David Lereah's Most Corrupt, Foolish and Ridiculous Quotes
"If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years," said David Lereah, chief economist of the National Association of Realtors and author of "Are You Missing the Real Estate Boom?" "It's as if you had 500,000 dollar bills stuffed in your mattress."
He called it "very unsophisticated." (Los Angeles Times Aug 28th, 2005)
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"We're going to drop significantly, but it's not a balloon bursting," Lereah says. "This is a soft landing for the housing markets." (Business Week May 23rd, 2006)
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"...housing activity will remain healthy for some time to come." - David Lereah, NAR’s chief economist, October 28, 2005
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“The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.” - David Lereah, NAR’s chief economist, August 2005
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"We are really on track for a soft landing. There are no balloons popping.” - David Lereah, NAR’s chief economist, December 2005
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Please post Your own favorite Lereah Quotes. [ Hat Tip to Keith from Housing Panic for suggesting this post and Surving The Crash Blog ]
posted by David @ 3:11 PM
7 comments
7 Comments:
I could see equally good arguments for paying off the mortgage or investing in mutual funds that perform 8%+. Paying off debt is never a bad thing.
Hopefully he wasn't refering to using that extra money to invest even more real estate. This is not a bad move if you are cash flow positive from the beginning without using IO and/or ARM loans. However, most people were speculating on RE appreciation.
June 25, 2005: "We've been expecting sales to remain at historically high levels, but this performance underscores the value of housing as an investment and the importance of homeownership in fulfilling the American dream"
August 12, 2005: "Real estate is still a great investment opportunity for households. Price appreciation will continue. I don't think there will be a price-appreciation pop"
November 29, 2005: "I don't like to use the word "bubble" because bubbles burst"
September 19, 2006: "The housing boom ended more than a year ago, but sellers are having a tough time accepting that fact"
September 25, 2006: "We've been anticipating a price correction and now it's here,'' Lereah said. "The price drop has stopped the bleeding for housing sales. We think the housing market has now hit bottom.''
This is THE most outrageous quote of all. He might as well say: "consumers, we thank you for being such suckers"
October 13, 2006: “Those of us involved in the real estate profession find ourselves in the awkward position of favoring price softening. REALTORS® are asking (pleading) sellers to accept market realities and reduce their listing price. And it is important to remember that the true measure of health in a nation’s housing markets is sales growth, not price appreciation.”
Huh! Maybe the true measure of a realtwhore’s health.
At least Lereah makes himself and those he represents, transparent. The real evil-doers are completely hidden from view. They make this guy look like the most honest, ethical guy in the world.
The key question for me is "did he intentionally mislead people, or did he really believe what he said?"
If the latter, he's "only" guilty of gross negligence. If the former, he should live with shame the rest of his life.
"Can't pay the piper,
but he'll loan you what you need.
Just sign the paper,
hand over the deed, brother.
"the Bubble Man" music video
http://www.youtube.com/watch?v=Q3peAYJSJSg
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I did not understand that Lereah said it because he mean it or he just said that because he wants to say some some thing on Mortgage or real estate... That is so V***D..
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