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Realtors(R) still promoting financial suicide


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2006 Nov 5, 5:39am   23,506 views  234 comments

by Patrick   ➕follow (55)   💰tip   ignore  

Shill

I was horrified to see a full page ad in the NY Times this morning, encouraging people to buy now, of all times.

Here's a PDF file of the ad

And here's their insider announcement

The need for this kind of desperate propaganda seems like a clear sign of fear among Realtors(R).

Patrick

#housing

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1   Randy H   2006 Nov 5, 6:52am  

At long last, sir, they indeed have no shame.

2   Paul189   2006 Nov 5, 7:04am  

How is it a good time to sell with record inventory and falling prices? It's hindsight, but obviously last year was a good time to sell.

How is it a good time to buy with record inventory and falling prices and rents being so much less than owning?

So the NAR says these things without any supporting facts and we should all listen then run out and buy something. Thanks for insulting my intelligence!

Perhaps they would serve the members better by taking that ad money and offering job training assistance in alternate careers.

3   astrid   2006 Nov 5, 7:05am  

Used house salesmen, now exactly like used car salesmen...

4   FormerAptBroker   2006 Nov 5, 7:59am  

Has anyone seen this ad?

http://tinyurl.com/ybp3zm

5   Different Sean   2006 Nov 5, 8:19am  

not until now...

6   ak268   2006 Nov 5, 8:35am  

I've been seeing horrifying ads much closer to home than the NYT just by keeping a watch on Craigs Sacramento. How about an up to $2 mil 100% loan with out income verification? Apparently there are significant vested interests seeking to perpetuate houses of cards that are overdue for a day of reckoning. Can such charades continue indefinitely? I hope not.

7   Paul189   2006 Nov 5, 8:43am  

"should" does not equal "make"

8   skibum   2006 Nov 5, 9:02am  

Maybe some of the more economist-like folks on the board can comment, but when is it ever a good time to both buy AND sell in RE? If it's a "buyers' market", the sellers are at a disadvantage, while in a "sellers' market" the buyer is at the disadvantage.

The only scenario where both are in a financially advantageous situation is if all realtor commission is eliminated and transactions save the 6% commission, shared between buyer and seller. Maybe the NAR is implying they are waiving all realtor commissions??

Of course I kid, but how dumb do they think people are?

9   skibum   2006 Nov 5, 9:05am  

Hey,

Where's our friend CorruptRealtor? Maybe he can offer his "insider's" view on what the NAR is thinking in putting out this ad campaign. Are they really as desperate as they appear?

10   skibum   2006 Nov 5, 9:33am  

Can anybody me out here. Is there a word for the phenomenon exhibited in the above ad.

I think the word you're looking for is "desperation."

11   Different Sean   2006 Nov 5, 9:41am  

by a convenient coincidence, this story just came up in the local paper about 'hiding defects'. clearly, defects may not cost $1,000, they may result in a knockdown of $10,000 or no sale at all, depending. While a single hole in the plasterboard wall may be cheap to repair, it would look extremely bad on open day, ditto for repainting the walls etc before you sell -- impressions count for a lot -- as we know with the 'staging' movement...

-----
Buyers told to beware house flaws
Daniel Dasey
November 5, 2006

THERE is a growing trend among home sellers to camouflage flaws in their properties by using everything from gap filler to plants and wall panels, a peak building body warns.

Archicentre, the building advisory service for the Royal Australian Institute of Architects, said the number of home buyers seeking advice about faults uncovered in properties had surged.

Faults include illegal building work, cracks, termite damage and timber rot.

"Many of the cover-ups are effective because prospective home buyers do not know what to look for and fail to understand the cost of the hidden problems," Archicentre state manager David Lawrence said.

"Typical 'weapons of mass deception' include the use of gap-filling products, wall panelling, strategically placed furniture, pot plants or rugs and newly painted surfaces."

Mr Lawrence said Archicentre had also had an increase in calls made by worried home buyers after they had signed the home sale contract.
-----

12   Patrick   2006 Nov 5, 9:46am  

Thanks Boston Transplant, good idea to put up a link to the parody as the thread image.

Patrick

13   astrid   2006 Nov 5, 9:54am  

FAB,

Perhaps the realtors aren't quick as interested in concealing the $1K defects, but they're quite willing to conceal potentially deal breaking defects (like a buyer that makes $60K/yr buying a $750K house).

So I think it's just a matter of scale.

Can't wait for the equivalent of CarMax to put them all out of business.

14   Different Sean   2006 Nov 5, 10:55am  

very true, John. not that it will sway the NAR too much :(

it's always a bad sign when you can't obtain any contact details for an organisation for feedback...

I was stung to write an acerbic e-mail to the shadow Treasurer yesterday, where Labor promise to magically 'reduce inflation and interest rates' if they get elected. I pointed out that housing inflation has probably been a substantial trigger for general inflation, and to call me if they wanted some genuine workable affordable housing policies. I'm still waiting for the call... (from a slimy overpaid 'adviser')

15   Paul189   2006 Nov 5, 11:06am  

If you look at the insider announcement from Patrick, you'll notice an
e-mail in the top right corner:

scook@realtors.org

16   e   2006 Nov 5, 11:52am  

Turns out that there are still some semi-bulls in the comment thread here:

http://bigpicture.typepad.com/comments/2006/11/analyzing_why_i.html

17   astrid   2006 Nov 5, 12:01pm  

If I truly believed in internet spambots, Ha Ha would be the prime suspect.

18   FormerAptBroker   2006 Nov 5, 12:04pm  

Ha Ha Says:

> I could not vote DEMOCRAT mainly due to two reasons:
> 1. Responsible for housing bubble

How are Democrats “responsible” for the housing bubble?

> 2. Supports illegal immigration

At least the Democrats support illegal immigration while doing absolutely nothing to stop it. I don’t know how Republicans can sleep at night when they rant about illegal immigration day in and day out then like the Democrats do absolutely nothing to stop it…

19   astrid   2006 Nov 5, 12:21pm  

SFWoman,

I'm not a fan of illegal immigration ( lawbreaking is lawbreaking to me, regardless why the law gets broken ) but Ha Ha has a truly laughable stand on illegal immigration. Most of the Central Valley farmers who depend on illegal immigrant laborers are Republicans. Ditto the Republican builders and contractors who hire illegal day laborers.

I think the Democrats are actually quite ambivalent about illegal immigration. The limousine liberals might be for it, and the inside the beltway types salivate for the legalization of poor immigrants (whom they think will vote Democratic, I'm not so sure about that prospect coming true), but the poor blacks and poor whites who still vote Democratic are very hostile towards illegal immigrants - those illegal immigrants are undercutting them on jobs, affecting the culture in their neighborhoods and schools, and competing with them on government benefits.

20   astrid   2006 Nov 5, 12:25pm  

Re: midterm elections

I'm really unenthused about this midterm election. On one hand, I can't stand having the Republicans in power any longer. On the other hand, I feel a Democratically controlled congress (pun intended) will allow the Republicans to blame all the bad things they allowed to happen on the Democrats.

To be quite honest, I'm not even sure I want to vote this year. I really feel like there is no "less bad" decision this year.

21   Peter P   2006 Nov 5, 12:28pm  

limousine liberals

You mean "Keep Tahoe Blue bumper sticker on Chevy Tahoe bumper" liberals? :)

The problems associated with illegal immigration will be solved by replacing income tax with sales tax. A welfare reform is also necessary.

A welfare state will fail with or without illegal aliens.

22   astrid   2006 Nov 5, 12:34pm  

I just hope the US get out of Iraq pronto. My boyfriend's brother stupidly joined the US army this fall and I do not want to worry about him losing a limb or his life due to Republican callousness on this subject.

23   Peter P   2006 Nov 5, 12:37pm  

My boyfriend’s brother stupidly joined the US army this fall and I do not want to worry about him losing a limb or his life due to Republican callousness on this subject.

Let's hope that he is alright. All wars are wasteful.

24   Different Sean   2006 Nov 5, 12:37pm  

jbunniii Says:
Ha Ha, don’t worry, your vote and mine canceled each other. We might as well have both abstained.

hmm, where does that lead by a process of induction...

Walk puppies, young puppies. Volunteer to train them for others or something, because once it’s a dog it is far less of a magnet. Cute fluffy puppies.

hmm, that's easier than riding a horse thru city park and keeping it in the apartment... and even includes a tip on how to get them!

25   Different Sean   2006 Nov 5, 12:39pm  

I just hope the US get out of Iraq pronto.

let's see what happens in the polls tomorrow. altho i'm worried that somehow the repugs will be returned with an even higher majority through some strange artifact...

26   Peter P   2006 Nov 5, 12:41pm  

SFWoman, if the right tax and welfare reform is implemented, the presence of illegal aliens will

1. be disincentivized
2. pose less harm

27   Peter P   2006 Nov 5, 12:43pm  

I think it is still too early to judge the Iraq war.

28   astrid   2006 Nov 5, 12:43pm  

Does the puppy tip work for little kids? What if a guy (in search of hot women) volunteer to babysit his friend's young children?

29   astrid   2006 Nov 5, 12:44pm  

Peter P,

Didn't you just say all wars are wasteful?

30   Peter P   2006 Nov 5, 12:45pm  

Does the puppy tip work for little kids? What if a guy (in search of hot women) volunteer to babysit his friend’s young children?

Puppies may work better... I don't know. I am a 100% cat person.

31   astrid   2006 Nov 5, 12:48pm  

I wonder if the dog walking trick is breed selective, golden retrievers for one kind of women, poodles for another kind of women, and so on.

32   Peter P   2006 Nov 5, 12:52pm  

I think a better tax policy and welfare reform would make things more fair, but I think most illegal immigrants come here not to get welfare (although there are benevolent-society groups that sponsor legal immigrants to do just that) but to work because they see far more economic opportunity here.

True. A guest worker program is necessary. The present situation indicates that current regulations are economically inefficient.

I think a well thought out, enforced guest worker program that actually keeps track of the workers, combined with proper exit control at US points of entry/exit would be most helpful.

Exactly.

33   astrid   2006 Nov 5, 12:52pm  

so not a good idea

34   astrid   2006 Nov 5, 12:58pm  

And neither the Republicans nor the Democrats would propose that guest worker program. And I would agree with them. This country has a sufficient underclass as it is, no need to formally create yet another layer and make it into some sort of Gulf Arab state (see also Hong Kong and Singapore) where guest workers are treated like slaves.

35   astrid   2006 Nov 5, 12:59pm  

SFWoman,

Ah, you're psychic!

Actually, that first comment was re: your response on guys babysitting young kids to attract women.

36   Peter P   2006 Nov 5, 1:01pm  

This country has a sufficient underclass as it is, no need to formally create yet another layer and make it into some sort of Gulf Arab state (see also Hong Kong and Singapore) where guest workers are treated like slaves.

It seems that the free market pushes for it though. My impression is that slavery - one form or the other - is just natural to the human order.

More reason for self-hatred.

37   astrid   2006 Nov 5, 1:01pm  

Peter P,

One ought not read too much into fiction, esp. Michael Crichton's fiction.

38   Peter P   2006 Nov 5, 1:03pm  

Ah, you’re psychic!

Generally, women are more psychic than men.

39   astrid   2006 Nov 5, 1:05pm  

Illegal immigrants aren't making the sort of wages where income tax would be a serious consideration. And I highly doubt a sales tax would do much to affect their affection for US jobs.

As I've said before, the best solution is to severely penalize any employer who dares to hire illegals. Bankrupt them, lock them in jail, shame them in public and make them the scum of the Earth. Once the demand dries up, the supply will eventually head back south. No fences needed, just make it impossible for illegals to stay.

40   Peter P   2006 Nov 5, 1:07pm  

As I’ve said before, the best solution is to severely penalize any employer who dares to hire illegals. Bankrupt them, lock them in jail, shame them in public and make them the scum of the Earth.

That may work for a while. But it may not be economically efficient though.

BTW, why isn't the American underclass being utilized?

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