Friday, December 19, 2008

Question(s) of The Day - NAR Should Pay A Serious Price?

Given that Americans likely still see their homes as their most valuable and important asset and given all the financialization and brokering that has co-opted the exchange process, shouldn’t the housing industry-asset class-market be regulated like any other publicly traded security or investment?

Why should the National Association of Realtors (NAR) be allowed to make outrageous claims and growth predictions without having to disclose their inherent interest or even a “past performance is not a guarantee of future results …” statement?

Why should NAR be allowed to control all the current and historical sales, selling price, inventory, supply and listing information as well as being the main interface to the media for its interpretation?

Isn’t it time we acknowledge the fact that NAR was one of the four (Wall Street [investment banks, ratings agencies, etc.], Government [Barney Frank, Greenspan, Fannie and Freddie], NAR and American “Homeowners”) main perpetrators of the Great Asset Bubble?

Shouldn’t NAR pay a serious price for its contribution?

Shouldn’t controls be put in place to prohibit their mischief in the future?