In the fall of 2006, as the world hurtled toward a financial crisis precipitated by loose mortgage lending practices that fueled one of the greatest housing bubbles in U.S. history, the National Association of Realtors launched a $40 million advertising campaign advising consumers that "It’s a great time to buy or sell a home." As it turned out, it was a great time to sell a home, if you could -- prices in many markets had already peaked, and inventories were climbing. But many who bought at the tail end of the boom soon found themselves underwater. A 2006 ad that was part of a $40 million NAR marketing campaign. That's the subtext of the question Realtor Magazine Senior Editor Graham Wood puts to realtor.com's new chief economist, Jonathan Smoke. "There have been critici...
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