it because politicians need them to keep the "homeowners" on a leash and re-electing them. Disgusting.

josiphos said...

The bottom he's talking about is a 'local minimum' for all you math geeks out there.

So technically he's not lying.

But, then again, he can just bold faced lie and what always happens will happen...nothing

Arizona Jake said...

What do you expect from these people when 6 weeks of going to school 4 hours a day makes you a Real Estate professional qualified to expertly assist people in the biggest purchase of their life. The person who cuts/perms your hair probably had to go to school 4-5 times longer to get their license.

Flic said...

Pent-up demand....LOL

Seriously, how many people do you know that have prudently waited out the bubble?? I know a lot of people but not ONE of them rents. Most peopl I know that were renting got pulled in at the top of the market. As stated above, future demand was sucked in with Looney-Loans....

went2p said...

Yun is right! There will be pent-up demand for his incarceration from all those angry homelosers out there who are slowly waking up to the fact that they had been duped by him and his realtwhores.

Mr.GoodKatt said...

LOL! Is this guy the equivalent to "Baghdad Bob?"

http://www.youtube.com/watch?v=s27Oq5ot0ZI
http://en.wikipedia.org/wiki/Mohammed_Saeed_al-Sahaf
http://www.welovetheiraqiinformationminister.com/