FLASH: The NAR announces they're run by monkeys. In related news right on schedule they lower their home sales forecast for the EIGHTH STRAIGHT MONTH

A HousingPANIC message to the incompetent monkeys polluting the head office of the National Association of Realtors:

The nation is laughing at you. You've lost all credibility and respect. You are not only harming the homedebtors of America, you're also harming your 1.3 million suckers, err, I mean dues-payers.

Lower your damn forecast once and for all. "Drama-forecast". Lower 2007. Lower 2008. Lower 2009. You know the truth of what's happening, so say it. And believe it or not, the truth will actually HELP your suckers, err, I mean your dues-payers, start selling houses again.

Why? Because the truth will freak out the homedebtors who need to get the message that prices are going to fall dramatically, and they'll lower the damn prices.

Stop sending Yun out to lie to America. Stop with your lies and spin. And stop being the most evil and distrusted organization in America. You're not fooling anyone anymore.

Realtors Group Lowers Forecast for Existing Home Sales for Eighth-Straight Month

WASHINGTON (AP) -- The decline in sales of existing homes this year will be steeper than previously anticipated, a trade group for real estate agents said Wednesday.

The eighth straight downwardly revised forecast from the National Association of Realtors calls for U.S. existing home sales to be 10.8 percent lower than last year as housing market struggles persist.

In its October report, the association predicts 5.78 million existing homes will be sold in 2007, down from 6.48 million last year. Last month, the association predicted an 8.6 percent drop from a year ago.

Still, the group maintains an optimistic message. It's senior economist, Lawrence Yun, noted in a statement that markets including Austin, Texas, Salt Lake City and Raleigh N.C. are showing price growth and 2007's home sales will be the fifth-highest on record.

"The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains," Yun said.

Someone tell me how the MSM buys the NAR spin that "home sales are bottoming" and only down 4%. Look at this chart. A historic crash is underway.

At what point does the MSM (and the US Homedebtor) realize they've been had?

Hat-tip to doom for the chart. Picture is worth 100000000000000000000 NAR words...

And a special message for Larry Yun and the NAR: PEOPLE AREN'T BUYING YOUR BULLS*IT ANYMORE. And for heaven's sake, why the f*ck is the "Senior Economist" of the NAR also its spokesperson? Don't they have budget for a PR flak?

National Association of realtors Press Release:
For more information, contact:
Walt Molony, 202/383-1177, wmolony@realtors.org

August Existing-Home Sales Fall on Temporary Mortgage Problems

WASHINGTON, September 25, 2007 - Existing-home sales fell in August when mortgage availability problems were peaking, according to the National Association of Realtors®.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 4.3 percent to a seasonally adjusted annual rate1 of 5.50 million units in August from a level of 5.75 million in July, and are 12.8 percent below the 6.31 million-unit pace in August 2006.

Lawrence Yun, NAR senior economist, expected the decline. “The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through,” he said. “Lower sales contributed to a buildup of unsold inventory.”

Yun expects similar results for home sales in September. “Once we get through these disruptions, we’ll get a better sense of where the actual market is in late fall as conditions begin to normalize,” he said.