“It feels worse this time because people’s lifetime savings have evaporated, and home values are actually falling. Growth is weak because consumers have given up. ... Spending is contracting at a really fast rate”
Lawrence Yun, paid liar for the National Association of realtors on Commission, after spinning and lying and deceiving for years, finally letting the truth slip out, April 2009
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19 comments:
Keeferonio, and Sashers..
Wat's it gonna be
Inflation or deflation?
I am torn between the inflation argument of ‘massive addition of dollars into the system’ vs. the ‘reduced demand for commodities due to the slowing economy’..
Any thoughts?
Feel free to take your own life Lawrence.
Lawrence Yun can surly pass as a Eurotard
The NAR must have terminated his contract and this was his last public lie, I mean appearance for them.
I wish we could send the Navy Seals in to clean up the NAR like they did those Pirates. What's the difference?
"...there are still people with the financial capacity to buy. The question is how to get[trick] them back into the market. Many people are playing a waiting game, hoping for prices...to drop even more....
...To counter that, the National Realtor group is pushing for [unaffordable housing]..."Pure (unintentional)comedy gold.
"...“I feel pretty good about what’s going on around here,” said Frisco-based real-estate agent Butch Elich..."You CANNOT make this stuff up!
It is amazing isn't it to see the man responsible in many ways for people's lifetime savings evaporating, stating it as fact?
The man has no shame.
"I'm sorry" he should have said. "I led the nation astray. I did what my masters told me to do, and I did not stand up and do the right thing. I'm sorry, I've ruined lives, I've destroyed any reputation or future I may have had, and now...."
In his culture I think you know what would honorably come next.
How appropriate is it that "Yun" in Chinese means "cloud".
They are not savings as such are they?
Can you really classify stocks, shares, 401k's etc as savings?
gee...the bank paid 20 bucks this month in interest on a hundred thousand dollar deposit and those they lent the deposited amount to want double and triple the money they spent for the things they spent it on and 20 bucks does not even cover the rent on......a coffin
F you Lawrence you bastard
What would happen if the mortgage default moratoriums were lifted.
http://www.twincities.com/
business/ci_12135497
Wells Fargo & Co., the second-biggest U.S. home lender, may need $50 billion to pay back the federal government and cover loan losses as the economic slump deepens, according to Frederick Cannon of the investment bank Keefe, Bruyette & Woods.
"Details were scarce and we believe that much of the positive news in the preliminary results had to do with merger accounting, revised accounting standards and mortgage default moratoriums, rather than underlying trends," wrote Cannon, who downgraded Wells Fargo shares to "underperform" from "market perform."
"We expect earnings and capital to be under pressure due to continued economic weakness."
Back where I'm from they had a saying for someone really contemptible: he should be shot and pissed on.
Yup, that just about sums it up for how I feel about good ol' Sunny Yunny.
RE: "I wish we could send the Navy Seals in to clean up the NAR like they did those Pirates. What's the difference?"
**********
Whats the difference? Realtors have a gold-tinted REALTOR™ lapel pin. The pirates do not.
Nick for new NAR spokesman.
You're Welcome.
Yun for Charmin recycler.
What will foreclosure numbers going to be in the 2nd Quarter of 2009 know that the moratoriums have ended.
http://online.wsj.com/article
/SB123975395670518941.html
Both Fannie and Freddie have stepped up sales of foreclosed properties since their moratoriums ended on March 31.
In California, notices of trustee sales, which are preludes to foreclosure sales, climbed by more than 80% to 33,178 in March, from February, according to data from ForeclosureRadar.com and the Field Check Group.
The increase reflects both the expiration of foreclosure moratoriums and a California law enacted late last year that temporarily delayed default and foreclosure notices, says Mark Hanson, president of the Field Check Group, a research firm.
http://www.inman.com/news/2009
/04/14/california-sees-record-
foreclosure-starts
California sees record foreclosure starts
The number of California homes subjected to notices of default -- the first step in the foreclosure process -- surged 29.3 percent from February to March, to 54,268, the company said.
That's a 26.3 percent increase from a year ago, and 25.8 percent above the April 2008 peak.
Have you compared the MLS listing in your city with the following site.
http://www.foreclosure.com/search.html
Have you noticed that many of the foreclosure are not listed in the MLS listing.
"...and home values are actually falling."
Actually, they're reverting back to their pre-hyped, pre-investment mentality, pre-speculative ponzi scheme and windfall profit-skimmed ACTUAL values.
Yun should be sued into oblivion for his shameless co-conspiratorial role in the NAR's fraudfest.
Is Lawrence Yun predicting the bottom?
http://money.cnn.com
/news/newsfeeds/articles/djf500
/200904160015DOWJONESD
JONLINE000004_FORTUNE5.htm
Chief Executive James J. Saccacio noted much of the activity was new foreclosure actions, meaning "many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays."
In fact, JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), Fannie Mae (FNM) and Freddie Mac (FRE) all have said they have increased foreclosure activity in recent weeks after lifting internal moratoriums that temporarily halted foreclosures.
Foreclosure filings - default notices, auction sale notices and bank repossessions (REOs) - were reported on 803,439 properties in the first quarter, up 9% from the fourth quarter and resulted in one in every 159 U.S. housing units receiving one. For just March, RealtyTrac said the total was 341,180 properties, up 17% from the previous month.
The troubles in the residential sector are expected to continue throughout 2009, and not surprisingly, much of the pain is coming from former bubble markets that are now dominating RealtyTrac's report.
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