Here's some recent gems from the corrupt David "there's no bubble" Lereah of the NAR. Sometimes it looks like he's given up, other times he's still got that NAR hat on and says whatever he can to keep his job...
"Sellers have recognized that they need to be more competitive in their pricing, given the rise in housing inventories," said David Lereah, NAR's chief economist. "Home prices are only a little higher than a year ago."
"I hope we are hitting bottom," said David Lereah, chief economist for the NAR, which is predicting sales of about 6.60 million this year.
"The major housing indicators have been moving up and down within a reasonable range, which means the market should even-out just below present levels,” he said. “At the same time, housing inventory levels are balanced in much of the country, so overall price appreciation will be at a normal rate. We should see home sales rise and fall month to month, but don’t look for any big shifts one way or the other.”
"If the Fed overshoots and the economy slows too much, some of these local economies will be hurt and that could hurt housing in a significant way," Lereah said.
"Sellers are stubborn and eventually sellers give in and start softening their price demands. That's when the buyers start coming back into the market," he said. Mr. Lereah cautioned that median selling prices would likely start to show year-on-year price declines for the next several months -- as has happened in some expensive East Coast cities, such as Boston, and in the condominium market.
July 29, 2006
Posted by blogger at 7/29/2006