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Watch The NAR's Larry Yun Explain The Pending Home Sales Miss
Readers know that Zero Hedge boycotts manipulated NAR data, which, just like Libor, is not only meaningless, and set by "insiders" who have skin in the game, but is also always wrong and just like BLS data sees massive retroactive revisions which make any concurrent data releases flat out fabricated. Today we will make an exception, not so much because the just released pending home sales miss (-1.4% on expectations of +0.3%) confirmed what most people know: namely that the housing "recovery" has the same credibility as saying ZNGA has bottomed, and follows misses in New and Existing home sales, but because the below video of Larry Yun is a pure theatrical masterpiece and worth the price of admission alone.
And more from the NAR, which at last check was still exempt from Anti Money-laundering provisions (unlike the HSBC), in effect making the US real estate market the biggest legalized money laundering operation in existence, fully endorsed by the US government,
Pending home sales declined in June but marked 14 consecutive months of year-over-year gains, according to the National Association of Realtors
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, slipped 1.4 percent to 99.3 in June from a downwardly revised 100.7 in May but is 9.5 percent higher than June 2011 when it was 90.7. The data reflect contracts but not closings.
Lawrence Yun, NAR chief economist, said inventory shortages are a factor. “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” Yun said. “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”
According to the Realtors® Confidence Index, the buyer traffic index stood at 60 in June while the seller index was 41, which shows a large imbalance between buyer and seller interest. A value of 50 implies neutral market conditions; the disparity between buyers and sellers began to grow in early spring and has been in a particularly large imbalance for the past two months.
“Any bank-owned properties that have been held back in markets with inventory shortages should be released expeditiously to help meet market demand,” Yun said. “Housing starts will likely need to double over the next two years to satisfy the pent-up demand for both rentals and ownership.”
And more gobledygook here
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'Theres NEVER been a better time to buy than RIGHT NOW! Contact your local NAR dues paying dupe, he'll tell ya all about it....things like how real estate never goes down'
" He looka lika man "
Bernanke making Quintillions available to Foreign Terrorists...
Sorry, no money available for building 4 square walls and a roof
I guess here in America we'll all have to just keep living in our tents...
Larry Yun--------->AnAnonymous?
He deserves a public humiliation with a mud pie in the face.
So..., he's saying..., contwaks are up, but not necessarily sales.
Dude, that was hliarious!
milliondollar bonus has just been neutered....this is like when cartman saw the ass heads and it was so funny he could never laugh again......this cannot ever be topped....true blood is more believable than this.....they have to have his family off camera with rocket launchers pointed at their heads....WOW...
bonderøven-farm ass said:
"Problem apparentness of housing market the lack of inventory judiciously. US citizen housing demanding being now fourteen months firmly the dangdang."
And from http://www.zerohedge.com/search/user_comments?name=AnAnonymous we see no posts from AnAnonymous in the 24 hours prior to the Larry Yun NAR video.
Things that make you go hmmmmmm.......
Eyewitness - Ms. Swan - YouTube
Dat yu Mi Swan?
Housing = Leck...big Leck
http://www.youtube.com/watch?v=Fjh3TxOHCxE
thanks SheepDog for that info...I have my eye on a 3500 sq ft Mcmansion that has been sitting vacant for years..I figure it is a steal at 1/2 million $
What's the address? I wanna know where to claim my mcmansion for $100 from you after the US attacks Iran and WW3 is in full swing. You won't be needing that place when the radiation is as thick as fog in every major city.
Nice to know these clowns have taken a substantial hit the past few years, looks good on them.
Hitler Video on his Mickey Dead Mous, McMansion; what do you call 1 million realtors out of work, a good start, here in Midwest 75% of them are on the street....
heeeeeeeeere's ADOLF..... http://youtu.be/ioe_mzxhk4M
http://dddanalyst.blogspot.com/2012/07/another-housing-recover-miss-pending.html
or for the full baloney... (I.M gonna miss those granite countertops und der stainless steel appliances"
Au Vedesein, Berflunky will bail me out.!!!! )
Fewer homes in inventory? Even CNN reports on the monster shadow inventory.
Anyone who buys a house now deserves to get foreclosed on when they are underwater and quitting making payments.
Anyone who lends to someone to buy a house now, deserves to have their "homeowner" walk away. WTF
Sorry, couldn't watch.
Pretty much.
One mroe sec and I would have taken my own eyes out.
What was up with the guy asking questions from his right shoulder and Larry answering to the camera off his left shoulder?? I guess they let the interns handle things when NAR is involved.
BLS = BS
Fear, Uncertainty, Doubt.
He must have a PhD
The crash people are waiting for will not happen. Neither will hyperinflation. This is more like a bunch of seals on an iceberg that is swarmed with killer whales. Every once in a while a seal falls into water and disappears. This economy will fall apart one person at a time. Whoever is left will be scratching and clawing just to stay where they are. The people in slightly better shape than those people will either watch in horror or just try to look away.
Yea great analogy. The thing about icebergs - they melt.
And they actually do occassionally collide other objects...
Guess Laguna Niguel is not Laguna Beach. I remember years ago where every city in the area wanted Laguna in their name. Guess it added thousands to the property values. City of Laguna Audubond sp? rings a bell. Not sure if that ever came to be.
The name is everything.
Remember the "Hotel Coral Essex?"
Those nerds packed em in at that joint!
pods
you get +1 for rolling old school.
Remember "HOTel cORAL esSEX?"
Laguna beach down ~9% y-o-y and Laguna Niguel down about 2.5% according to Zillow. Still hefty Bubble Pockets waiting for the pin according to Dr Housing Bubble.
Bubble Pockets are feeling the pinch now in primo Cali neighborhoods:
http://www.zillow.com/local-info/CA-Laguna-Niguel-home-value/r_25459/
Watching grass grow would add more value.
gloom, despair and agony on me
http://www.youtube.com/watch?v=FQ5ob9B9yD4
+1 stinkhammer... on style points...
I made that the official company song at a place I worked... It summed up our employment at said company...
I sang it every day when another management fuck up came to light...
Welcome to the NAR bullshit buffet. I go now. I eat too much.
Is it my imagination or are todays market moving news stories tacking particularly high on the bullshit meter?
First the Draghi bullshit and now this fucking clown is trying to say that it's because there are fewer houses for sale? Seriously?
What's that old saying..."don't piss down my back and tel me it's raining"?....yeah...that pretty much says it all.
Heh. I knew my brother lurked here.
Very close to my other favorite:
"Ben Bernanke? Shit, I wouldn't piss in his mouth if his teeth were on fire!"
pods
What about bridges-to-nowhere sales?
Don't worry, here in California we're gearing up to build the NOT-Highspeed Rai from nowhere to nowhere.
Funny you should mention Californai:
O.C. retirement system $10 billion in the holeThe Orange County Employees Retirement System – which has assets valued at some $10 billion — also happens to be about $10 billion shy of what it needs to fulfill its pension promises to workers, according to a study of California’s largest independent pension systems by researchers at Stanford University.
Put another way, OCERS is only 53.5 percent funded, they said. Stanford suggests that a healthy system must be at least 80 percent funded (but others say that even 80 percent is way too low).
http://taxdollars.ocregister.com/2012/03/09/stanford-o-c-retirement-syst...
Did they mention they were optimistic leaders? That always makes bullshit more believable.
Good Deals in TORONTO...
For $500,000 you can get a nice Piece of SHIT semi-detached - but you probably have to go over the asking price.
However, once you purchased it - you can't move in right away...
...thats because you need to spend another $75,000 -100,000 in upgrades to make it livable in the fuckin thing.
Can you say "bubble" ?
People never factor in (annual taxes + cost of living) x the length of the mortgage in their price valuations. Over say 30 years, it's like carrying a second mortgage, with no corresponding access to premium services and goods esp. with municipial budgets imploding.
awesome QBS
6% commission pays for big bullshit. NAR has deep pockets and they are filled with only the finest crap.
And the winner for best male performance in the Ponzi statistics manipulation category, real estate sub-category, goes to..........
Larry "Douche-Bag" Yun...
Best Supporting Actor in a Comedy Series...
what is 8% of zero?
Accoring to the fed mayhem,
16.5% growth, and 2.5% unemployment.
Hope that clears that up mate.
You lying little cunt,
Thee fucking parasites need a real fucking job, hard labour down a mine breaking rocks.
I could barely stomach 2 mins of this fucking outright bollocks. Little fucking shit hawk
^^^^
Thee could even be these if you read it differently?????
Damn, I only made it to 1:20. I miss HousingPanic, those were the good ol' days.
Fewer houses on the market = less sales.
This is right up there with Bernanke's "more expensive oil is bullish as it means less consumption, and hence less money spent on oil".
residential realtors reflect the residential home industry. Incompetence is the overall description I would give to brokers, mortgage lenders, appraisers, home inspectors, owners and buyers. The system is dumbed down to the level of the lay individual, who has never been given any formal training in home ownership or home buying and selling. As a result, the system is totally broken.
I couldn't even finish watching this shit. These guys sound like a couple of amateurs.
There is no doubt that the banks are holding REOs off the market in a concerted nation-wide move. The result is that prices are stabilizing (for now) as inventory drops. Anybody that needs to sell and can sell should sell now.
...even though...
Pulte Homes up 13% today, new 52-week highs
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=phm&inst...
XHB didn't even sell off during this "Eurozone Debt Crisis", the U.S. consumer cannot be stopped when interest rates are near zero.
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=xhb&inst...
Greedy apartment building owners keep jacking up rents, pushing more and more people into entry level houses.
Man, it must SUCK to be you.
This is one of the Robot's best posts, ever, in my opinion. A solid 10.
Don't hate the player, hate the game.
Greedy apartment building owners keep jacking up rents, pushing more and more people into entry level houses.
- RobotTrader
That are getting purchased with a FHA 3% down special that is underwater in a few months... Smart inwesting, Robostyle...
Hey Babe,
How is it in the North West there?
"Smart inwesting, Robostyle..."
"inwesting" ?????
Is that you Bwarney Frank?
"I'm not concerned about the drop,".....he he he....neither am I, Larry cause the 20% plunge Shiller said (based on facts) will make this -1.4% drop look like a cakewalk.
I am tired of watching these "Watch..." which common sense has told me already.
PLEASEEE... Make it STOP!!
I just want to GO HOME!
http://www.bloomberg.com/news/2012-07-26/foreclosure-filings-increase-in...
Is this a good sign?
US average rate on 30-year fixed mortgage falls again, dropping below 3.50% for 1st time on records dating back 60 years - @AP Story metadata:I doubt it's a good sign. If they've been held from being forceclosed, and who knows for how long, they will add to the glut of inventory. There is huge shadow inventory as recently pointed out on one of the MSMs, by one of the talking heads predicting a 20% drop in home prices still.
So if you were in the market to buy, knew foresclosures were just starting again, knew there was a massive inventory that will take many months to burn off, would you be jumping in now or wait for the prices to drop further?
And that doesn't include the employment being stagnant at 8.2% (and more if one uses real figures - like 15-22%), incomes stagnant dating back decades, young people not finding work after graduation, baby boomers flooding the market at 10k/day (and trying to sell homes to downsize), etc.
Despite hundreds of empty houses sitting there with "For Sale' signs, I just read that several builders got approval to add 6,000 houses to the area....no one can say there is shortage of supply....not even Larry.
Sublimally he was saying, "YOU BUY HOUSE NOW ROUND EYE".
Mark it a zero
Am I the only one around here who gives a shit about the rules-- Mark it Zero!
http://www.youtube.com/watch?v=O0rZyDTMtrA&feature=fvwrel
Can you imagine doing this at the TBTF banks, over their shoulder, while they show you the "assets" they have on their books?
Fucking Larry
"Dude, please! Is this your homework, Larry?"
"Is this yours, Larry? Is this your homework, Larry?"
"We know it's his fucking homework! Where's the fucking money, you little brat?
"This is what happens when you fuck a stranger in the ass!"
Too perfect!
http://www.zerohedge.com/users/max-fischer
Consequently, the sales of Unicorns and bullshit removal dust have gone absolutely parabolic. So that's gotta be a good economic indicator right?
He reminds me of this:
We've Been Friends For So Long...
Foreclosure Filings Increase In 60% Of Large U.S. Citieshttp://www.bloomberg.com/news/2012-07-26/foreclosure-filings-increase-in-60-of-large-u-s-cities.html
Banks holding back inventory is the only thing keeping prices from falling more.
The magic of creating the illusion of "tight supply".
Gotta love the way he always uses made up indexes with subjective data to positively indicate trends. The BLS would be proud of the "Pending Home Sales Index."
And another thing, correlation is NOT causation!
How 'bout that "...new title defect..." issue?
Any bank-owned properties that have been held back in markets with inventory
shortages should be released expeditiously to help meet market demand,”
Yun said. “Housing starts will likely need to double over the next two
years to satisfy the pent-up demand for both rentals and ownership.”
- Lawrence Yun
Thanks for the confirmation that shadow inventory management remains a cornerstone of RRE here in the US.
The shadow inventory is a big problem for the banks and market.
It is estimated that in 75% of those foreclosures are legally invalid.
Several Court cases have affirmed the right of the original owners to
reclaim that property .Over 2000+ already have.Leaving the new 'owners'
fucked Current title insurance is so full of exclusions ,as to be worthless.
Buying now is Russian roulette with five rounds loaded.
Caveat Emptor
Sounds like kaka to me.
And the lies just keep on coming...
What a hoot! I think the funniest part was when he said the increasing number of renters represented pent up demand and they would soon become buyers. Puhleez! What he may as well have said was:
" Pigs can't fly currently, but they are fast learners and soon it will be raining pig shit."
Too funny!
I wonder if these stupid fuckers have caught on that people know what they are up to?
I mean, he looked a little nervous, and was looking all over the place rather than the camera?????
Do you think these two stupid bastards might have some idea that ZH is around and SHOCK!! They might even read it????
Well if you two cunts are reading this, we are on to you, you lying little bastards, enjoy what peace you have left.
It wont last long
Wow! and I thought I had the hate on for the NAR! It's all too true...
so we are supposed to sit here and believe what a commie slant eyed yellow gook economist from NAR says
Why so racist cum breath?
no shortage of houses for sale where I live...many have been on the market for a very long time.
there is however, a definite and noticeable shortage of jobs.
hmm...
is there perhaps a correlation there? nah...that explanation is to simple, you need the educated idiot to give you the more complex version, the long form, full of terms that tell the average joe that whilst common sense might hint at one thing, the truth is more complex and therefore beyond average joe's wit to understand.
I despise people like this, meat puppets who spew bullshit, and for what? maybe he doesn't even know what he is saying is tripe, but that's even worse seeing as that tells me he is to apathetic to even take an interest in whether or not the information he is spewing is...oh i don't know, truthful?
shit like this is both laughable and at the same time a sad reminder of the lack of personal morals and individual responsibility in our culture today.
There's ALWAYS a well-paying job for the motivated real-estate broker with the right attitude!
...problems relating to the new title defect issue...
No kiddin? REALLY?
Zounds and gadzooks I do say, old chap!
quiet title
Good spin. Imagine this explanation on CNBC. "Stocks went down last year because of a lack of shares to sell!" What a crock.
The bottom line is that the desire to buy homes is NOT broken. There are still people selling flipping strategy books, "this old house" tv shows and real estate radio programs. As an example, I heard a flipping strategy seminar being advertised on a Wichita radio station this morning. Also, in Wichita there is a "Real Estate Today" radio program. I don't think there will be any desire for those shows when the market has hit bottom.
I think rentals will be a SUB PAR if not losing venture for most markets in the years ahead. My grandmother in the 60's bought a rental house for a $1.00. She wanted to buy 3 houses from a guy. He wanted to sell four. He threw in the last house for a $1. THAT IS A DEPRESSED MARKET. Also, my dad said that when he was in college in the late 60's his professor 'proved' that owning real estate is a losing proposition. That sounds more like a depressed market to me. Not the daily headlines and talking points that real estate has hit bottom.
Be patient. Let the current buyers fix up the houses you will buy from them in the future at a loss. Housing prices are going no where. As for vacation property....RUN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! That will be the biggest loser of them all through this crisis.
Okay I am done.
Good points. There will be more & more people renting in the future, and that will have some additional consequences.
With rapid inflation or possibly hyperinflation around the corner, how does one expect their tenants to be able to stay current on their rent? As TSHTF at the same time as an increasing number of renters are losing their jobs, does anyone else expect more "feel good" legislation that will make it virtually impossible for those "greedy" landlords to evict tenants, even for cause? Anyone else expect rent controls that definitely won't keep up with real inflation? We're already seeing municipalities threatening to scale back or stop providing services if property taxes can't be raised. As a landlord, it's going to hurt seeing property taxes spike, especially if one isn't allowed to pass that on to tenants.
As it's been throughout history, politicians will pander to the squeaky wheel groups to make it look like they're actually doing something, while doing absolutely nothing to address or fix the real problem. With a larger percentage of the population renting, it's going to be a big, angry group of folks to try to placate. Owning rental property has some serious risks going forward.
"There's never been a better time to buy Zynga," is what he meant to say.
Zynga Insiders Who Cashed Out Before The Stock CrashedIn April, Zynga conducted a "secondary stock offering" in which insiders dumped 43 million shares of stock at $12 a share, raking in about $516 million.
Yesterday, four months later, Zynga reported a horrible quarter, and the stock plunged to $3.
In other words, Zynga insiders cashed out at exactly the right time.
In fact, they cashed out in the same quarter in which Zynga imploded.
The quarter had already begun when Zynga insiders shoveled their stock out the door.
http://finance.yahoo.com/blogs/daily-ticker/zynga-insiders-cashed-just-s...
Hey positivists - get fucked!
Baghdad Bob was more believable imho
COME TO MY SEMINAR! LOOK AT DEZE BABES!
I have a sudden urge to run out and buy property because its one of those impulse purchases and I best be keepin' up with the joneses. 5/1 ARM? No problem! Plus I've been one of those dots on that 'potential buyers who are currently renting' graph since at least 2002. Makes me feel like I'm not part of the "in crowd" when some chinese douche starts telling me I should be buying a home.
Couldn't they at least have put an American we could understand in charge of NAMBLA err... NAR... hell, a Briton, Frenchman, or Australian would have more weight, accent-wise, than some Chinese guy. Although, perhaps its telling that a Chinese guy is telling us to buy homes because... soon his people will own us, if they don't already!
Ironically, a friend of mine pointed out an auction house near his place that sold in February for $161k and was 'fixed up' and is now on the market for $775k, 5 months later. HAHAHAHAHA! You can't tell me somebody put $500k worth of value in that home in 5 months. I'm wagering the property sells for $400k, at most.
Speaking of Laguna Beach.
Here's a house that just SOLD for $1.2 million.
1234 roomy square feet built in 1924. Looks like a shack.
The lucky new owners of this "bargain" will see the property taxes go from $4400 a year to approximately $15000.
http://www.zillow.com/homedetails/380-Aster-St-Laguna-Beach-CA-92651/255...
Isn't this area on a major fault line? A few miles from a problematic nuclear power plant...California Dreaming...
This is a RE bottom? IMHO not even remotely close. The insanity remains.
Hmmm! Not looking good where I live. Housing in the 225,000.00 + range 42 on the market and only three have sold since January of this year. Our real Estate prices were not outrageous to begin with in Arkansas. The media can spin it anyway they like but alot of builders are now bankrupt and multi-family contruction is booming for now as more and more are renting apartments here.
Hell I feel like the dumbass right now mine is paid for!
HMMMMM maybe GM should hire him.....if we have a lot more dealer stuffing we will sell a lot more cars.
Yeah no Real Estate Bubble - it's all back to normal
The guy was squirming and herky-jerkying his head around like somebody was threatening to kill him. Reminds me of the Chinese money launderer in The Dark Knight...
"I know squealers when I see them...and he's. a. squeeaeeeler."
Gotta be nerve-wracking to tell lies that big.