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Harvard Housing Shill Changes Tune?

Recs

2

June 11, 2007 – Comments (0)

Good old Nicky Rets, he of the "there is no bubble" school of pumping. He used to be anyway.

Of course, his paycheck comes from the home industry, something that, somehow, seems to have escaped the attention of the WSJ interviewer.

Nicky's full of crap on the prices, however, claiming they're not falling because house prices are "sticky." He doesn't bother explaining that there's givebacks (some fraudulently large) that have masked the actual drops in housing prices, because no one nets out the givebacks when they report sales figures.

"Long term prospects... pretty bullish." This guy, apparently, hasn't bothered to read the research that shows that, over the long term, housing is nothing more than a roof over your head. But then, if all those housing industry stalwarts were paying your mortgage, would you bother telling the truth?

Sj

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