Sunday, November 19, 2006

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.


  1. This current crop of realtors are leaches on society. They do nothing of value and demand 6% for the pathetic amount of work they do. Soon Realtors will be obsolete, their business model has no future and neither do realtors.

  2. Realtors do hold onto their commision by tradition. I wonder if this downturn will be the one to break the 6% commision and open the MLS? I'm not holding my breath on it... but i can hope.


  3. Whatever happened to personal responsibility? Why is it my agent's fault if I sign up for a "toxic" mortgage? Assuming all the terms were fully disclosed to me in writing (otherwise it would be someone else's fault), why would anyone else but me be to blame?