May 13, 2008

FLASH: National Association of REALTORS reports home prices fall by biggest amount ever recorded. Lawrence Yun continues to have no credibility

Seriously, NAR, enough is enough. You have zero credibility. And every time you have Yun paraded out to spew more bullsh*t, you just look stupid. Even more stupid than you looked the day before.

PEOPLE OF AMERICA - DO NOT TRUST THE NAR OR ANY REALTOR ON COMMISSION. THEY ARE ENEMIES OF THE AMERICAN PEOPLE, AND SHOULD BE AVOIDED AT ALL COSTS.

Home Prices Post Steepest Drop in 26 Years

Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982

Lawrence Yun, the chief economist of NAR, attributed much of the record decline to liquidity problems dragging down high-priced markets.

"These are highly unusual results because there were very few jumbo loan originations in the latest quarter," he said. "So sales are much slower in high-cost areas."

26 comments:

Anonymous said...

"PEOPLE OF AMERICA - DO NOT TRUST THE NAR OR ANY REALTOR ON COMMISSION. THEY ARE ENEMIES OF THE AMERICAN PEOPLE, AND SHOULD BE AVOIDED AT ALL COSTS."

You could not be more right.

Anonymous said...

Why are there always excuses for home prices falling while they ignored the fraud and speculation when prices were going up? Prices are just going back to where they should be without the fraud.

michael said...

my wife and i have been using a realtor for about a year now. she has lived in the neighborhood we are interested in for many years. she is very patient with us and pleaseant to deal with.

we saw one home we were kinda interested in. it was located on spring street. she told my wife the reason the street is named "spring" is that there is an actual underground spring that causes alot of water damgage. she advised against that house.

my point is that there are some decent honest realtors out there and using one that lives in the area you want to live in has proven a great resource for my wife and i.

keith said...

Michael - enjoy paying thousands and thousands and thousands and thousands of dollars for a service you could have paid a few hundred for

satan is a republican said...

When do the monthly "real estate has bottomed" forecasts come out?

Good ole' Yun will be regarded as a moron and Lereah as baby-innocent honest when all of this is finished.

spanky said...

The NAR doesn't have the guts to publish its press release on its own site on time. 12:45 and no release... ticktock

Anonymous said...

"she is very patient with us and pleaseant to deal with."

Gee Michael, that's big of her. By all means, worth 6% of a house value, huh?

Don't be such a sucker.

vanilla ice said...

People couldn't get JUMBO loans so they didn't buy houses?! Maybe they weren't interested in the loans because they weren't buying houses that are still too expensive and decreasing in value?

Lawrence Yun is the spokesman for them all, I hate realtors. Ever since I was 12 when my parents tried to sell their house, I knew they were the scum of the business community.

panicearly said...

hey keith, this is a hilarious video.
the homedebtor interviews are precious.. they are all just victims..
lol

enjoy

panicearly

panicearly said...

http://sixtyminutes.ninemsn.com.au/article.aspx?id=560015&ref=patrick.net

you dont have to post this..im just sending it to you

Medo in Mesa said...

Good link on YUN at Seeking Alpha:

http://seekingalpha.com/article/76981-nar-s-lawrence-yun-continues-to-mislead-on-housing

Agent 99 said...

I kinda hate to do this, Keith, but I also had a very good experience with a realtor. I've known him since High School. He sold 2 houses for us...got us top dollar and offered incredible service. We'd moved out of state so he: got an asbestos abatement contractor for us, got an electrician for some minor repairs, installed a fire extinguisher and fire alarms, got a general contractor to replace termite-damaged joists (mind you, he also got us estimates from several contractors, so we could pick the contractors). Since we were selling 2 houses he dropped his commission to 4%! He was worth every penny. He also set the bar very high and I haven't met a realtor since that comes close.

Anonymous said...


Michael - enjoy paying thousands and thousands and thousands and thousands of dollars for a service you could have paid a few hundred for



You don't pay the buyer's agent, so why would it cost him thousands of dollars?

Frank@Scottsdale-Sucks.com said...

"So sales are much slower in high-cost areas."

What a bunch of spin that is. First of all, it's the sales in high-cost areas that unrealistically skew the "average sale price" way up versus the REAL average home price when you take out the rich areas.

Second, high-cost areas are where the little bit of activity is right now. Diana Olick has mentioned this on her blog too - the only people buying right now are those who can pay cash and generally they're in the high-cost areas.

Michael, you could have done your research for free online and paid $25 to PrePaid Legal to handle all your r.e. paperwork when you "bought." Versus paying tens of thousands to some cokehead realtor just to tell you there's a spring under the house which undoubtedly is free common knowledge in that town.

AZDavidPhx said...

The 6% is a total crock.

Charging an hourly rate would be perfectly fair.

Of course the end result for the realtor is less money. Oh well, get a new job if you don't like it.

Anonymous said...

I know a lot of people here on Housing Panic get all bent out of shape whenever someone posts something that looks like a cwazy conspiracy theory however I don't see how anyone can deny that the link below shows clear and out in the open evidence of the Illuminati, it's connection to the Rothschilds, the highest levels of Freemasonry and Israel:

Illuminati Symbolism in the Israeli Supreme Court Building

Please explain how this is just all coincidental or crazy conspiracy when you can find the same symbolism on your Federal Reserve Notes, on other US government agencies, the architecture of Washington DC etc.. etc...

If you can understand that there are secretive, high level powers in society then you can begin to understand how the world really works and why we have such pathetic choices for presidents, why we have a media that censors and speaks to us like we're children, why the education system is so pathetic and what the real danger to America and the freedom of all Americans really is.

It's time for everyone to start analysing the world around them with their own faculties and not succumbing to what is fashionable or cool or what the media tells us is right. Use your own knowledge and intuition to decipher the world - it's a matter of survival.

You're Welcome. said...

"michael said...
my point is that there are some decent honest realtors out there and using one that lives in the area you want to live in has proven a great resource for my wife and i.

May 13, 2008 4:45 PM"

Michael, You are either naive, stupid/retarded or another realwhore lurker...

ALL Realwhores ARE dishonest and liars. That is what they do for a living, they LIE, they pimp, they prostitute. Think Kendra Todd or Larry Yun. Get It?

This person will screw you to the floor if you let her in the end (pun intended) for sure. Just sign some docs and see the dynamic change...

Get Rid of Her Imediately. Don't return her calls. Do Not attend meetings or get in her leased car. Tell her you and your wife died in a car wreck...

Learn to do your own research. Pay a competent RE attorney a fair hourly rate for contracts/docs, etc. Have the attny. accompany you to the closing. Do not pay the Title co. bullhit extra F-You fees and charges. Spit in their faces, they are trying to screw you and wreck your future.

Take charge and kick ass. You drive the bus. Fuck 6%ers. They are irrelevant and useless and will steal, cheat and lie hoever they can to pocket a commission.

They are more stupid amd incompetent than George Bush and more dishonest and cunning than Dick Cheney... (wow, that's a good sentence).

You're Welcome.

Frank@Scottsdale-Sucks.com said...

The 6% is a total crock.

Charging an hourly rate would be perfectly fair.

Of course the end result for the realtor is less money. Oh well, get a new job if you don't like it.


Why shouldn't they? Travel agents did when the internet made them useless.

On the hourly thing, I agree, then again they'd no doubt bill bogus hours like when a lawyer charges you a quarter-hour to spend 30 seconds returning an email.

Phoenix Housing Market said...

"Help, I've fallen and I can't get up!"

Anonymous said...

You don't pay the buyer's agent, so why would it cost him thousands of dollars?

Because sellers usually inflate the price to offset the 6%. The buyer may not see that number in the appraisal but regardless...they will pay taxes on it...FOREVER! (sorry, couldn't resist)

Jack Sprat said...

I've used realtors many times in my life, and except for once, never felt screwed, but I dropped him immediately. Sorry,,,I don't know what kind of people you were dealing with,,but when you signed that contract,,,it was you that signed it. Not the realtor. If we move again,,,we'll deal with a realtor, both to sell and buy. If you don't like realtors, then buy from an owner direct,,or sell your house direct. Nothing stopping you. You don't even need a lawyer. I guess what I'm saying here is that If I were buying a diamond,,I'd deal with a reputable Jeweler, and not some guy advertising on craigslist. I like sleeping well at night, and I do.
All this yammer about commissions,,, it's simply a fee for services rendered. I pay my dentist & doctor a commission everytime I see them,,,,,, a fee for services rendered. How would he get a salary from me???? An Architect would charge me 20% of the cost of the finished house.....a fee - a commission.
Back to Realtors,,,, to me,,,and only me I guess,,they have treated me well and were worth their 6% fee each and every time. I would not buy or sell property without them. Sorry guys. No, not a realtor,,,retired, 32 years at bell labs.

Alpine the Realist said...

"Michael - enjoy paying thousands and thousands and thousands and thousands of dollars for a service you could have paid a few hundred for"

Um, Michael is paying the realtor NOTHING. The 6% comes out of the seller's pocket, not the buyer's. If Michael went FSBO, the price would not be any cheaper since the seller would pocket the 6%. In fact, a study done last year in Madison, Wisconsin found that FSBO sellers netted MORE money than those who listed with a realtor.

Alpine the Realist said...

Homes sales are UP in Indiana, Alaska, and New Jersey! YEAH! Good news for this northern New Jersey home debtor!

And there are very few foreclosures here in NJ. Lat year, the NY Times ran an article that predicted that 30,000 houses could go into foreclosure in NJ this year. The number has since been revised down to 15,000.

Ed said...

"You don't pay the buyer's agent, so why would it cost him thousands of dollars?"

Wrong. The buyer always pays all costs, whether directly or indirectly.

Say you want to sell a house for $100K. You can sell it for $100K yourself or for $105K with a real estate agent. You pay the $5K to the agent, but the buyer pays you an extra $5K. Either way you end up with $100K. And the buyer just paid your commission for you.

The notion of 'seller pays the cost of a realtor' is just one more, in a series of myths told by the NAR. Don't fall for it.

HB Slacker said...

Panic Early; I watched that video I dont think its hillarious at all very sad these people are facing homelessness and all those innocent pets the poor australian woman is suicidal I can see the hurt in her eyes thats real pain!! these arent greedy flippers just average people with financial problems who trusted realtors and brokers AND ADVERTISING. Lets all say a prayer for them they need not to be ridiculed why kick em when there down???

Couldnt many of us go bankrupt due to a medical catastrophe in the family and tap the easiest source of money from home equity??? LOSE A JOB IN THIS RECESSION AND CANT FIND ANOTHER????

LOOK AT BURMA(MYNAMAR) CHINA, CYCLONES, QUAKES, OKLAHOMA F5 TORNADOES

SHIT HAPPENS IN LIFE, WHAT WILL YOUR PLAN BE???

BE HUMBLE IT COULD BE YOU NEXT

vanilla ice said...

Alpine the Realator said...

"Homes sales are UP in Indiana, Alaska, and New Jersey!"

Well I'm glad this whole housing blip is out of the way. Now I can begin remodeling my home again for a big profit. Where's the nearest granite countertop store?