HousingPANIC calls for the firing of the NAR's "chief economist" Lawrence Yun

But hey, I'm not holding my breath.

Everyone by now knows that Lawrence Yun, and before him David Lereah, are completely and totally discredited by now. The MSM should never print one quote from this paid liar without first stating "Lawrence Yun, who is paid to lie by the NAR, ..."

Well, even Lawrence Yun is having to deal with the reality that housing is in the early days of a historic and epic crash. And even though just a few days ago he put out a report that 2008 would be rosy, today the NAR did an about-face and admitted that 2008 is gonna suck.

Although their definition of "suck" is still nowhere near reality. You have economists predicting a 25% decline in prices and the NAR is saying 1.2%.

Yeah, good luck with that.

realtors and the NAR are now beyond hope. The realtor profession is dead, it is discredited, it is disrespected and it is destroyed. And the NAR represents the very worst of the profession - corrupt, lying and anti-American.

F*ck the NAR. F*ck Lawrence Yun. And f*ck the realtors. The jig is up.

Home prices set to slide in '08 - National Association of Realtors pulls back on outlook and forecasts second consecutive annual decline in prices and sales

NEW YORK (CNNMoney.com) -- In a fresh sign that the nation's housing crisis will worsen, home prices are likely to decline in 2008 for the second straight year, the National Association of Realtors said Thursday.

"We're seeing a pattern that is consistent with skimming along the bottom of the cycle, and sales could ease modestly," said Lawrence Yun, the group's chief economist, in a statement.

Pick the new HP name for the National Association of REALTORS (NAR)

1) National Association of Used House Salesmen (NAUHS)

2) National Association of Homedebtor Entrapment Officers (NAHEO)

3) National Association of Liars, Conmen and Thieves (NALCT)

4) National Association of Failures and Life's Losers (NAFLL)

5) National Association of Six Percenters (NASP)

6) National Association of Ramen Eaters (NARE)

7) ?????

FLASH: Used home sales fall yet again - supposedly down 10% vs last year, dead wood inventory at 9 months, prices fall yet again

Sales down, inventory up, prices down.

Any questions?

Oh, you'll see the lazy MSM report the NAR's "down 0.3%" as their headline number. Why? Because sales in May at an annual rate vs. April's annual rate fell by that amount. When we all know the only real number to look at is May 2007 vs. May 2006. But that would be to tough for the MSM to do. It's much easier to take the NAR's spin and report it as the news.

And remember, this NAR number (to be trusted like Enron) doesn't include rampant incentives and cash-back, and is a 40% sampling of MLS sales.

Sales of previously owned homes in the U.S. fell in May to the lowest in almost four years, reinforcing concerns about a protracted housing slump.

The supply of homes for sale increased 5 percent to 4.43 million. At the current sales pace, that represented 8.9 months' worth, the highest since June 1992 and up from 8.4 months' worth at the end of the prior month.

The median price of an existing home fell 2.1 percent last month from a year ago to $223,700, the 10th consecutive month of year-over-year declines, the Realtors group said.

Housing accounts for about 23 percent of the U.S. economy, when taking into account purchases of furniture, appliances and items for new homes.