TW: I continue to derive sick amusement from the disingenuous PR tripe issued by the National Association of Realtors. All industry PR is highly biased but these folks set the bar for unadulterated propaganda. When folks complain about the media fanning the flames of the current crisis I always hark back to the flip side. When things were smoking in the real estate and financial markets was the media tamping down the propaganda? NO. The sum of the Norris post relates to the still very weak housing market but he ends with a quote.
From Floyd Norris/NYT quoting Barry Ritholz:
"...Funny, I do not seem to recall [Natl Assoc. of Realtors] warning about upward distortions of prices due to the combination of absurdly easy credit, ultra-low rates, and the appraisal fraud some of their membership helped to promote.
The simple fact is that these “distressed” sales were the unavoidable result of money being lent to people who never should have received it, and these borrowers then buying homes they could not afford.
The so-called distortion took place years ago, and the current distressed sales are the repair of that distortion.
That the National Association of Realtors refuses to acknowledge this only further reinforces their image as absurd cheerleaders and idiot naifs. They have a significant degree of culpability in the entire housing debacle"
http://norris.blogs.nytimes.com/2008/11/24/go-west-foreclosure-man/
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