Tuesday, 08 January 2008 00:00

The Reggie Middleton Real Estate IQ Test - Who believes the NAR?

From CNBC.com

Home Sales Seen Holding Steady In Coming Months

Pending sales of existing U.S. homes inched lower in November and should hold  steady over the next few months, a real estate trade group said. (I ask, "Why should they do that? Credit is tighter, recession evidence is stronger. Supply is greater, and demand is lower. Hmmm, let me consult the book written by that ex-NAR guru for the answer." )

The National Association of Realtors Pending Home Sales Index, based on contracts signed in November, dropped 2.6% in November, to 87.6 from an upwardly revised 89.9 in October.

Economists polled by Reuters ahead of the report were expecting pending home sales to decline by 0.5 percent from October's originally reported 87.2.

The November number was down 20% from a year earlier.

The pending homes sales data suggests that the volume of sales will hold steady for a while before turning upwards before the end of the year, said NAR chief economist Lawrence Yun.

With all due respect to Mr. Yun, Mr. Lereah and the NAR, anyone swift enough to complete the registration form for this blog should know, by now, to discount this association's data and opinions. They do not do the industry justice with this nonsense. Realtors should actually be the first in the protest line. It is their credibility that is being called into question, for this is THEIR trade group. Credibility is the key!

I, for one, would find it refreshing to have a realtor tll me, "You know, the market really sucks now, but I will contact you when I feel an appropriate opportunity arises." They may not get the sale that day (like they were going to get it from me anyway???) but they would have registered on my credibility meter and most likely would get the sale when the opportunity arises. They would definitely stand out against the cacophony that is the salespersons who pump the "company line" like the guys in this press release.

Last modified on Tuesday, 08 January 2008 00:00
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