August 07, 2008

FLASH: Lawrence Yun and the NAR say the housing crash is over!!! Party!!! Party!!! (oh, wait, they're never right, are they?)

"With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009," Lawrence Yun, the group's chief economist, said in a statement.

31 comments:

Anonymous said...

"home sales could be sustained"

And monkeys could fly out of my butt

Towjam said...

It the housing bill.
The only reason I see for the increase in the pending sale is that the not for profit (HAHAHAHAH) down payment assistance programs are prohibited for FHA loans.
Of all the offers I have gotten on my REO’S 90% are using FHA with Ameridream or Nehemiah program. When they go away Oct 1 the pending sales will drop again and inventory will go up and up as all the new REO’S.
Over?.. Not even close, in fact it’s only going to worse. .

brokersleaveyoubroke said...

The tax credit comes to about %4 of the cost of a median priced house. Big deal. You'll lose that much before the ink is dry on your deed. Cash for the down payment is what people need, you don't get the credit until after you buy the house.

Anonymous said...

Reality Check: It ain't a tax credit. That's what they call it but it's a tax loan and must be paid back over the next 15 years.

Anonymous said...

From the way I read it .If your a first time home buyer or your have not owned a home for 3 yrs you can get 7,500 and you do have to pay it back .

keith said...

No, it's a $7500 credit that needs to be paid back over 15 years

Basically an interest free bribe from the NAR lobbyists (oops, I mean Congress) to go catch a knife

Good luck getting a loan

Anonymous said...

>> And monkeys could fly out of my butt.

I would pay good money to see THAT!

Saved_by The_bell said...

Doesn't matter if everyone is geting laid off..... I would'nt even think of even looking at a car, let alone a house for the next 12-18 months. MY GOD! Do you not see how bad things are and are still trending down.

keith said...

Read this quote by Yun again, then read the post below this one about the guy and 20% down

'nuff said.

Anonymous said...

I would'nt even think of even looking at a car, let alone a house for the next 12-18 months. MY GOD! Do you not see how bad things are and are still trending down.

===========

Maybe in your McWorker world. I'm doing just fine thank you.

Frank@Scottsdale-Sucks.com said...

Why do they even keep trying? Do they realize no one believes them anymore? And that anyone dumb enough to "buy" a house right now isn't watching the news and hearing their spin crap anyway?

They've got to be losing millions in dues with all the realtors dropping out of the "profession" and going back to the stripper pole. They could save a ton by dumping Yun.

Anonymous said...

"...I'm doing just fine..."

There's the troll in a nutshell: 1) what I do/see is how it is for everybody.

2) Fallback troll: it's your fault if not.

Reality of the self-deception: YES, it does matter how the average person/family is doing...

even if one cannot bring themselves to admit it.

WE DISTORT, YOU OBIDE said...

OF COURSE SUNNY YUNNY FUKTARD WOULDN'T MENTION THE TRUTH ABOUT THE "TAX CREDIT." HELL EVEN FAUX NEWS WAS SAYING THAT IT ISN'T A CREDIT AT ALL, IT'S A LOAN!

"1. Tax credit for new homeowners"

"First, we have a $7,500 credit for new homeowners that's not really a credit. It's a loan. Those who qualify to receive this credit will receive 10% of the purchase price of their home -- up to $7,500, in the first year. Then they will repay the loan over a 15-year period, starting in the second year after the taxable year in which the house is purchased."

"In other words, if you bought a home in August 2008, you start paying back 6.667% of the original credit on your 2010 tax return. This credit applies to purchases of new homes on or before April 9, 2008 and before July 1, 2009."


http://tinyurl.com/5fxa9v

DOPES!!!

sundry vermin said...

I hope Beck wastes his ass again tonight.

Anonymous said...

The groups chief Hugh?!?

mid hudson valley ny said...

Mid Hudson Valley NY,
‘for sale signs are everywhere, about 4 foreclosures just on the road I live on,
and prices aren’t really coming down yet..

WTF?

How long before a bank, builder or seller is under enough financial pressure to consider selling at a small lose vs. waiting and sell later at a bigger loss?

Is this the situation everywhere?

Saved_by The_bell said...

Anom, 6:00 PM, Why do I not believe you, you are just a troll, a soon to be laid off troll.

Toby said...

What has been overlooked is the relatively new NAR requirement that short-sale listings with a contract signed by the buyer and owner, but not the bank must now be listed as pending. Even though the probability of that short-sale being acceptable to the lender is about 10% the short-sale listing must be changed to a pending status. Currently, in the bubble states these short-sales in waiting represent 15% of all the pending sales.

Anonymous said...

anon 6:45,

The media has done a wonderful job of feeding you propaganda about the dire economic situation out there. In 1996 the economy was where it is today in terms of GDP growth and unemployment. Unemployment rate for all of 1996 was 5.4%. Today it's 5.7%.

Yet since Clinton was in the white house, the media acted as if it were the greatest of times. Today Bush is in the white house and it's 1933 all over again. Unfortunately sheeple such as yourself can't think for yourself and fall for this trap.

Anonymous said...

For what its worth the investors that I am aware of have stopped taking any down payment assistance for FHA loans.

Anonymous said...

Attention, attention! Calling all financial retards to jump in the rigged and rotten market, just to get fleeced a few days later. Attention!

DOW = -225 pts; -2%
NAS = -1%
S&P = -1.8%

I thought that we had finally hit bottom last week. What happened? Bwahahahaha

DOPES

DOLTS

Anonymous said...

In 1996 the economy was where it is today in terms of GDP growth and unemployment. Unemployment rate for all of 1996 was 5.4%. Today it's 5.7%.


Deucebag, how much more are homes, cars, gas, and everything else?

Anonymous said...

Children, children...let me show you how we beat the rigged system.

I'm taking that $7,500 credit/loan. Anytime I can get $7,500 with a 0% rate for 15 years, I'll take it. I love free money. Plus I get to stick to all the Obama socialists who will subsidize my credit with their taxes.

After many of you subsidized the interest on my last mortgage for several years, I sold my home at bubble peak for a nice profit, and took the tax break for $500k per couple. I've been renting an oceanfront condo since then. Since the 3 years limit has passed, I'm considered a 1st Time Home Buyer again and ready to buy another home, especially because the P/E and the CAP Rate where I live is getting very attractive.

I haven't been paying any federal taxes from payroll for the entire year, knowing that some kind of tax incentive would show up sooner or later. It was so easy to predict. Economy in shambles, election year, the all mighty housing sector involved. So I stop withholding federal taxes, just waiting for the socialist breaks to show up. Sure enough, it's here. The stimulus check was just a nice bonus.

Next year I'll buy a home before tax day and use the $7,500 tax credit on my tax return to offset the federal taxes I should have paid for 2008. Hey, I may even get a refund.

All the money that I'm not taking from my paycheck is being invested for a 9% return in international bonds; it's not much but better than paying federal taxes for a whole year. Imagine if your paychecks came the entire year without any federal taxes taken. Nice, huh?

So thank you Obama socialists for subsiding my next home and my credit of $7,500.

Nick said...

Yes, the real estate market will go up. As a matter of fact dopes/HP'ers existing home sales in all regions of the country were up. So the recovery is here. For those of you idiot HP'ers hoping that there will be a crash? Well keep hoping.

In Chicago, people are buying houses for 400K and up to 600K. Just because you idiot/HP'ers don't have money doesn't mean everyone is in the same boat. Keep renting and keep driving your 1982 Honda while the rest of America prospers and the next cycle of the bull market takes place dopes/HP'ers!!! LOL, LOL, LOL.

Anonymous said...

The VERY LAST people you want to owe money to is the IRS. Worse than credit cards, worse than home-equity loans, it's even worse than student loans.

Anyone who voluntarily signs up for a loan with the IRS either has shit for brains (like Bush) or is a hopeless gambler 10 times worse than Vegas Flippers.

6% Realtor said...

Yun and all the NAR forecasts are a joke. I usually trsut them as far as I can throw them.

JAWS said...

Where do you find a house that costs $75,000? The assistance offers 10% or $7,500, whichever comes first? Max would be a $75,000 home. And for this, the Magic Bill wiped out all the other assistance programs? I must have read something wrong.

Anonymous said...

Read this story

http://online.wsj.com/article/SB121806259835418475.html?mod=yahoo_buzz

snz said...

Hi Keith, check out this listing from California. Bought for $650K in 2005 and recently sold for ..$296K in 2008

http://www.zillow.com/HomeQnA.htm?qid=7064&zpid=17927223#comment-7064

http://tinyurl.com/5qglu4

Amazing...

Anonymous said...

Im looking to buy a home next april / may for about 140k in the Rhode Island area. I can afford a payment on a 140k house and the tax credit will help prolong my debt interest free to the IRS ( i owe em about 5k) So I guess this does work for me.

As for saying a bottom in the market, doubt it. Some support level maybe. Values going through the roof again? NO.

Anonymous said...

Since it's a credit won't that mean you still need th money up front and then get it back after claiming the credit the following year when you file? It won't help all the people who live week to week and can't save.