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House price fall? That unpossible!

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April 12, 2007 – Comments (5)

l'Originale.

Un po':

You just know the housing situation has gotten bad if the six-percenters at the National Association of Realtors finally feel the need to reveal the awful truth: Prices are going to fall. The latest verbiage from the world's most vocal housing-bubble cheerleader, NAR economist David Lereah, actually predicts that home prices will drop by 0.7 % in 2007.

Of course, you wouldn't know that to read the headline, which, as usual, paints the fantasy that everything is always good for housing. In other words, it's exactly what you'd expect from a guy who's been shilling housing not only in press releases for his trade group, but in misguided books like the wonderfully timed (from 2005) Are You Missing the Real Estate Boom?, the failed broadside against the skeptics Why the Housing Boom Will Not Bust (from 2006), and the still later "oops-I-better-tweak-my-lousy-thesis" response, All Real Estate is Local. (By the way, this blog post tells a tale of Lereah's real estate investment prowess these days.)...

5 Comments – Post Your Own

#1) On April 12, 2007 at 2:43 PM, Zanibel17 (97.11) wrote:

David Lereah's comments on the residential real estate market continue to be unbelievably goofy.  I know he's paid to be positive and prop up the NAR, but doesn't he CARE about his credibility?  Doesn't he feel the LEAST bit remorseful about the lies he tells American homebuyers? 

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#2) On April 12, 2007 at 3:51 PM, TMFBent (99.81) wrote:

It is incredible. Because the answer is, quite obviously, no. He doesn't.

And remember, it's not a lie if you believe it! No matter how insane it might be.

Sj

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#3) On April 12, 2007 at 4:33 PM, Greshm (92.75) wrote:

He's just another of the New Age Robber Barons.  "Credibility" [what a quaint concept!] has nothing to do with it.  It is all-about money-in-your-pocket.  Period. 

For everyone of us here that won't buy his B.S. Books, there are 10 or 20 or 100 or 1000 other casino-lifestyle addicted Americans that will snap-up his books on display with their credit card while shopping at Borders @ the Mall. 

And the credit card they use is, in the end, linked to their Home Equity Line of Credit...

 

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#4) On April 13, 2007 at 7:10 AM, FoolishJeffery (< 20) wrote:

I am amazed everytime the mainstream media has this guy, or any NAR members on. Their rosy picture and salemanship is just downright insulting.

It's dreadful that they have a forum to prop up their own industry. Television media needs to stop prancing out these predictable talking heads as authorities or at least make the public aware of their huge conflict of interest. Don;t they realize people are sometimes making huge investments based on their outlook. At least with stockpickers they reveal the conflicts now.

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#5) On April 13, 2007 at 10:36 AM, Greshm (92.75) wrote:

Well, with the NAR spending how many millions on a National Ad Campaign, we probably shouldn't expect the broadcasters to bite this one hand.

Until the populace re-asserts their control of the public domain through the FCC, these guys are running the ranch and we're all just cattle being fattened-up for periodic culling from the herd. 

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