But do they have to do it in such as way that the reaction is one of laughter, smirks and a shakes of the head?The question is – does the NAR’s economist have either credibility or relevance on which to trade?*note that this is not a personal attack on the man, but the office’s “predictions” and track record.Update 11 December 2007: A point of clarification based on an off-line conversation….  The NAR has, and should recognize, their potential to build credibility for themselves and their members by being the trusted source of information, rather than being perceived as saying whatever it takes to increase transactions.The NAR is not a bad organization – The NAR lobbies extremely well on behalf of homeowners and Realtors – witness HR 3648 and the NAR’s support of this bill.With many families affected by resetting interest rates on subprime mortgages and the ongoing rise in foreclosures, NAR has been working to help more homeowners and their families keep their homes….  “Realtors® don’t just sell homes; we build communities, and NAR is committed to efforts that will help make the nightmare of losing a home less burdensome for families.”The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven….  If the property is sold at foreclosure or is sold for less than the amount borrowed, that difference is considered income and is subject to the tax.Update #2 11 December 2007:I’m not the only one who thinks that NAR’s credibility is at stake/gone:SlateAgentGeniusAmong the best comments I’ve read:I would think realtors would want to be informed as well.

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