It's always a good laugh. Here's David Lereah and Thomas Stevens getting out their violins as the Titanic sinks:
David Lereah, NAR’s chief economist, said the decline was expected:
"Our leading indicator for pending home sales was trending lower, and our forecast model is showing a modest decline for the second quarter with sales leveling out before rising in the fourth quarter," he said. "Higher interest rates are slowing home sales, but we see this as another sign of a soft landing for the housing sector which remains at historically high levels."
NAR President Thomas M. Stevens said the house price boom was over:
"After five years of booming sales, we are now experiencing normal market conditions across most of the country."Inventories levels have come up to balanced levels between home buyers and sellers, so the pressure has come off of home prices and most owners can expect steadier gains in home values for the foreseeable future."
June 01, 2006
Pending home sales down again, construction falls, and the NAR spins spins spins
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12 comments:
except for the mainstream media, does anyone take these clowns seriously anymore?
Increase in the fourth quarter? What is this guy on and how can I get some! A house goes from $50,000 to $500,000 in five years and then things will just LEVEL OUT and rise with inflation !?! How is ANYONE going
to afford a home?
Was the concept of a "soft landing" invented by the NAR? The term itself is a self-denying sham!
Remember:"Things are differant this time"
I stopped taking them all serious when our beloved leader George w bush said (for the 10th time)
"We have reached a turning point in Iraq"
So I guess the new Phrase will be "Housing has slowed in this QUATER but we will be at a turning point in the fourth" more Foam I mean Froth
Look for lots spin. People who vote usually read the news.
globethistle.blogspot.com
http://www.zillow.com/Charts.htm?chartDuration=10years&zpid=16914970
NOPE,THIS ISNT A GRAPH OF THE NASDAQ IN 2000, ITS THE CURRENT ZILLOW PRICE OF A FRIEND OF MINE'S HOUSE IN SAN DIEGO.
LOOKS AWEFULLY LIKE THE NASDAQ COMING INTO 2000 THOUGH, DOESN'T IT?
Make your URL shorter, it'sw unreadable.
Actually, the 4th quarter will probably show a VERY sharp drop.
"The home-seller insurgency is in its last throes!"
Man. He is going to have to eat those words and run for the hills at the end of fourth quarter. Fourth quarter is when we are really going to see some big changes and not for the better. My prediction: end of fourth quarter 2007 => assassination of David Lereah by disgruntled one-time-homeowner turned homeless man.
If it wasn't clear before, Lereah's job has nothing to do with economics. Apparently, it's not even to provide pseudo-economic justifications that support the real-estate industry. It's to feed any and all unsupported assertions to his audience that might give them hope that the sky is not falling.
The question is this: who is Lereah's audience? Are there people out there really saying "as long as David Lereah says the market will be fine, the market will be fine - he's up there with Milton Friedman and J.M. Keynes as one of the all-time greatest economists"?
I think that saying he pimps his professional abilities as an economist out to the Realtors is actually an insult to anyone who's being pimped, because at least getting pimped involves work. Apparently his office does no actual work - no facts, no figures, no charts, no papers published in economics journals... just media quotes. And the quotes are the kind of competely unsupported opinions you can hear from a halfwit at 12:30 a.m. at any bar. I want his job!
Oh yeah, and he published a book called "Why the Real Estate Boom Will Not Bust, and How You Can Profit From It." Sounds scholarly.
ahhh reminds me of the Iraqi Minister of Defense during the last invasion, "There are no American's here" "We are holding them off"
Hmm I love the idea behind this website, very unique.
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