Saturday, October 4, 2008

Blast From the Recent Past: NAR Wants You to Know "You're Making a Good Move"

It's not that we don't like Realtors. It's that we don't like their Association's ads.

This National Association of Realtors ad made its appearance well into the decline. It tells us that 60% of owners' wealth comes from the equity in their houses.

In very fine print, you can read that this info is courtesy of HUD and from 1995. There's a tiny disclaimer: "Markets may vary." It just makes you throw up a little bit in your mouth.

CalculatedRISK warned last Monday about the growing numbers of homes with negative equity, based on US Census Bureau info and the Core Logic Foundation report. CR estimates that by the END OF 2008, 15.4 Million homeowners will have negative equity.

"Every market is different," the ad says. Yes. That's one way to spin it. It's along the same lines as believing Charlottesville's RE market isn't affected by anything beyond the County line.