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.

I love comments like these. Just shows we have a long, long, long way to go...

There are a few areas in the US that haven't crashed horrifically yet - big finance money centers like Chicago, Seattle and Manhattan especially. I'm not sure why these areas feel they're immune. The funding has dried up everywhere. Inventory is building everywhere. Jobs will be lost everywhere. No area will be immune. Some will fare better than others, but every city will fall.

And when you see things like this today, you know that even these "special areas" are about to get punked soon too. Even if they think they have 21 reasons why they won't fall.

Here's the troll view from Chicago. Too bad this poster is Anon - it's much more fun when we can go back a year later and mock them..

"You are a fool Keith for thinking that real estate prices will crash. Here in Chicago's North Side, prices are doing well thank you very much.

Yes, it is true that there are lots of properties for sale, and inventory is high, but prices are not crashing. I repeat: PRICES ARE NOT CRASHING. In the end, homes are selling but it is taking longer to sell and people are knocking off 10K to 30K not exactly a CRASH Keith.

So keep dreaming Keith about a real estate crash."