It's too bad so many sheeple listened to realtors on commission these past couple of years, and made the worst financial mistake of their lives

People around the country (and around the world) made some serious financial mistakes the past couple of years. Leverage is wonderful on the way up, but when prices fall soon after "buying", even a small decline can wipe you out with highly-leveraged real estate.

After a lifetime of working and saving, the simple mistake of buying a house at the peak (or even today) is enough to ruin everything. The risk was massive, the reward was questionable, and the warning signs were everywhere, yet the sheeple went ahead and did what they did, and now they're paying the price (or screaming for bailouts).

Millions of people around the world will be losing their houses during this downfall. Foreclosures will skyrocket. Inventory will build. Prices will crash. And it was all so predictable. Classic mania, classic crash. And classic opportunists, idiots and conmen herding the sheeple into the worst financial mistake of their lives.

Those who only bought within the last couple of years, however, face a different story. Since their homes may be worth less than what they paid, they can't sell for enough to pay off their mortgage and could face skyrocketing monthly payments when their loans reset to higher interest rates.

"The people who are in the most trouble are those who bought most recently, because they bought when it was going up and then it went right down," said Hans Johnson, associate director of the Public Policy Institute of California in San Francisco.

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.