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National City: Full of It

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March 06, 2008 – Comments (0) | RELATED TICKERS: NCC.DL

Check out this crock of you know what. "Housing: Best Time to Buy in Four Years" "Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years."

No surprise, this comes from the chief economist of a bank that screwed up royal during the housing bubble, and got its stock royally smacked because of it.

Put on the hip waders, folks, because these industry shills are going to do whatever they can to try and move people back into overpriced real estate. Their own fortunes depending on duping the masses into risking theirs.  A

 couple other points. "Affordability" is a vile buzzword promoted by bankers and Realtors to obscure the real price of an asset, based on bad assumptions about the suitability of paying too much over the long term to obtain this asset by using creative financing methods.

And finally, "best time in four years" is a laughable example of cherry picking. Compared to the worst bubble in history, a drop in home prices of 8% or so is sure going to look "more affordable" than at the peak of the mania. But that doesn't make things good. It just means they're less ridiculous.

In my opinion, your stepping in a pile of Poodle doo is not proof of a good day, even if you spent the last couple weeks treading in St. Bernard-flops.Sj 

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