Thursday, January 24, 2008

Did someone say the "D" word?

WASHINGTON (AP) -- Sales of existing homes fell in December, closing out a horrible year for housing in which sales of single-family homes plunged by the largest amount in 25 years. The median home price dropped for the entire year, the first time that has occurred in four decades.

For the year, sales of single-family homes were down by 13 percent, the biggest drop since a 17.7 percent plunge in 1982. Lawrence Yun, the Realtors' chief economist, said it was likely that the country has not experienced a decline in housing prices for an entire year since the Great Depression of the 1930s.

Hey wait a minute Larry. Just hold on one damn minute. Last year around this time and 9 months ago and 6 months ago and 3 months ago, you were saying NOW IS THE BEST TIME TO BUY. You were saying the worst is over. You were saying nothing but sunshine and lollipops on the horizon. You were talking about how renting is throwing your money down the tubes. You were also instrucing your minions to spew the same vile garbage to unsuspecting people who simply don't know any better.

If anyone had listened to you 24, 18, 12, 9, 6 or 3 months ago, they would have bought in a housing market not seen since the Depression. The Great Depression Larry. Do you understand how bad things are in housing if you have to go back to the 1930s to find a worse situation? The second the ink had dried on their contract they would have been upside down on their loan be potentially ruined financially. Hey but what do you care? As long as the 6% is kicked upstairs to the NAR (National Association of (Lying) Realtors) it's all good right Mr.Yun?

And here's a shock, Yun says he expects things to be better by spring. No, really? I'm shocked at his prediction.

Care to explain yourself sir? Care to explain how a so-called economist could possibly knowingly give such awful economic advice to the public. You sir are a disgrace to your profession. You are a disgrace to your country and a disgrace to the human race to be quite honest.


Anonymous said...

Hey dude, you need an option on your stimulus package poll for:

"I am 'rich', so I don't get squat."

I've read that those making over 150k, filing jointly are "phased out", whatever that means.

Ed said...

Well you don't get to the student loan deduction, you can't contribute to an IRA, you can't take the child credit deduction.

Why would this surprise you?

Damn it man at $150,001 you are in Vanderbilt territory. I know people like you. Married couple each making $80K. Driving the Ferrari to the Hamptons every weekend, flying the off to the mountainside ski chalet in Vail and using a bottle of 1929 Rothschild to gargle every night before going to bed. You don't need a tax rebate, you're loaded.

Anonymous said...

Yun, liar or stupid?
I'm willing to bet a bit of each.

When the "last" of the customers were sold to via ARM's, then we can see what happens when there is no more money to move about.

Too much inventory,no customers.

Catch a falling knife?
More like a tornado hitting
a knife factory.