For those of you who don't know, NAR is the acronym for the most corrupt cartel in modern history, the National Association of Realtors (TM). This is the organization that tells us in all of their fancy commercials that we should be honored to pay them 6% of the price of our home just to have them put it into their proprietary classified ads and help us sign a few forms. Granted, Realtors (TM) themselves can be very nice people... but the fact of the matter is that they are completely overpaid for the work and very minimal expertise that they provide. The NAR is consistently a top special interest group, paying out almost 4 million during the 2006 election season. In return they have been rewarded with legislation and the support of our politicians that allows them to maintain the monopolistic and extremely lucrative practice of extorting 6% from just about everyone that needs to sell their home.
Anyway, the point of this post is to highlight what I consider to be some very hilarious remarks from the infamous chief "economists" of the NAR who are really nothing more than paid cheerleaders and shills compensated handsomely through Realtor (TM) association dues. They, along with the National Association of Mortgage Brokers (NAMB), National Association of Home Builders, banks, investment firms, and of course the Federal Reserve, Congress and G.W. will go down in history as the cause of the largest asset bubble in the history of the world and the ensuing economic collapse that resulted because of it.
Lawrence Yun:
February 2008
"The NAR's chief economist, Lawrence Yun, said the market is 'scratching the bottom,' with sales holding at a deflated rate of around 5 million units for the past several months."
November 2007
The market for existing homes is "hitting the low right now" and heading for a "modest recovery" next year...
David Lereah:
January 2006
"The market is in the process of normalization."
"The level of home sales activity is now at a sustainable level, and is likely to pick up a bit in the months ahead."
April 2006
"Home sales will move up and down somewhat over the remainder of the year but stay at a high plateau."
"This is additional evidence that we're experiencing a soft landing."
July 2006
"The market should even out just below present levels."
"The market is stabilizing."
October 2006
"We expect sales activity to pick up early next year."
"This is likely the trough in sales."
January 2007
"The good news is that the steady improvement in sales will support price appreciation moving forward."
"It appears we have established a bottom."
March 2007
"Sales have hovered for the last four months, scratching bottom and then coming up, scratching bottom and coming up again. We are comfortable this is now the bottom"
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