Wednesday, November 29, 2006

David Lereah Watch Mentioned In Salon (Again)

The David Lereah Watch Blog was mentioned again in Salon's How the World Works column. Below is an excerpt:

Housing: The good, the bad and the funny

The good news: Sales of existing homes ticked upward for the first time in eight months, by .5 percent over September.

The bad news: Sales are still down 11.5 percent year-over-year and the median home price plummeted by $8,000 over a year ago, the largest year-to-year drop on record. Inventory levels also continued to rise, which promises to put even more pressure on prices.

The funny news: National Association of Realtors chief economist David Lereah said "market fundamentals are improving" and blamed "psychological factors" for continuing to inhibit buyers from snapping up all those great deals out there. (For an amusing look at Lereah's go-go presentation at the recent National Association of Realtors convention in New Orleans, check out DavidLereahWatch: In short, there's never been a better time to buy, buy, buy!

Thanks for the mention! As the housing market continues to decline Mr. Lereah will become a laughing stock.


Post a Comment

<< Home