Lawrence Yun and the NAR call on their paid poodles in Congress to give a $5,000 tax credit to any fool stupid enough to buy a house

Lawrence Yun is an idiot.

Now he wants to get housing demand flowing again (while stimulating realtor commissions of course) not by the traditional means of lowering prices, but by bribing buyers with a tax credit.

Here's a suggestion Lawrence - IT'S CALLED LOWER THE DAMN PRICES.

You want demand (and realtor commissions) to return? You might want to check out the relationship between demand and price. They taught you that in your Econ 101 class at Purdue, right? We know you read HP, so please brush up on your econ 101 here that Purdue must have failed to teach you. Glad we could help.

Folks, any sucker dumb enough to take a $5,000 government bribe to buy a depreciating debt-trap would be an even bigger idiot than Lawrence Yun. And that's saying something.

Oh, Yun says this would ONLY cost the US taxpayer $40 billion. What a deal!

Go ahead HP'ers - you take it from here.

What is most needed in the current point in the housing cycle is to get the home sales rolling.

There is plentiful pent-up demand. The difficult part is getting this demand unleashed into the marketplace, due the pervasive consumer pessimism related the housing market.

What is critically needed at this important point in the housing cycle is a measure to assuredly and quickly raise home buying activity. This can be accomplished by providing a homebuyer tax-credit. A nationwide $5,000 tax credit (the same amount currently in existence for homebuyers in Washington, D.C.) will cost the federal government $40 billion.

Forbes throws the bloodsucking realtors under the bus. And then drives over 'em a few times.

It's about time the MSM woke up to the fact that realtors played an incredibly unethical, corrupt, evil and dishonest role in the Late Great Housing Bubble and Crash.

One more time for HP'ers and our realtor guests, to be crystal clear:

realtors are uneducated, immoral, unnecessary, commission-hungry leeches, who conned people into "buying" homes they couldn't afford, homes that the realtors knew were overpriced, homes that the realtors knew their suckers (oops, I mean their "clients") wouldn't be able to keep.

Ponzi Schemes need Ponzi's. Scams need scamsters. realtors may have made a killing these past few years, but now it's over. Never again. The profession of "realtor" is dead, never to return. Good riddance bloodsuckers. Go find an honest job.

Forbes: Where Were The Realtors?

To hear real estate agents tell it, they are indispensable guides through the hazardous home-buying terrain.

How is it, then, that millions of borrowers took on toxic subprime mortgages that could cost them their homes? Why did their agents not warn them off? While much criticism has been leveled at subprime lenders and mortgage brokers, real estate agents have yet to receive their fair share of the blame for the subprime mess, says Shanna Smith, president of the National Fair Housing Alliance. "I think the greed factor works with agents as well as loan originators," she recently noted.

Others say it's not that simple. "The broker, 99% of the time, is the agent of the seller, so the broker doesn't have any duty to the buyer," said Wharton real estate professor Georgette Chapman Phillips.

"It is my experience that real estate agents have been pushing people to buy more expensive homes than they were initially qualified to buy under 30-year, fixed-rate [loan]s," said Smith of the National Fair Housing Alliance.

Lots of desperate realtors, desperate homedebtors, desperate IndyMac employees and, well, desperation lately...

Me thinks there's a correlation there. And that the housing crash and credit implosion are definitely the causation.

A message for HP trolls - I'm glad you found the blog. That's the first step toward redemption and recovery.

It's not too late.

Oh, hmmm... on second thought, yes, indeed, it is too late. But good luck out there anyhooo

Meanwhile, try not to make yourselves look too stupid, and for the love of god have the guts to choose a user name vs. anon. And every now and then, just for fun, try to back up your arguments with facts, even though that's probably not possible.

HP cares, believe it or not. About you, about the US, about future generations. We're not the bad guys.

You are.

Don't realtors know they're SHOUTING and RUDE when they spell out their name as REALTOR? Are they truly this STUPID?

Just another pet peeve of mine about our REALTOR friends, who are probably the worst marketers I've ever seen. I truly think the NAR is run by MONKEYS.

Note to REALTORS: If you're INCOMPETENT, if you're UNEDUCATED, if you LIE and DISTORT and CON in order to earn BIG FAT COMMISSIONS, you might want to take it down a notch and appear humble and nice, not CONFRONTATIONAL, ARROGANT and OBNOXIOUS. Enough with the SHOUTING. You aren't even a real PROFESSION.

So lose the ALL-CAPS. It just makes people laugh at you EVEN MORE.

Idiots.

Oops, I mean IDIOTS.

HousingPANIC Stupid Question of the Day

Who was the most ignorant and irrational market player during the Late Great Housing Ponzi Scheme? In other words, who's gonna be in for the biggest shock of their lives as this all caves in?


1) Homedebtors, who didn't understand P/E ratios, historical norms, interest rates, toxic loan terms, how home prices are achieved or how rampant REIC corruption was

2) Realtors, who didn't understand that it's never different this time, that the good times couldn't last, and that once the crash started, it wouldn't stop until its natural and fitting end

3) Corrupted appraisers, who didn't realize that their fraud will be some of the easiest to trace once the authorities wake up and start doing their jobs

4) The mainstream media, who took NAR press releases and printed them as gospel

5) The federal reserve, who thought blowing a new bubble to replace the NASDAQ bubble was a fine idea

6) China, who thought we would pay back those silly bonds and loans

7) Homebuilders, who wildly overpaid for land, who based their business model on illegal labor, who will be arrested by SEC authorities for cheerleading their stock while dumping it, and who destroyed yet another American industry for short term gain

8) Freespending mortgage brokers, who flamed out as fast as drkoop.com

9) Wall Street Analysts, who must have gotten their degrees at Arizona State, who evidently never read Manias, Panics and Crashes, and who were surprised by the downturn month after month after month after month

10) George W. Bush, who encouraged people to buy homes regardless of the price or fundamentals

Others: CDO holders, hedge funds, David Lereah, Sheeple, Flippers, Congress, illegal immigrants, Harvard JCHS, Brits, home retailers, local and state governments,

Great news everyone! According to Yahoo and Realty Times, there was no housing bubble, real estate to be just fine

My question - Is it possible to sue these people? Nice to see Yahoo allow Realty Times to pollute their real estate section with this spin and blather. And nice to see Realty Times do their best to completely discredit the REALTOR profession.

Real Estate Sky Won't Fall: Here's Why

Real estate hasn't made much of a case for itself lately and it's not getting much help from any of the sub industries, such as builders and mortgage makers. Just in the past few weeks, so called experts from the mortgage industry, the building industry, and the resale real estate industry have all been quoted as saying that the sky is falling.

Nice job guys!

And while real estate's reputation as the number one investment is on the ropes, the general media and other investment categories have stepped up their attacks on real estate value. What do you need to know?

1) The Sky isn't falling.
2) Real estate is unique.
3) There is no bubble.
4) Value is a complicated cocktail.
5) There is always a baseline of demand.
6) There is always a baseline of mortgage defaults.
7) There is no risk.
8) Real estate is a great way to build wealth.

So, perhaps, don't believe every "the sky if falling" report or article. Educate yourself on the market and happy wealth homeowning!