Watch The NAR's Larry Yun Explain The Pending Home Sales Miss

Tyler Durden's picture

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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SheepDog-One's picture

'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'

engineertheeconomy's picture

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...

Doña K's picture

He deserves a public humiliation with a mud pie in the face.

gmrpeabody's picture

So..., he's saying..., contwaks are up, but not necessarily sales.

nyquil762's picture

Dude, that was hliarious!

smlbizman's picture

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...

TheFourthStooge-ing's picture

bonderøven-farm ass said:

Larry Yun--------->AnAnonymous?

"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.......

 

Clueless Economist's picture

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 $

mick68's picture

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.

mick68's picture

Nice to know these clowns have taken a substantial hit the past few years, looks good on them.

Atlantis Consigliore's picture

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.!!!! )  

killallthefiat's picture

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

DOT's picture

Sorry, couldn't watch.

Mark Carney's picture

Pretty much.

 

One mroe sec and I would have taken my own eyes out.

William Murderface's picture

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. 

Jlmadyson's picture

Fear, Uncertainty, Doubt.

Temporalist's picture

He must have a PhD

fonzannoon's picture

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.

Temporalist's picture

Yea great analogy.   The thing about icebergs - they melt.

engineertheeconomy's picture

And they actually do occassionally collide other objects...

uncle_vito's picture

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.

pods's picture

The name is everything.

Remember the "Hotel Coral Essex?"

Those nerds packed em in at that joint!

pods

LFMayor's picture

you get +1 for rolling old school.

TPTB_r_TBTF's picture

Remember "HOTel cORAL esSEX?"

JohnKozac's picture

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.

Arnold Ziffel's picture

Bubble Pockets are feeling the pinch now in primo Cali neighborhoods:

 

http://www.zillow.com/local-info/CA-Laguna-Niguel-home-value/r_25459/

 

 

Stuart's picture

Watching grass grow would add more value. 

stinkhammer's picture

gloom, despair and agony on me

                  http://www.youtube.com/watch?v=FQ5ob9B9yD4

      

Problem Is's picture

+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...

lunaticfringe's picture

Welcome to the NAR bullshit buffet. I go now. I eat too much.

alien-IQ's picture

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.

lunaticfringe's picture

Heh. I knew my brother lurked here.

pods's picture

Very close to my other favorite:

"Ben Bernanke?  Shit, I wouldn't piss in his mouth if his teeth were on fire!"

pods

XRAYD's picture

What about bridges-to-nowhere sales?

bigfire's picture

Don't worry, here in California we're gearing up to build the NOT-Highspeed Rai from nowhere to nowhere.

Arnold Ziffel's picture

Funny you should mention Californai:

 

O.C. retirement system $10 billion in the hole

 

The 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...

 

 

surf0766's picture

Did they mention they were optimistic leaders? That always makes bullshit more believable.

BLOTTO's picture

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.

 

ParkAveFlasher's picture

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. 

FieldingMellish's picture

6% commission pays for big bullshit. NAR has deep pockets and they are filled with only the finest crap.

Cognitive Dissonance's picture

And the winner for best male performance in the Ponzi statistics manipulation category, real estate sub-category, goes to..........

Problem Is's picture

Larry "Douche-Bag" Yun...

Best Supporting Actor in a Comedy Series...