Why is this man still in the employ of the NAR? Don't they see that in order to restore any semblance of credibility they'll need to give him the boot and apologize for the disinformation and spin (and personal profiteering) coming from this corrupt man?
Anyone who bought this huckster's book when it was published at the peak in March 2005, then ran out and bought a home, is now getting crushed, and on the express train to bankruptcy.
Realtors own the NAR in the end, so maybe their now-starving membership will force a clean-sweep of the top leaders. Otherwise, their fate is sealed.
Here's the latest from TCDL (the corrupt David Lereah):
"Buyers are just not buying," Lereah told a group of 200 people from Gilpin Mortgage Co. and Patterson-Schwartz & Associates Inc., a real estate services company.
"We need to have a correction. Prices need to come down," Lereah said.
"Prices are finally coming down and that's good news," he said.
October 08, 2006
The latest from the corrupt David Lereah, author of 'Why the Real Estate Boom Will Not Bust': "Prices are coming down and that's good news"
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22 comments:
Like I said before, we will have a press release from NAR no later than the summer of next year that says Lereah is leaving NAR to "pursue other interests" or "spend more time with his family". Near the end will be a feel-good quote from Lereah saying how much he enjoyed "working" at the NAR during one of the most "exciting" times in real estate history.
I don't see that on your Amazon book list on the sidebar Keith? Not something you'd recommend buying?
RE prices have hit bottom and will rise again in 07, but only slightly.
What part of inflation don't you understand?
As I type the fed is busy "realigning" the system that pumps mortgage money out to borrowers. House prices may drop in some markets, but I have to agree with this RE geek, there will be no widespread HP.
Five years from now we will look back fondly at how "cheap" houses were in 2006. Gasoline will cost $6/gal., and a Lexus will run you $150K. Keith's London Big Mac & chips will set him back $20.
David Lereah reminds me of a classic Republican (I used to be one, now I hate both of our corrupt parties with equal and unmatched passion) in that he's just so predictable and so boldfaced and shameless. Why doesn't anyone ever talk about fundamental analysis, like cap rates or replacement costs? I'm not saying that he or anyone else has to look at the fact that our economy has been artificually (and profoundly irresponsibly) juiced by both the fed and the deficits for the past 5 years, just the basics of how real estate is priced over the long term. They're all unpatriotic liars and death is way to lenient a punishment.
Keith, so many books are full of bullshit... I remember buying these "leadership books" that said that Enron became rich because of they combined ethics, teamwork, and hardwork along side of leadership.
as we look back...
One of my favorite stumps to grind these days is Friedman (world is flat) since he claimed that Wikipedia wasn't as accurate as the NyTimes.
He must have been too busy writting to notice the "Fox News: NyTimes" section his newspaper now puts out, "Miller Style..."
Maybe Judith Miller needs to drink more Miller Genuine instead of Miller Light!
looks like the new issue of News Week has touched on the subjet of housing as well as the effects of a slowdown.
The Worrying Housing Bust
If home prices drop too much, the damage to consumer confidence and spending won't be easily offset. The danger: a 2007 recession.
http://tinyurl.com/r9glm
Keith - tampa bay luxury homebuilder will pay back up to 10% drop in value of a new purchase. Blames investors for "screwing up the market."
http://hbh.info/vap/
its funny how you always begin his name with "the corrupt" as a title.
what a hoot :)
Even if Lereah's forecast was incorrect, he still remains a dreamy hunk. Keith still remains a bitter renter. Bitter Bubble Heads still have no house to buy at 50% off june 2005 prices. Go Lereah Go!
it's about time someone noticed that his name is the corrupt david lereah (tcdl)
been doing that for ages!
annie said...
"Even if Lereah's forecast was incorrect, he still remains a dreamy hunk. Keith still remains a bitter renter. Bitter Bubble Heads still have no house to buy at 50% off june 2005 prices. Go Lereah Go! "
Annie is living proof as to why women with IQs below 90 should not participate in discussions about finances/economics.
"RE prices have hit bottom and will rise again in 07, but only slightly. "
Good God! Shut up!
REMEMBER this ONE THING!
The smart money has ALREADY left real estate, leaving nothing but dumb money, and bag holders...
Nuff said...
REMEMBER this ONE THING!
The smart money has ALREADY left real estate, leaving nothing but dumb money, and bag holders...
Nuff said...
-----------
those shoes shined yet?
A quote from DL:
"Buyers are just not buying," Lereah told a group....
I'm not buying a new hot air balloon and I'm not buying a new Lear Jet and I'm not buying a Tofu burger when I go out for dinner tonight....
but I doubt that those industries are going to use me as justification for any downturns in their markets, either.
Why not? Because I have not been, am not and don't ever have any intention of BEING a "buyer" for those products.
If 1 of 4 new houses in an area were sold to "investors" and now they "aren't buying"...
doesn't this guy have enough education to know that they aren't buyers anyway! They are speculators!!!!
If a buyer isn't buying... is he a buyer?
I have a headache now... maybe I need a Tofu burger.
The house on that dust jacket is going to fall on top of those people any minute.
If that has already been observed, here's an animated GIF suggestion:
1. house falls atop family
2. puffy Road Runner dust cloud
3. fence knocked over
4. pause
5. house implodes
6. pause
7. house slowly slides sideways, revealing Escalade or Suburban or Hummer was in garage
8. tires on SUV pop under weight of house, car crushed as house completely pancakes
9. bits of insulation and leaves settle down from sky
10. last bit is mortgage papers, marked "ARM"
"Prices need to come down."
For once David lereah is speaking the truth.
Anonymous said...
What part of inflation don't you understand?
As I type the fed is busy "realigning" the system that pumps mortgage money out to borrowers. House prices may drop in some markets, but I have to agree with this RE geek, there will be no widespread HP.
Five years from now we will look back fondly at how "cheap" houses were in 2006. Gasoline will cost $6/gal., and a Lexus will run you $150K. Keith's London Big Mac & chips will set him back $20.
Sunday, October 08, 2006 4:07:03 PM
I Can honestly say that this person is an idiot! Hey buddy if a big mac costs 20bucks in 6 years our wages better increase by atleast 60% on average just to keep up with "your" understanding of inflation. This isnt inflation this is a huge bubble that is about to burst in alot of peoples faces.
I think "the corrupt David Lereah" is okay, but "David Lereah The Corrupt" is even better. That way he is on par with Ivan The Terrible.
How about showing the house gently float to the ground, then continue sinking down until the roof disappears, leaving only a black rectangular shaft? The family stands by dumbstruck as a strong suction from the shaft turns Dad's pocket inside-out and yanks out his wallet. He grabs for, but cannot catch individual bills that briefly flutter in front of him before the bills and wallet get sucked down the hole.
I wish to express my sincere thanks to Lereah for his book.
I first saw the cover painting for Lereah's book on the front page of the slick Sunday news magazine that the LA Times puts out once a month. It must have been around June 2005. At the time my husband and I had just finished a flipper and were considering purchasing another.
I saw the painting and the headline, handed it to my husband who took one look and said, "Its over, its SO over."
We didn't buy that next flipper.
Thanks again to Lereah and the LA Times for that ultimate contrarian signal.
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