More Untruths from the National Association of Realtors
And the 6% scalpers never stop crying.
More Liquidity Needed in Commercial Real Estate
Yeah, that's the problem. Not enough "liquidity." No problem with the valuations, the terrible pro-formas on which valuations were "calculated" in the recent past, or the fact that the uncertain future makes CRE a pretty hairy gamble right now.
Nope, the only problem is "liquidity." They're right in a way. Remove the flood of idiot money from the real estate markets (as has been done now, and forever) and the drop in prices will look like a liquidity issue -- but only if you consider the 0rgy or money from 2000 to 2006 "normal."
The 6% scalpers at the NAR desperately want everyone to believe that the unsustainable feeding frenzy was normal, so they can go back to grilled sea bass instead of mac 'n' cheese. So, they ask congress to steal from the taxpayers and distribute to the NAR's constituents by doing the following:
"Relax" mark to market accounting
Take money from taxpayers to buy crappy CRE bonds
Take money from taxpayers to buy crappy, plain vanilla CRE mortgages
Is that so much to ask?