November 18, 2005

Housing Experts Change Their Tune

So the question is, can people who bought a home this summer sue anyone - kind of like suing the analysts who were pumping the .com stocks at the same time they and the insiders were getting out?

Besides Greenspan, most evil on my list is Bob Toll.. who enriched himself and cashed out, at the same time denying any softening or bubble, even though he knew DAMN WELL what was happening because he had visibility.
Shhh ... just listen ...

It was only a few weeks back that I suggested home shoppers not believe everything they hear from the oft-quoted, so-called Experts regarding the housing market. There was a pretty straightforward reason.

Despite much evidence to the contrary, the people with a vested interest in continuing to see prices rise -- like the outgoing Fed chief, Alan Greenspan -- kept telling the soundbite-seeking press that there was no "bubble." Regional bubblets, maybe. Well, not even bubblets. Areas of higher enthusiasm, really. Everything was just fine. Nothing to see here. Not then, anyway. Not way back in ... July


41cadillac said...

So as the nose grows longer with each lie, Realtors with blinders by their eyes will have a wierd looking face.

Looked at a 8 bedroom 2 acre estate Thursday the 17th. Asking price of $5,200,000. The realtor said there was no Real Estate Bubble in Los Angeles.

However in the very next breath he stated the listing price had just been dropped from $6,300,000 to the $5,200,000. The home was built in 1905. No upgrades except a marble counter in the kitchen.

My opinion a prudent person would not pay more the $1,500,000.

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