Comments on: Quelle Surprise! National Association of Realtors Says Many Housing Markets Doing Well http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html Sun, 22 Nov 2009 16:56:52 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7217 Anonymous Tue, 22 Apr 2008 21:02:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7217 Yes, Anonymous of 4.27 is quite right. Here in Palm Springs and the "lovely Coachella Valley", which is hugely dependent on tourism/second homes, the local Gannett rag constantly tries to spin the tsunami of foreclosures and plummeting prices. They go right up to that line in the sand called "outright journalistic deception" and at times lean over it. They frequently, knowingly, conflate the average and median prices, by using sales data from ultra-tony Indian Wells, a town which numbers among its part-time inhabitants Bill Gates. These few thousand houses of mega-millions value are used to paint over the squalor of the crashing prices in the remaining 98 percent of the valley housing stock. The local paper simply can't be counted on to accurately report unpleasant local realities. (they are even suspected of doctoring the weather reports!) Boosterism has always been with us, but it's disturbing to see it become so much a part of the mainstream print media and TV. These media seen to have fallen ever deeper into servitude to their corporate overlords. ( Which is why for real analysis I turn to your blog, Yves!) The sad irony is that part of the reason these traditional news sources are constantly losing revenue is that people don't trust them anymore. A catch-22 which will end up with nobody paying any more attention to CNBC then the Soviet people did to Pravda. Yes, Anonymous of 4.27 is quite right. Here in Palm Springs and the “lovely Coachella Valley”, which is hugely dependent on tourism/second homes, the local Gannett rag constantly tries to spin the tsunami of foreclosures and plummeting prices. They go right up to that line in the sand called “outright journalistic deception” and at times lean over it. They frequently, knowingly, conflate the average and median prices, by using sales data from ultra-tony Indian Wells, a town which numbers among its part-time inhabitants Bill Gates. These few thousand houses of mega-millions value are used to paint over the squalor of the crashing prices in the remaining 98 percent of the valley housing stock. The local paper simply can’t be counted on to accurately report unpleasant local realities. (they are even suspected of doctoring the weather reports!) Boosterism has always been with us, but it’s disturbing to see it become so much a part of the mainstream print media and TV. These media seen to have fallen ever deeper into servitude to their corporate overlords. ( Which is why for real analysis I turn to your blog, Yves!) The sad irony is that part of the reason these traditional news sources are constantly losing revenue is that people don’t trust them anymore. A catch-22 which will end up with nobody paying any more attention to CNBC then the Soviet people did to Pravda.

]]> By: Jojo http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7215 Jojo Tue, 22 Apr 2008 20:46:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7215 CEO? of Coldwell Banker on bubblevision today. Trying to divide & conquer by returning to the "all real estate is local" theme (sigh). Said taking out parts of country like CA< FL, NV, MI, etc., remainder of country not doing bad in RE. Mentions San Antonio, TX has 10% gains.<br/><br/>Forgets that if you live and work in some area like San Antonio but your business depends on how other parts of the country are doing, then you might wind up trying to climb out of the same hole down the road. While RE may be local, businesses typically are not. CEO? of Coldwell Banker on bubblevision today. Trying to divide & conquer by returning to the “all real estate is local” theme (sigh). Said taking out parts of country like CA< FL, NV, MI, etc., remainder of country not doing bad in RE. Mentions San Antonio, TX has 10% gains.

Forgets that if you live and work in some area like San Antonio but your business depends on how other parts of the country are doing, then you might wind up trying to climb out of the same hole down the road. While RE may be local, businesses typically are not.

]]> By: Yves Smith http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7214 Yves Smith Tue, 22 Apr 2008 20:39:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7214 Nil,<br/><br/>I was so annoyed with the piece that I didn't read it closely and missed that important fact. Good catch. Nil,

I was so annoyed with the piece that I didn’t read it closely and missed that important fact. Good catch.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7212 Anonymous Tue, 22 Apr 2008 20:27:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7212 They're not even looking at the average (as in arithmetic average) but the median of sales. So a smaller number of low priced sales has a dramatic impact.<br/><br/>Nil They’re not even looking at the average (as in arithmetic average) but the median of sales. So a smaller number of low priced sales has a dramatic impact.

Nil

]]> By: S http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7203 S Tue, 22 Apr 2008 18:05:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7203 Brown Harris Stevens is reputed in NYC to overprice every listing they take. There is not a lot of inventory on the market in NYC which is obscuring the trend as well. Seems like people are playing the waiting game hoping the storm misses NYC Brown Harris Stevens is reputed in NYC to overprice every listing they take. There is not a lot of inventory on the market in NYC which is obscuring the trend as well. Seems like people are playing the waiting game hoping the storm misses NYC

]]> By: S http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7194 S Tue, 22 Apr 2008 12:58:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7194 Citi back to the wekll for another $6B; CIT did $1.5B last night Citi back to the wekll for another $6B; CIT did $1.5B last night

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7190 Anonymous Tue, 22 Apr 2008 11:20:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7190 Does anyone believe a realtwhore? Does anyone believe a realtwhore?

]]> By: Jojo http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7187 Jojo Tue, 22 Apr 2008 09:08:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7187 You have to understand that NAR's lifeblood depends on reviving housing. If housing continues to fall, they lose members who don't pay them dues along with sales from their web store to both professionals and the consumer. So they will do everything within their power to plant stories and try to talk up any positive angles they can think of.<br/><br/>It's the same thing with CNBC and why no one should put much stock in anything they or their guests say. Their advertising is primarily from Wall Street and financial companies. They will also do whatever they can to present a positive viewpoint that allows them to continue to attract advertising and remain in business.<br/><br/>And don't forget that the people who are on CNBC also depend on stock trading, so are also in the same boat.<br/><br/>This is why you have predictions of a bottom from one CNBC guest after another, on a weekly basis.<br/><br/>Virtually everyone in the world pitching anything is doing so because they make money at it, one way or another. You have to understand that NAR’s lifeblood depends on reviving housing. If housing continues to fall, they lose members who don’t pay them dues along with sales from their web store to both professionals and the consumer. So they will do everything within their power to plant stories and try to talk up any positive angles they can think of.

It’s the same thing with CNBC and why no one should put much stock in anything they or their guests say. Their advertising is primarily from Wall Street and financial companies. They will also do whatever they can to present a positive viewpoint that allows them to continue to attract advertising and remain in business.

And don’t forget that the people who are on CNBC also depend on stock trading, so are also in the same boat.

This is why you have predictions of a bottom from one CNBC guest after another, on a weekly basis.

Virtually everyone in the world pitching anything is doing so because they make money at it, one way or another.

]]> By: Deborah http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of.html#comment-7186 Deborah Tue, 22 Apr 2008 08:47:00 +0000 http://www.nakedcapitalism.com/2008/04/quelle-surprise-national-association-of-realtors-says-many-housing-markets-doing-well/#comment-7186 That might only be 10% of the states, but it is 25% of the population in those states. That might only be 10% of the states, but it is 25% of the population in those states.

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