Housing Spindoctors

Posted In: Housing, Real Estate Agents, Realtors

This morning I came across an interesting post on the New Jersey Real Estate Report blog (hat tip The Mess That Greenspan Made). In “Tracking Realtor Spin,” a chart depicting existing homes sales is paired with comments made by the National Association of Realtors. From reading these, you’d think it’s always a great time to buy a home. Some notable sales pitches, I mean, comments include:

Summer 2005- “We’ve been expecting sales to remain at historically high levels, but this performance underscores the value of housing as an investment and the importance of homeownership in fulfilling the American dream.” - David Lereah, NAR Chief Economist
Spring 2006- “Higher interest rates are slowing home sales, but we see this as another sign of a soft landing for the housing sector which remains at historically high levels.” - David Lereah, NAR Chief Economist
“After five years of booming sales, we are now experiencing normal market conditions across most of the country… most owners can expect steadier gains in home values for the foreseeable future.” - Thomas M. Stevens, NAR President
Fall 2006- “…the worst is behind us as far as a market correction — this is likely the trough for sales. When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market” - David Lereah, NAR Chief Economist
Spring 2007- “Buyers who’ve been on the sidelines may want to take a closer look at current conditions in their area – if they wait for sales to rise, their choices and negotiating position won’t be as good as they are now.” - Pat V. Combs, NAR President
Spring 2008- Existing-Home Sales to Stablize Before Upturn in Second Half of 2008 - NAR