BR: Funny you say that — I referred to the NAR chief economist as Baghdad Bob in one of the “previously” links mentioned: Former NAR Economist David Lereah is a Jackass (January 6th, 2009)
Soylent Green Is People Says:
September 1st, 2010 at 11:11 am
If your stocked up on Insulin, try the ever sugary http://www.positiveonrealestate.com/ for your daily firehosing of rich, delicious Kool-Aid. You thought the NAR was hyper sunny. They’re simpletons compared to whomever runs this site.
You’ve been warned….
My .02c
Soylent Green Is People.
Soylent Green Is People Says:
September 1st, 2010 at 11:13 am
If you’re fully stocked with Insulin, try http://www.positiveonrealestate.com/ for a daily firehosing of rich, delicious Real Estate Kool-Aid. You think the NAR is hyper sunny? They’re simpletons compared to the people who run this site.
You’ve been fairly warned.
Soylent Green Is People.
ACS Says:
September 1st, 2010 at 11:32 am
How long before we reach Sanford’s step 12?
gavingunhold Says:
September 1st, 2010 at 11:45 am
I used to work at NAR. And I once time forwarded a blog post by Barry Ritholtz to Lawrence Yun, kind of just as a heads up. Lawrence was none too pleased. Heh.
JustinTheSkeptic Says:
September 1st, 2010 at 11:49 am
BR, you can continue with the “Bank Spin, Auto Company Spin, etc.” Take your pick….
rktbrkr Says:
September 1st, 2010 at 11:53 am
Take your pick…
“The manufacturing sector has maintained its momentum at least through August,” said Zach Pandl, an economist at Nomura Securities International Inc. in New York. The report “makes clear the economy is not slipping into recession any time but it’s still reasonable to be concerned about where we’re heading over the next three to six months.”
General Motors Co.’s sales fell 25 percent last month and trailed analysts’ estimates, as the U.S. auto industry headed for its worst August in 28 years.
GM said deliveries fell to 185,176 from 246,479 last August, when the U.S. government’s “cash for clunkers” incentive program boosted sales.
Soylent Green Is People Says:
September 1st, 2010 at 11:56 am
Regrets for the double post. The first one did not show so I rewrote it again. I confess to my foolishness.
machinehead Says:
September 1st, 2010 at 12:02 pm
Since the time I bought my first house, the cry of the Realtor(TM) has been, ‘Buy now, before prices go up!’
They are Permabulls, like many Wall Street brokers — not to be taken seriously. Pay them for transacting, not for their stuck-clock market predictions.
And — until proven otherwise — don’t regard them as professionals. That’s what the idiot NAR has accomplished — to deprofessionalize the image of a group which includes some very dedicated people. It took the NAR decades of hard work to break into the circus-clown limelight. Take a bow, bozos!
lalaland Says:
September 1st, 2010 at 12:07 pm
I doubt it’s the NAR’s fault that people expect their homes to appreciate 10% a year. Nobody really pays attention to them outside the statistics junkies I would wager. I blame exactly the kind of stupidity that has proven to be rampant across all sectors of the economy. Oh, and, you know – unrelated – it’s time to go watch Dick Fuld.
Mark Wolfinger Says:
September 1st, 2010 at 12:16 pm
The news media eat up those NAR reports.
Surely you have contacts at the big media to whom you can pass along this report with the hope that someone does the right thing.
http://blog.mdwoptions.com/options_for_rookies/
Expat Says:
September 1st, 2010 at 12:21 pm
There is no one thing to blame for all this. The NAR is not the cause of the bubble. Wall Street is the proximate facilitator but not really the cause. Washington was a complicit beneficiary but not the cause. Assholes who bought homes that cost more than three times their income are victims and perpetrators but not truly guilty of anything but stupidity and gullibility. Lereah, Yun, and the NAR are in the unfortunate position of being mouthpieces for this mass hysteria so they are singled out.
But in reality, Lereah is no worse than any US president or member of congress when it comes to huge, important lies. What about the pope or any priest with a pulpit? The hellfire and brimstone, homophobic racists on the Bible Belt circuit? Imams calling for jihad. Etc.
Personally, I think the NAR is guilty of high crimes and treason against the US, having done more damage to our country than any blind or diabetic islamic terrorist. And what do we try to do to islamic terrorists? And what should we do to all members of the NAR? Anyone? Anyone? Bueller?
How the Common Man Sees It Says:
September 1st, 2010 at 1:03 pm
What do they expect when they are always selling houses as investments and not places to live? In the investing world RE is the equivalent of the summer resort if we are talking timing. What I’m saying is that the owners of a summer resort know their product is only marketable a few months out of the year and that is what they target for.
Do you think the folks in the RE industry and/or the NAR want to be telling folks their ‘investment dream’ is only a great deal a few years out of many in the investment cycle? NO! That would put them out of business for years until the crowds came back every cyclical summer
That’s not gonna happen
d4winds Says:
September 1st, 2010 at 1:31 pm
Red pill HGTV sounds like a fabulous idea–to replace that NAR of the “financial” TV, CNBC.
Julia Chestnut Says:
September 1st, 2010 at 3:04 pm
The NAR are liars, and they aren’t even very good at it. Lawrence Yun is a laughing stock. The people who need to be strung up are the corporate media outlets that just take the press releases full of whoppers along the lines of “cotton candy cures cancer!!!!!!!!” and reprinting it along side what passes for “news.”
Industry shills are industry shills and always have been. What has changed is any semblance of concern for truthful and accurate reporting of statistics, facts, and trends. Statistics, facts, and trends are considered so malleable these days, no one worries about what conflicts of interests the spinners may have – they just care how little they have to rewrite it from the NAR’s website before press/broadcast time.
Despicable.
TomL Says:
September 1st, 2010 at 4:35 pm
Why is that *every* article written by or quoting a real estate professional includes the refrain “It’s never been a better time to buy.” ?
Reminds me of the warning how do you know a politician is lying…
loganagent Says:
September 1st, 2010 at 6:55 pm
It’s so true I recently had an experience where the local newspaper quoted me, after I said that our local market was going to decline, in my blog: http://loganrealestate.blogspot.com/2010/02/number-of-logan-homes-for-sale.html The local Board President came to me and told me not to speak with the media anymore. He said those in leadership had special “training” in how to handle media.
The ironic thing is that my market falling predictions came true. But we don’t want the public to know the truth do we.
philipat Says:
September 1st, 2010 at 8:37 pm
The “Blue Pill” being Viagra. Or, in other words the NAR is saying “Up yours”?!!
Very appropriate!
IrvineRenter Says:
September 1st, 2010 at 9:30 pm
I have beaten up on RE agents a couple times over the last year:
http://www.irvinehousingblog.com/blog/comments/realtors-treated-as-lackeys-and-maids-grovel-for-6/
and
http://www.irvinehousingblog.com/blog/comments/urgency-versus-reality-realtors-win-buyers-lose-14-jackson-irvine/
I totally agree with your assessment of the foolish way they operate. In fact, the growth of my side business as a broker is largely due to the fact that I refuse to spin BS the way they do.
BTW, thank you for the link yesterday. I greatly appreciate it, and I am flattered that you stop by and read my blog.
canoles Says:
September 2nd, 2010 at 8:36 am
“In other words, mislead the public with spin. Create false hope. Lie.” – Sir, that is NAR’s job as a trade association. Please name one trade association that does not do this.
What's not to like about the Summer of Recovery? Like, dude, the recession ended eons ago.
By an 8 point margin, independents who voted for Obama oppose his tax hikes
The [Center for Data Analysis] found that the Obama tax hikes would:
• Destroy an average of 693,000 jobs every year through 2020.
• Drain $726 billion from disposable income, $38 billion from personal savings, and $33 billion from business investments.
• Raise taxes on the 55% of all joint filers earning more than $250,000 who run small businesses that employ others.
• Cost the average non-farm small-business owner $3,500 more in taxes.
• Cost the 49% of all seniors with income below $250,000 $525 in additional dividend taxes.
• Cost the 25% all seniors with income below $250,000 $742 in higher taxes.
Now that's the kind of change you can feel in your nether regions!
Certainly, America's business leaders are feeling more comfortable with the Obama administration as...
Insider Selling Outpaces Buying By Over 290-To-1 In Past Week
...for the week ended September 17, corporate insiders bought $1.4MM in shares in a whopping 7 different companies. This was just marginally offset by sales of $441MM in 98 different companies, a ratio of 290 to 1 of stock notional sold to bought. But wait: this is GREAT NEWS: last week the ratio was 650 to 1! So this is a huge improvement and certainly yet another reason for today's rally... for those wondering just who is orchestrating today's move higher, please let us know if you find out.
And last but not least:
It would appear that certain foreclosures by major, major institutions may have been fraudulent... and, thus, invalid, which could really, really screw things up
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt evictions tied to foreclosures on homeowners in 23 states including Florida, Connecticut and New York...
...At least one (and perhaps more) "inside officers" in various law firms filed thousands (and maybe tens of thousands) of affidavits they did not read and thus could not have attested to.
...This practice appears to not be limited to one law firm. In fact, it may be basically the entire "foreclosure industry" that was involved in this.
...This is likely to derail many foreclosures - at least from a standpoint of time. It may also void some of them and force them to be re-litigated. This will have a SEVERE impact on loss severities - at minimum....
...If the time has passed to be able to make reasonable corrections to these so-called "ministerial errors" (and it probably has) then the impact on MBS holders who happen to have the "hot potato" in non-agency securitizations could be catastrophic...
In plain English, some reports indicate that thousands of foreclosures could have been performed without the appropriate documentation. Which could make them, ehm, invalid.
Which would make some of the investment vehicles derived thereof (like mortgage-backed securities or MBS), ehm, difficult to value.
SELL!!!!!!!!!
Official Google Blog: Google <b>News</b> turns eight
Today we celebrate the eighth birthday of Google News. Not long after the tragic events of September 11, 2001, we started building and testing Google News with the aim of helping you find current events from a wide variety of global and ...
Rumour: Project Milo cancelled Xbox 360 <b>News</b> - Page 1 | Eurogamer.net
Read our Xbox 360 news of Rumour: Project Milo cancelled.
Pentax announces price and availibilty for 645D camera: Digital <b>...</b>
Pentax announces price and availibilty for 645D camera: Photokina 2010: Pentax has announced its 645D medium format digital camera will start shipping globally from December 2010. The camera will sell at a retail price of $9999.99 for ...
robert shumake
Official Google Blog: Google <b>News</b> turns eight
Today we celebrate the eighth birthday of Google News. Not long after the tragic events of September 11, 2001, we started building and testing Google News with the aim of helping you find current events from a wide variety of global and ...
Rumour: Project Milo cancelled Xbox 360 <b>News</b> - Page 1 | Eurogamer.net
Read our Xbox 360 news of Rumour: Project Milo cancelled.
Pentax announces price and availibilty for 645D camera: Digital <b>...</b>
Pentax announces price and availibilty for 645D camera: Photokina 2010: Pentax has announced its 645D medium format digital camera will start shipping globally from December 2010. The camera will sell at a retail price of $9999.99 for ...
BR: Funny you say that — I referred to the NAR chief economist as Baghdad Bob in one of the “previously” links mentioned: Former NAR Economist David Lereah is a Jackass (January 6th, 2009)
Soylent Green Is People Says:
September 1st, 2010 at 11:11 am
If your stocked up on Insulin, try the ever sugary http://www.positiveonrealestate.com/ for your daily firehosing of rich, delicious Kool-Aid. You thought the NAR was hyper sunny. They’re simpletons compared to whomever runs this site.
You’ve been warned….
My .02c
Soylent Green Is People.
Soylent Green Is People Says:
September 1st, 2010 at 11:13 am
If you’re fully stocked with Insulin, try http://www.positiveonrealestate.com/ for a daily firehosing of rich, delicious Real Estate Kool-Aid. You think the NAR is hyper sunny? They’re simpletons compared to the people who run this site.
You’ve been fairly warned.
Soylent Green Is People.
ACS Says:
September 1st, 2010 at 11:32 am
How long before we reach Sanford’s step 12?
gavingunhold Says:
September 1st, 2010 at 11:45 am
I used to work at NAR. And I once time forwarded a blog post by Barry Ritholtz to Lawrence Yun, kind of just as a heads up. Lawrence was none too pleased. Heh.
JustinTheSkeptic Says:
September 1st, 2010 at 11:49 am
BR, you can continue with the “Bank Spin, Auto Company Spin, etc.” Take your pick….
rktbrkr Says:
September 1st, 2010 at 11:53 am
Take your pick…
“The manufacturing sector has maintained its momentum at least through August,” said Zach Pandl, an economist at Nomura Securities International Inc. in New York. The report “makes clear the economy is not slipping into recession any time but it’s still reasonable to be concerned about where we’re heading over the next three to six months.”
General Motors Co.’s sales fell 25 percent last month and trailed analysts’ estimates, as the U.S. auto industry headed for its worst August in 28 years.
GM said deliveries fell to 185,176 from 246,479 last August, when the U.S. government’s “cash for clunkers” incentive program boosted sales.
Soylent Green Is People Says:
September 1st, 2010 at 11:56 am
Regrets for the double post. The first one did not show so I rewrote it again. I confess to my foolishness.
machinehead Says:
September 1st, 2010 at 12:02 pm
Since the time I bought my first house, the cry of the Realtor(TM) has been, ‘Buy now, before prices go up!’
They are Permabulls, like many Wall Street brokers — not to be taken seriously. Pay them for transacting, not for their stuck-clock market predictions.
And — until proven otherwise — don’t regard them as professionals. That’s what the idiot NAR has accomplished — to deprofessionalize the image of a group which includes some very dedicated people. It took the NAR decades of hard work to break into the circus-clown limelight. Take a bow, bozos!
lalaland Says:
September 1st, 2010 at 12:07 pm
I doubt it’s the NAR’s fault that people expect their homes to appreciate 10% a year. Nobody really pays attention to them outside the statistics junkies I would wager. I blame exactly the kind of stupidity that has proven to be rampant across all sectors of the economy. Oh, and, you know – unrelated – it’s time to go watch Dick Fuld.
Mark Wolfinger Says:
September 1st, 2010 at 12:16 pm
The news media eat up those NAR reports.
Surely you have contacts at the big media to whom you can pass along this report with the hope that someone does the right thing.
http://blog.mdwoptions.com/options_for_rookies/
Expat Says:
September 1st, 2010 at 12:21 pm
There is no one thing to blame for all this. The NAR is not the cause of the bubble. Wall Street is the proximate facilitator but not really the cause. Washington was a complicit beneficiary but not the cause. Assholes who bought homes that cost more than three times their income are victims and perpetrators but not truly guilty of anything but stupidity and gullibility. Lereah, Yun, and the NAR are in the unfortunate position of being mouthpieces for this mass hysteria so they are singled out.
But in reality, Lereah is no worse than any US president or member of congress when it comes to huge, important lies. What about the pope or any priest with a pulpit? The hellfire and brimstone, homophobic racists on the Bible Belt circuit? Imams calling for jihad. Etc.
Personally, I think the NAR is guilty of high crimes and treason against the US, having done more damage to our country than any blind or diabetic islamic terrorist. And what do we try to do to islamic terrorists? And what should we do to all members of the NAR? Anyone? Anyone? Bueller?
How the Common Man Sees It Says:
September 1st, 2010 at 1:03 pm
What do they expect when they are always selling houses as investments and not places to live? In the investing world RE is the equivalent of the summer resort if we are talking timing. What I’m saying is that the owners of a summer resort know their product is only marketable a few months out of the year and that is what they target for.
Do you think the folks in the RE industry and/or the NAR want to be telling folks their ‘investment dream’ is only a great deal a few years out of many in the investment cycle? NO! That would put them out of business for years until the crowds came back every cyclical summer
That’s not gonna happen
d4winds Says:
September 1st, 2010 at 1:31 pm
Red pill HGTV sounds like a fabulous idea–to replace that NAR of the “financial” TV, CNBC.
Julia Chestnut Says:
September 1st, 2010 at 3:04 pm
The NAR are liars, and they aren’t even very good at it. Lawrence Yun is a laughing stock. The people who need to be strung up are the corporate media outlets that just take the press releases full of whoppers along the lines of “cotton candy cures cancer!!!!!!!!” and reprinting it along side what passes for “news.”
Industry shills are industry shills and always have been. What has changed is any semblance of concern for truthful and accurate reporting of statistics, facts, and trends. Statistics, facts, and trends are considered so malleable these days, no one worries about what conflicts of interests the spinners may have – they just care how little they have to rewrite it from the NAR’s website before press/broadcast time.
Despicable.
TomL Says:
September 1st, 2010 at 4:35 pm
Why is that *every* article written by or quoting a real estate professional includes the refrain “It’s never been a better time to buy.” ?
Reminds me of the warning how do you know a politician is lying…
loganagent Says:
September 1st, 2010 at 6:55 pm
It’s so true I recently had an experience where the local newspaper quoted me, after I said that our local market was going to decline, in my blog: http://loganrealestate.blogspot.com/2010/02/number-of-logan-homes-for-sale.html The local Board President came to me and told me not to speak with the media anymore. He said those in leadership had special “training” in how to handle media.
The ironic thing is that my market falling predictions came true. But we don’t want the public to know the truth do we.
philipat Says:
September 1st, 2010 at 8:37 pm
The “Blue Pill” being Viagra. Or, in other words the NAR is saying “Up yours”?!!
Very appropriate!
IrvineRenter Says:
September 1st, 2010 at 9:30 pm
I have beaten up on RE agents a couple times over the last year:
http://www.irvinehousingblog.com/blog/comments/realtors-treated-as-lackeys-and-maids-grovel-for-6/
and
http://www.irvinehousingblog.com/blog/comments/urgency-versus-reality-realtors-win-buyers-lose-14-jackson-irvine/
I totally agree with your assessment of the foolish way they operate. In fact, the growth of my side business as a broker is largely due to the fact that I refuse to spin BS the way they do.
BTW, thank you for the link yesterday. I greatly appreciate it, and I am flattered that you stop by and read my blog.
canoles Says:
September 2nd, 2010 at 8:36 am
“In other words, mislead the public with spin. Create false hope. Lie.” – Sir, that is NAR’s job as a trade association. Please name one trade association that does not do this.
What's not to like about the Summer of Recovery? Like, dude, the recession ended eons ago.
By an 8 point margin, independents who voted for Obama oppose his tax hikes
The [Center for Data Analysis] found that the Obama tax hikes would:
• Destroy an average of 693,000 jobs every year through 2020.
• Drain $726 billion from disposable income, $38 billion from personal savings, and $33 billion from business investments.
• Raise taxes on the 55% of all joint filers earning more than $250,000 who run small businesses that employ others.
• Cost the average non-farm small-business owner $3,500 more in taxes.
• Cost the 49% of all seniors with income below $250,000 $525 in additional dividend taxes.
• Cost the 25% all seniors with income below $250,000 $742 in higher taxes.
Now that's the kind of change you can feel in your nether regions!
Certainly, America's business leaders are feeling more comfortable with the Obama administration as...
Insider Selling Outpaces Buying By Over 290-To-1 In Past Week
...for the week ended September 17, corporate insiders bought $1.4MM in shares in a whopping 7 different companies. This was just marginally offset by sales of $441MM in 98 different companies, a ratio of 290 to 1 of stock notional sold to bought. But wait: this is GREAT NEWS: last week the ratio was 650 to 1! So this is a huge improvement and certainly yet another reason for today's rally... for those wondering just who is orchestrating today's move higher, please let us know if you find out.
And last but not least:
It would appear that certain foreclosures by major, major institutions may have been fraudulent... and, thus, invalid, which could really, really screw things up
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt evictions tied to foreclosures on homeowners in 23 states including Florida, Connecticut and New York...
...At least one (and perhaps more) "inside officers" in various law firms filed thousands (and maybe tens of thousands) of affidavits they did not read and thus could not have attested to.
...This practice appears to not be limited to one law firm. In fact, it may be basically the entire "foreclosure industry" that was involved in this.
...This is likely to derail many foreclosures - at least from a standpoint of time. It may also void some of them and force them to be re-litigated. This will have a SEVERE impact on loss severities - at minimum....
...If the time has passed to be able to make reasonable corrections to these so-called "ministerial errors" (and it probably has) then the impact on MBS holders who happen to have the "hot potato" in non-agency securitizations could be catastrophic...
In plain English, some reports indicate that thousands of foreclosures could have been performed without the appropriate documentation. Which could make them, ehm, invalid.
Which would make some of the investment vehicles derived thereof (like mortgage-backed securities or MBS), ehm, difficult to value.
SELL!!!!!!!!!
robert shumake
Official Google Blog: Google <b>News</b> turns eight
Today we celebrate the eighth birthday of Google News. Not long after the tragic events of September 11, 2001, we started building and testing Google News with the aim of helping you find current events from a wide variety of global and ...
Rumour: Project Milo cancelled Xbox 360 <b>News</b> - Page 1 | Eurogamer.net
Read our Xbox 360 news of Rumour: Project Milo cancelled.
Pentax announces price and availibilty for 645D camera: Digital <b>...</b>
Pentax announces price and availibilty for 645D camera: Photokina 2010: Pentax has announced its 645D medium format digital camera will start shipping globally from December 2010. The camera will sell at a retail price of $9999.99 for ...
robert shumake
Official Google Blog: Google <b>News</b> turns eight
Today we celebrate the eighth birthday of Google News. Not long after the tragic events of September 11, 2001, we started building and testing Google News with the aim of helping you find current events from a wide variety of global and ...
Rumour: Project Milo cancelled Xbox 360 <b>News</b> - Page 1 | Eurogamer.net
Read our Xbox 360 news of Rumour: Project Milo cancelled.
Pentax announces price and availibilty for 645D camera: Digital <b>...</b>
Pentax announces price and availibilty for 645D camera: Photokina 2010: Pentax has announced its 645D medium format digital camera will start shipping globally from December 2010. The camera will sell at a retail price of $9999.99 for ...
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