MarketWatch Slams David Lereah
MarketWatch slams David Lereah in an article titled 'Realtors' economist stayed sunny all year. In the most excellent article, it is written
There are two universal truths at the National Association of Realtors: 1) It's always a good time to buy or sell a home; and 2) We've seen the worst of the housing market correction.
That is the gospel at the the National Association of Realtors which is desperately trying to keep home sales and home prices high. Lereah is sounding even more pathetic then normal. He recently said:
Despite Lereah's convoluted body the market will continue to decline in the coming year. David Lereah has lost credibility, it is refreshing to see the mainstream media criticize David 'paid shill' Lereah."With fingers and toes crossed, it appears that we have hit bottom in the existing home market"
posted by David @ 12:13 PM
4 comments
4 Comments:
great article...
Here's his latest from a Wednesday February 7 story:
"After reaching what appears to be the bottom in the fourth quarter of 2006, we expect existing home sales to gradually rise all this year and well into 2008," NAR chief economist David Lereah said in a statement.
Here's the Reuters story if you are keeping a collection of his prognostications:
Yahoo Reuters story
Maybe you should call this blog the davidwatch, or the d&dwatch. Lereah's sidekick at the NAHB, David Seiders, is just as bad.
Waayay back in 2002, he emphatically declared that because Alan Greenspan said so, there was no way a housing bubble was forming.
OK, so the market bottom is a bit down the road - mid-2007, according to his latest propaganda:
Housing still falling, mid-year bottom in sight, economists say
Speaking of that recovery, it seems like a lot of folks are banking on that recovery, including our California governator:
State official says January revenue down sharply
Can you believe this guy? On the back of HSBC warning about the U.S. subprime market and New Century Financial nearly collapsing the NAR is saying we have hit bottom. We’ve yet to see $1 trillion in loans reset this year. If we reach early 2008 and the market is still resilient I’m not sure what to think but prices are going down, inventory is up, and risky mortgages are coming to roost. Does this sound like a bottom?
Dr. Housing Bubble
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