January 27, 2009
Home prices have crashed ANOTHER 18% nationwide. But, but, but.. Lawrence Yun at the NAR said we hit bottom in December 2007! What gives?
The National Association of Lying Realtors on Commission should be shut down.
Anti-racketeering laws should be used to destroy this force of evil, for good. And there should be a criminal investigation of the NAR's lobbying arm, who paid your Congress to look the other way.
Finally, Lawrence Yun and David Lereah should be investigated for false statements and conflict of interest, as they put out misleading statements on the US real estate market in order to pump up the prices of their own real estate holdings.
Here's Lawrence Yun, in December 2007, when it was a GREAT TIME TO BUY!!:
Housing market at the bottom, realtors say
The market for existing homes is "hitting the low right now" and heading for a "modest recovery" next year, the chief economist for the National Association of Realtors said at the group's annual convention here Tuesday.
NAR expects the national median price of existing homes to decline 1.7 percent to $218,200 for this year and hold steady in 2008.
Yun said housing will start to recover next year, if only because people will keep getting married, having babies, changing jobs and retiring, forcing them to buy or sell homes. "The pent-up demand is there," he said.
And now, again, let's flash-forward to today's cold, harsh reality:
Home values in 20 major U.S. cities fell a record 18.2% in the 12 months ending in November, Standard & Poor's reported Tuesday.
The Case-Shiller 20-city home price index fell 2.2% in November, with home values in all 20 cities falling at least 1%. Prices in the original 10-city index fell a record 19.1% over the year.
Prices are down 25% from the peak in mid-2006, according to Case-Shiller.
In the past year, prices were down 33% in Phoenix, 32% in Las Vegas, and 31% in San Francisco. The best performance over the past year came in Dallas, where prices fell just 3.3%.
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25 comments:
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I feel like a yo-yo, I've hit bottom so many times i've lost count.
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"Getting first time buyers"!
The Con continues.
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Isn't this old news?Why do they keep putting out the same data every week about how the sky is falling?They are way behind the eight ball here.
the NAR should be investigated for fraud and market manipulation.But since everyone in congress got a check no one cares.Welcome to america where cash is king.
The NAR is clinging to foreclosure sales as their new barometer for housing sales success. What I don't get is why print, online and tv based media just copy and paste his wording without any editorial journalism involved? They might as well just put the NAR press release as a PDF attachment on their website or as a special insert in their papers, if they are not going to be objective.
Also, doesn't Yun realize that the same discredited fate that Lereah now enjoys awaits him if he doesn't wise up soon?
And Keith lastly I want to know your thoughts on Toll Brothers - the kings of housing bubble greed. Here in the Baltimore area they are still pumping TH's at the 2006 bubble prices...they have even brought out the sign flippers to entice people. Do you ever think Toll Brothers will wise up and lower prices? Or even admit that those price points are long gone?
Your thoughts?
I just got back from San diego (La la land) It was a eye opener. My FIL is in the hole for 675K on several HELOCs and construction loans. He is out of cash, has not worked in many months and can't sell what he has got finished. Country wide called several time during my trip, but they can't decide what to do. He has two travel trailers occupied with people living on the property and 1 acre full of junk. He said they would like to foreclose, but have not done so. He wasted much of the 675K on trucks, ATVs, 5th wheel trailer, travel and living like a king over 5 years. Most of his other friends are in the same boat. out of money and behind in most payments. This is going to be epic when this house of cards fall.
>The National Association of Lying Realtors on Commission should be shut down.
The unfortunate truth is that 90% of humanity isn't smart enough to judge an argument on it's merit and instead rely on 1. The smoothness of the presenter (conmen and politicians have perfected the art of athoritative delivery), and 2. How others in the vacinity are responding to the argument.
A sad state of affairs indeed.
I dont know why you even bother to quote NAR ... f**k them ! Focus on what we could do now in order to survive, what would be the next move to save our family / job etc ..
The stigma of being a REALTOR today must be worse than that of being a stock broker in 2000/2001.
>Lawrence Yun and David Lereah should be investigated for false statements and conflict of interest, as they put out misleading statements on the US real estate market.
Indeed. And btw, where's the MSM. A nice article in Time or Newsweek to this effect would do wonders for educating the sheep. Sorry Keith, they've got a little more reach than you, dispite inferior journalism skills.
The housing market crash will end once all of the idiots involved are wiped out. This list of idiots includes overpaid real estate agents, mortgage brokers, mortgage resellers, financiers, derelict buyers, con artist developers, and of course speculators. This government's involvement is only helping the idiots and prolonging the decline. I don't think we are close to a bottom based on the amount of idiots still in the market, or jumping in this market.
It seems that SoCa is back to flipping. Those homes being sold are probably from capitalized flippers or landlords.
$500k POS home or stinky West LA condo? No problem, everyone in LA makes that kind of money, right? First time home buyers buying $500k homes. Got it!
Yun is truly such a pathetic hack. But he's gotta pimp himself for the paycheck, just like his eunuch army of 6%'ers do.
The rationalizations he must conjure up every day to justify staying at his job and keep up the misleading spin has to be amazing. I'll bet he knows perfectly well it's all BS, just like his shill predecessor Lereah admitted.
Everyone you don't understand: how will my Realtwhores eat and pay their NAR dues if I can't get you sheeple to buy overpriced homes?
More amazingly horrible statements from the NAR.
Prices will fall even further ... much further.
What difference does it make anyways, if people don't have jobs they won't be investing in big items like houses, cars .. or anything else that puts them in debt for years.
Quote from realtor acquaintance; ca. 2003: "First of all, there is no bubble..."
PLEASE don't tell my mother; she thinks I'm a piano player in a whorehouse.
RICO the REIC!
is it just me or is the face on the right simply the face on the left but only 20 years later?
"How far can this sub go down, Sir?"
"All the way to the bottom"
And this dumb, pandering bitch is an economist from USC business school.
The fact that the "pent-up demand" sheeple CAN'T get a loan will be the luckiest thing to ever happen to them. They just don't realize it yet.
Oh, and don't forget, EVERYBODY wants to live in So Cal?
Give me a f**king break!
This lady just came in and said that there is a 5 bed/five bath in Fultondale for $210, and bank would take $180. If it were built half/way descent, would be great for two or three families. Or extended family.
You know, the fundamentals are just as bad today as one year ago. I would say we'll lose another 20 percent this year and then at least another 10 the year after that, if we're lucky. In fact, the only thing i see saving housing prices is massive wage inflation - which isn't going to happen within only 18 months to two years. Folks, I would conservatively estimate we are going to lose an addition 40 percent FROM HERE - possibly even WITH wage inflation. Now, that is ugly. The long and painful slide into oblivion. California is going to look like a Road Warrior movie. God help us (and I don't mean that in vane).
Housing prices are going down to a level where people can finally *afford* to make the monthly payments, and still have cash reserves left over to pay for the basic necessities.
We're not even close to how low prices will fall, and the crash we're about to witness now within commerical realestate will make the crash in residential property pale in comparison.
However, this has to happen to balance out all the greed and excess that has been going on for far too long now.
Unfortunately, you're too correct.
Southern Ca. - along the coast as well - is looking very bad and desolate.
In the local pub down the street, I'm hearing more and more people openly discuss how bad the job sectors are getting.
We're not creating anything sustantial (besides the Internet) for far too long now, and now we'll see just how strong of a nation we really are once the world accepts the fact we have nothing really of long lasting worth - besides raw materials - to offer them.
duarte said...
You know, the fundamentals are just as bad today as one year ago. I would say we'll lose another 20 percent this year and then at least another 10 the year after that, if we're lucky. In fact, the only thing i see saving housing prices is massive wage inflation - which isn't going to happen within only 18 months to two years. Folks, I would conservatively estimate we are going to lose an addition 40 percent FROM HERE - possibly even WITH wage inflation. Now, that is ugly. The long and painful slide into oblivion. California is going to look like a Road Warrior movie. God help us (and I don't mean that in vane).
I was in Vegas this past weekend and boy is it hurting. Yes, on the face of it there are still crowds there but the hotels are cutting prices big time. A lot of restaurants looked empty (no wonder, they are more expensive than New York City restaurants). A taxi driver told me things are really really bad; worst he's seen in ten years.
i rented a car one day and drove around the outskirts of the Strip...man, they are giving away rentals there. you can get a one bedroom for $400 a month. The big signs were out in force in the apt complexes. They must be hurting.
By the way, I have no idea why anyone would want to live around the Strip...it's a total wasteland. I don't know what the rest of the area really looks like but if it's similar then why the hell would anyone want to live there!?
Have you ever came across a buyer with Pent Up Demand ?? is it a STD ?
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