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Quote of the day: Realtors Get Real

Posted By Barry Ritholtz On March 9, 2007 @ 11:00 am In Economy,Financial Press,Real Estate | Comments Disabled

Amazing quote via the Palm Beach Post [1] on what has some Florida Realtors perturbed:

"Some Realtors are grumbling about prices not falling. Guess who they’re blaming?
Here’s what Thomas Lawler, former Fannie Mae economist and current
president of Lawler Economic & Housing Consulting in Vienna, Va., has
to say in his private newsletter:

"A growing number of Realtors in Florida are frustrated with the state and
national Realtors groups’ efforts to ‘spin’ the market as one that is
strengthening and where home prices are stabilizing.

"Many (though probably not yet most) Realtors are frustrated by customers who
continue to list their homes at price levels that are ‘unrealistic,’ and as a
result, sales volumes – and thus commissions – continue to remain depressed.

"While Realtors have noted to customers that many home builders in Florida
have slashed new-home prices in order to move bloated inventories, many home
sellers are still holding off, hoping – along with FAR and NAR – that prices
will start moving back up soon."

Its seems that the Realtors are trying to "get real," while the NAR continues to stoke unrealistic expectations and illusory hopes . . .

Hat tip:  Kevin Depew [2] Minyanville.


Builders optimistic, survey says [1]
Linda Rawls
Palm Beach Post, Monday, March 05, 2007

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2007/03/quote-of-the-day-realtors-get-real/

URLs in this post:

[1] Palm Beach Post: http://www.palmbeachpost.com/business/content/business/epaper/2007/03/05/c1bz_rawlscol_0305.html

[2] Kevin Depew: http://www.minyanville.com/articles/?a=12296

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