Here's the latest words of wisdom from the biggest phony, the biggest fraud and the face of the corrupt NAR, Mr. David Lereah.
I think HP'ers need to find out his schedule and plan some protests and civil disobedience! At least he's doing his best to totally discredit the NAR, the realtor profession, and himself.
Reminds me of Baghdad Bob's "There are no American infidels in Baghdad. Never!" superimposed over pictures of American troops in downtown Baghdad.
Lereah was quick to make his message clear: "You don't need a boom for real estate to roar. The real estate boom is over but the real estate expansion is still here." Although homes are not selling as quickly right now, prices are still up. "There are no real estate bubbles, only balloons that expand and contract," he said.
"Real estate is not an irrational investment, but speculators purchased irrationally during the boom, especially in areas like Miami. This drove prices up, and many speculators took out interest-only loans. This produced a vulnerable real estate market," Lereah explained.
"In 2006, we are cleansing the market of speculation."In 2007, Lereah believes that the real estate market will continue to expand even if mortgage rates increase to 7 percent. "That is still low," he said.Buying real estate has advantages, too. "It is the most leveraged asset and there are tax advantages. Real estate needs to play a role in your investment and retirement portfolio. You should diversify,"Lereah said.
He added that he is bullish on Florida, Arizona and Nevada because of even greater population increases. "The law of supply and demand works."All of Lereah's real estate investments are in condominiums and townhomes because he doesn't want to be involved in maintaining them. "If you're Mr. Fix It, then it's okay to invest in a single-family home," he said.Lereah also pointed out that he has invested in several condominium conversions. "Condo conversions are good because the property is already there."
May 15, 2006
Is it just me, or is what David Lereah is doing not only immoral and corrupt, but criminal in some way?
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18 comments:
Keith - it's just you....
Does Lereah work in NAR's DC or Chicago office?
He IS a scam artist. Anybody who thinks condo conversions are good has to be insane as well. These crappy apartments-turned-into-condos, but with none of the usual condo requirements (firewalls, etc.) are the biggest rip-off in a decade, so I'm not surprised he's involved with them.
Shouldn't the fact that he is a flipper himself render everything he says about real estate growth null and void? He's trying to make money, for heaven's sake, and to keep his investments profitable. He has absolutely no incentive to tell the truth, and every reason to keep lying.
you can say pretty much anything you like about public officials in this great country
watch this. david lereah is a criminal who should be in jail. he is worse than ken lay with enron. worse than bernie ebbers. he is an evil, horrible man, doing satan's work.
how's that?
For a second I thought you were describing President Bush..
Somehow this is souding a lot like the retorict (sp?) of the dot.com era.
"Yeah, things are down, but they're just about to go back up. Business is still good. This is only temporary."
Take a look at a chart of cisco transposed on the housing market.
they are almost identical, and the downturn has begun. According to the chart I saw, it will be 2008, before the bottem is even in sight. Us bubblesitters still have a while to rent.
NO BUBBLE???
HOW ABOUT the exotic 50-YEAR mortgage loan !!!!
rotflmao !!!
the house will slave you for 50 years !!!
Anonymous said...
"you can say pretty much anything you like about public officials in this great country
"watch this. david lereah is a criminal who should be in jail. he is worse than ken lay with enron. worse than bernie ebbers. he is an evil, horrible man, doing satan's work.
"how's that?"
Problem is, he's not a public official. He's an economist privately employed by the NAR.
Still, now that we know he's a flipper himself, we have even more reason to yell at the Press for using him as an "expert" source. He's trying to increase the value of his own investments, and is not remotely objective.
I'm surprised the NAR allows such a blatant conflict of interest.
Lereah has a home in Fairfax Station, VA so DC office.
If the prices are still up yoy, he's not exactly lying about that, is he?
Remember there is no such thing as bad publicity so if attacked fall back on the 1st Amendment, sell site advertising, watch the stats rise, use money for legal fees if needed. Oh and attack and write a book about it all afterwards.
Tampa area.....POP..fzzzzzzzzz. Tons of homes for sale, tons still being built. A recipe for disaster. One street, almost all the homes are for sale. Guess what? No one is currently living in them. Why? Because US Homes found some lemmings to jump in and buy the overpriced shacks and now they are stuck with a house they didn't want. The asking prices are way above what the turd homes are worth. None are selling. These people will be taking it in the rear and reamed out. Good!!!!
As a nation we are all standing around the RE bomb that just exploded, gawking at the flash. The deafening noise, shrapnel, and blood will come later.
"Problem is, he's not a public official. He's an economist privately employed by the NAR."
Under the law, he doesn't have to be a public official but can be a public figure, and he is. There may be some finer nuances in there, but having put himself out there in the public eye, he is subject to criticism and cannot sue you for it.
Paranoia rules the day.....uknowwhoiyam
He's right, supply and demand does work. There is tons of supply and little demand in Florida, causing a downward shift in quantity demanded. As QxD falls below QxS (quantity supplied) the price will drop and the markets will become inefficient, leaving us with a few years of fire sales and losses before we reach a new, lower equilibrium price.
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