If we eliminated interest only and option ARM financing, and compared our mortgage costs on the basis of the payment on a 30 yr fixed loan, then the mortgage servicing costs today would be much much higher.

Funny post.

I would write the NAR, but it would be just a waste of time. Think of it this way: if we worked for them, what would we say? If we spoke the truth, we’d be fired. Their job is promoting real estate, not being an economic forecaster. Unfortunately, they’ve done an excellent job of convincing us that they know it all. Each time I tell someone not to buy RE now because it’s overvalued, I get the question, “Are you a realtor?” I’m going to start saying, “No, I can’t. I know too much…”