With the market correction nearing an end, home prices are expected to rise again...Real Estate remains the best investment available. (NAR, 2006)
Oh, wait, you mean home prices actually FELL in 2007? AND the Case-Shiller Index fell by almost 10% in 2007 and ~22% since 1/2007?
D'oh! (for even more fun, try this set of mindboggling mathematical impossibilities from NAR's most recent "Economic Report")
The National Retail Federation today released its forecast for the upcoming 2008 holiday season, projecting that sales will rise 2.2 percent this year to $470.4 billion. (NRF, 9/2008)
Whoops, turns out total sales actually FELL 2.3% from 2007 #'s. Typo, perhaps?
I know, you're all completely and utterly shocked (SHOCKED!) that these trade groups blatantly lie over-and-over again, yet are still quoted and even looked to for unbiased information by consumers and media outlets. I remember one morning a few months ago watching CNBC when they announced the NRF's holiday sales predictions and, despite being maybe 1/2 awake, having a nice little chuckle to myself, as I was reminded of one of my favorite quotes:
No man has ever gone broke underestimating the intelligence of the American people.
--P.T. Barnum (attr.)
Just for shits & giggles, can any of you lawyer types out there figure out a way to sue the National Association of Realtors for their role ("now is the best time to buy!", "prices always go up!", etc, ad nauseum) in the real estate collapse?