An example of what happens when the homedebtor and the realtor are both flaming idiots. Let's play "blame the unreasonable buyers for not buying"

SouthOC has the scoop

Folks, we can't save stupid people from themselves. But it sure is fun to watch. And who would pay $500,000 to live in a sh*thole like this? I wouldn't pay $5. Seriously, I wouldn't pay $5.

Here's the listing:

25621 West Califia, Laguna Hills, 92653
Asking price: $499,900
Price Reduced: 05/16/07 -- $604,999 to $594,900
Price Reduced: 07/06/07 -- $594,900 to $584,900
Price Reduced: 07/26/07 -- $584,900 to $574,900
Price Reduced: 08/09/07 -- $574,900 to $564,900
Price Reduced: 08/23/07 -- $564,900 to $554,900
Price Reduced: 09/07/07 -- $554,900 to $544,900
Price Reduced: 09/11/07 -- $544,900 to $499,900

Note: we are on the market for a long time due to a misqualified and an unreasonable buyers, causing us a long loss of time.

And then the desperate Arizona realtors, having no understanding of real estate fundamentals or classic financial manias, got really pathetic

This is just kinda sad. A bunch of ramen-eating realtors who still don't understand that the glory days aren't coming back are gathering to do some kind of rain dance, in order to change the collective consciousness of Arizonans and Americans back to "gullible and stupid and willing to commit fraud". They also want to fight against HousingPANIC and the terrible media who is finally reporting the truth.

No, you can't make this sh*t up.

A note for these poor six-percenters:

The days of rampant mortgage fraud, easy credit, no government regulation and an easily-duped public are over. Just like your careers.

You fuc*ed America for a commission. You're hated, you're discredited, and many of you may end up in jail for fraud. You and your peers did wrong, and now you're paying the price. It's over.

And when you try to bastardize a book like "The Secret" for your own gain at the expense of others, you've hit bottom. You're shameless, you're misguided, and you just don't get it. It's not the media's fault, it's not the blogs' fault. It's your fault.

Here's a bit of this bastardized babble from the ramen eaters. Man, this is just sad.

“Like all perception, and according to the Law of Attraction, Arizona residents will be enlightened by the positive energy created by the highly publicized symposium, and the market WILL begin to change.

By saying it’s OK to buy real estate again, it’s OK to re-finance your home, it’s OK to become a first time homeowner….the exhale, relief, and then positive action taken by the residents of Arizona will reverberate nationwide.

As a group, and with the media’s help, we can turn the industry around one person, one city, one county, one state at a time."

Ladies and Gentlemen I give you the wisdom of a clueless cheerleading Phoenix realtor from 2005. Oh, man, how stupid does this look today?

This is from the discredited ramen eating kool-aid drinking Phoenix realtor blogger who shall remain nameless (no name, no link = no traffic to his god-awful blog), but longtime HP'ers all know and loathe. Have a good laugh! Actually, have a fall-down-the-stairs kind of laugh! Thanks pm for the lead!

September 2005, Phoenix Arizona
How rich would you like to be?

In the 12 months leading up to August 1, 2005, single-family residences in the Metropolitan Phoenix/Scottsdale market appreciated by an average of 47%. That's the average, and it includes challenged neighborhoods and cities so remote as to qualify as rural.

If you look at just the sweet spot, the middle of the bell curve, Phoenix/Scottsdale-area homes appreciated by 60%, 80%, over 100% in some areas.

Price pressure has not slowed down, and there are good reasons to believe that appreciation over the next 12 months will be 20% or more, possibly a lot more.

We have a built-in baseline demand from the Great Lakes and other snowy regions. And we seem to be experiencing a steady increase in our long-term in-migration from California.

Our best estimate right now is that annual appreciation over the next seven or eight years should average out to around 11%.

.. If you can make that down payment, or if you can absorb a negative cash-flow from other sources of income or with a negatively-amortized loan, your ability to build long-term wealth in the Phoenix residential real estate market is tough to beat!

Bubble blogs getting a bit of attention now that the market has crashed. Here's two quotes, try to pick which one is from the idiot

A) "Bubble bloggers weren't taken seriously until six months ago, and now everyone's taking them seriously, which is fantastic," said Brad Inman, founder and publisher of Inman News, a wide-ranging real estate Web site. "They really served a purpose when they were a voice in the wilderness."


B) "I laugh at bubble bloggers," said Matt Lanning, a Realtor with Zephyr Real Estate in San Francisco, whose sfhomeblog.com takes a considerably more upbeat view of the market. "I don't claim the world is always going to be stable, but there is no way the San Francisco market will collapse. It's a lot like the sensational journalism we're seeing with subprime mortgages which are far less of an issue than the media is making them out to be."


OK, which one is from the idiot?

And then POOF! 100,000 realtors on commission went away. Only 1.3 million left to go...

Buggy whip salesmen. Travel agents. 8-track tape manufacturers. Milli Vanilli fans. And now unneeded realtors on commission.

Buh Bye!

Amid housing woes, trade group forecasts fewer realtors by year-end for first time in a decade

Plummeting stock prices. Mortgage lenders filing for bankruptcy or shutting down. Layoffs at homebuilders and banks. Soaring foreclosures and loan defaults.

Damage from the nation's slumping housing market is evident throughout the economy and permeates financial markets. Add real estate agents to the growing list of victims, although they know few tears will be shed for them.

The National Association of Realtors expects membership rolls to decline this year for the first time in a decade. The group ended 2006 with nearly 1.4 million members – almost double the roughly 716,000 it had in 1997 – but expects 2007 to close with 1.3 million, a drop of more than 4 percent.

realtors - the least trusted profession on earth

Remember just a year or two back when we were in all kinds of silly debates with simple-minded little realtors about whether a housing bubble existed or not? When you were called a brown shirt, chicken little or bitter renter if you spoke out against the bubble and the REIC?

Skip forward to today, and now the realtors are f*cked, their lies having been exposed, their livelihoods destroyed, and now they're calling for a federal taxpayer bailout of the housing gamblers.

From "there is no bubble" to "save us - we're crashing and need government help!"

realtors. No longer needed. And no longer trusted.

HousingPANIC Stupid realtor Quote of the Day

"I'm not a real estate bum. I wear diamonds, Rolexes and necklaces. I'm a classy Realtor."

- Liz Seither, President of Executive Preferred Properties

(check out the full article HP'ers - nice to see realtors were among the biggest housing gamblers. Like crack dealers doing crack. Not a good idea.)

FLASH: The Corrupt David Lereah (TCDL) finally admits he f*cked up, housing bubble did exist, crash now underway

That's it folks. Put a fork in it. The housing bubble is dead, and even TCDL (sure miss the little guy eh?) now admits he was spewing lies.

HP note to TCDL: Your lies and spin ruined lives. You are a shameful, corrupt little man who knowingly enriched himself at the expense of America. History will not be kind to you or to your replacement stooge Lawrence Yun.

Perhaps the most prominent housing booster was David Lereah, the chief economist at the National Association of Realtors until April. In 2005, he published a book titled, “Are You Missing the Real Estate Boom?” In 2006, it was updated and rereleased as “Why the Real Estate Boom Will Not Bust.” This year, Mr. Lereah published a new book, “All Real Estate Is Local.”

In an interview, Mr. Lereah, now an executive at Move Inc., which operates a real estate Web site, acknowledged he had gotten it wrong, saying he did not fully realize how loose lending standards had become and how quickly they would tighten up again this summer. But he argued that many of his critics have also been proved wrong, because they were bearish as early as 2002.

“The bears were bears way too early, and the bulls were bulls too late,” he said. “You need to know when you are straying from fundamentals. It’s hard, when you are in the middle of the storm, to know.”

The monkey-run National Association of Realtors STILL has their anti-bubble talking points up

Monkeys I tell ya. The NAR is run by monkeys...

NAR Anti-Bubble Q&A:

Since 1968, the national median existing-home price has increased an average of 6.4 percent per year

Most metropolitan areas, especially in the Midwest and South, have not experienced price declines in the era of modern recordkeeping

Should we be concerned that home prices are rising faster than family income?

No. There are three components to housing affordability: home prices, income, and financing costs – the latter are historically low.

Overall housing affordability remains favorable in historic terms.

There is virtually no risk of a national housing price bubble

It is possible for local bubbles to surface under the right circumstances, but that also is unlikely in the current environment

The strong underlying demand for homes results from the simple fact that the population is growing faster than the supply of homes

Baby boomers remain in their peak earning years. Echo boomers – the children of the baby boom generation – are just entering the period of life in which people typically buy their first home.

If conditions become unfavorable, home buying may be postponed, but a general price decline remains highly unlikely.

Right on schedule and proving they're run by monkeys, the NAR lowers their home sales projection again

Seriously, the NAR's monthly lowering of their forecast is comical. In all my days I've never seen an advocacy group do such damage to the very group they were advocating. Proving our point though - realtors are not very bright people.

Note to the NAR: You're completely discredited, and a national joke. In regards to your forecast, instead of looking dumb every month, month after month, just look dumb once and come out with a forecast you can stand behind.

And I guess "bouncing along the bottom" stock-dumper Bob Toll just found out that there is no bottom... Here's the latest:

Toll Brothers Reports Sales Decline; Trade Group Lowers Forecast

The luxury home builder Toll Brothers reported a 21 percent decline in preliminary home building revenue for the third quarter and said the housing market was so volatile that it would not give earnings guidance.

Meanwhile, the National Association of Realtors, a trade group for real estate agents, lowered its outlook for existing-home sales this year by 1 percent, or 70,000 homes.

Robert I. Toll, Toll Brothers’ usually ebullient chief executive, remained cautious. “With the uncertainties roiling the mortgage markets right now, the pace of home sales could slow further until the credit markets settle down,” he said.

Our official HP troll ("DOPES") is quite possibly one of the dumbest people on the planet. What advice would you offer him?

Definitely my favorite troll of all time. The cluelessness, the naivete, it just oozes from his comments. Five stars!

Seriously, though, what advice do you have for DOPES!

Have at it...

And then desperate homebuilders, who are generally not very bright, brought in a really big bird to I guess crap on a house that wouldn't sell

Thanks to icantsellmyhouse blog for the photos.

And thanks to realtors and homebuilders for being such unbelievably bad marketers. You are the gift that keeps on giving! For the love of god what are you thinking? Just lower the damn price!

FLASH: Hilariously, and for the umpteenth straight month, the monkey-run NAR lowers its housing sales and pricing forecast

Ya gotta love the little guys.. the gift that keeps on giving

Why the media still reports anything these lying corrupt jokers say as news is beyond me. And guess what folks - next month, the monkeys will lower the forecast again. And the month after that? The monkeys will lower their forecast again.

And the month after that?

And the month after that?

And the month after that?

And the month after that?

Realtors Pare Back Forecast Again,But Project Rebound Next Year

WASHINGTON -- The National Association of Realtors continued to pare back its forecast for existing U.S. home sales in 2007, while projecting a modest rebound for the struggling housing market in 2008.

In its latest forecast for the real estate market, NAR on Wednesday projected that existing home sales will fall 5.6% this year to 6.11 million, compared with its previous forecast of a 4.6% decline.

New-home sales are also expected to be soft this year. The NAR said new home sales are likely to fall 17.7% to 865,000, compared with the prior forecast of a 18.2% drop.

Lawrence Yun, NAR's senior economist, said a good buyer's market had developed, amid falling prices and swelling housing inventories.

Heard any good realtor jokes?

Go ahead HP'ers, the substitute teacher is in the room, let 'er rip

Make fun of 'em, belittle 'em, jeer them, mock them, get it all out of your system

Is there any profession in America more discredited and vilified today than "realtor"?

________________

"I have to have a raise in my commission," the realtor said to his manager. "There are three other companies after me."

"Is that so?" asked the manager. "What other companies are after you?"

"The electric company, the telephone company, and the gas company."

_________________

First realtor : Did you pass your ethics exam?

Second realtor: I passed my ethics exam. Of course I've cheated.

_________________

HousingPANIC Stupid Question of the Day

Do you think ignorant ramen eating realtors are finally coming to the conclusion that no, it's not going to get better soon and yes, a housing crash that will cause them to eventually seek new employment is now firmly underway?

One of the strangest things about real estate clerk and NAR behavior these past few months is their shouting that everything is fine, and that prices will go up.

If they had been smart, and wanted to keep up commissions, transactions and credibility, they would have been doing exactly the opposite - shouting that we had a stupid unsustainable bubble, and that prices were coming down - so that they'd drop fast, to the point that buyers would come back into the market quickly.

But alas, realtors are dumb and undereducated, and they just don't understand supply and demand and pricing. Too bad.

Chicken flavor ramen anyone?