Anyone check the temperature readings in hell today?
He said the first slightly honest thing I've ever heard him say, that prices are gonna fall. But 10% to 15%? Try 30% to 60% Mr. Lereah.
He then followed it up by the same smarmy stuff - saying he's gonna buy some investment property in Florida, and that hordes of buyers will descend on Florida. Yeah, right.
By the way, it's bad enough he's corrupted by his paycheck from the NAR, but I'd also hope people know he pumps the bubble because he has housing investments himself. CNBC now has to disclose analyst and broker conflicts of interest. The media should do the same for the corrupt David Lereah.
Thanks David at DavidLereahWatch for the link
The housing standoff between buyers and sellers in South Florida will continue for another six months, and then prices in some areas will fall, a real estate trade group economist predicted Tuesday.
In some cases prices may fall by 10 percent to 15 percent, said David Lereah, the National Association of Realtors' chief economist, who spoke Tuesday in Coral Gables. But in many areas prices will still rise modestly this year, by 4 percent to 5 percent, he said. And when sellers finally bring asking prices down, pent-up demand will likely result in hordes of new buyers in South Florida.
The long-expected shakeout of the real estate market now underway is healthy for a region both overbuilt with new condominiums and overrun by speculators, Lereah said. Unlike in previous real estate downturns, the economic and demographic fundamentals underpinning South Florida real estate remain strong, he added.
So strong, in fact, that the Washington, D.C.-based economist is looking to buy some investment properties here himself.
June 16, 2006
Posted by blogger at 6/16/2006