Realtors Do Much Harm, Then a Little Good in New Orleans

The Realtors went to New Orleans so they could send a positive message by helping out the recovering city. On their NardiGras blog they highlight all the goodness they bestowed upon New Orleans during their conference. For example, they boast about the "8,364: The number of hours NAR members had spent in volunteer activities through Saturday, November 11."

The goodness that the Realtors accomplished in New Orleans in no ways makes up for all the amount of harm many Realtors have caused during the housing bubble. By cheerleading the bubble and encouraging toxic mortgages many Realtors have done tremendous harm. The foreclosure rate has skyrocketed in many bubble markets due in part to these toxic mortgages. These toxic mortgages were promoted by Realtors and mortgage lenders to many naive homebuyers. The Realtors as a whole should be ashamed of the actions of many of their fellow Realtors and their pathetic leadership (ex. David Lereah) during this bubblicious period.