Shhh... if the media and bubble blogs would just shut up, we could get this ponzi scheme back on! Come on everyone, don't listen to the media - they don't know what they're talking about!
The fundamentals don't matter! Who cares what the rental income to ownership cost ratio looks like? Negative cash flow? Doesn't matter! Deviation from the historic mean? Doesn't matter!
All that matters is that if we all pull together, we can all get rich! Skyrocketing home prices are only a good thing for society! Buy buy buy!!!!
Just what kind of housing bust is this anyway? With gloom-and-doom purveyors forecasting imminent crashes in dozens of metropolitan areas, how could such key fundamentals as jobs, interest rates and even pending home sales simultaneously be trending in the opposite direction?
Not all home sellers have fully grasped the altered realities in their own local markets -- that they've got to reduce their asking prices if they truly want to sell -- so the process is still unfolding.
Translating from Fed-speak, this means that we appear to be well on our way toward bottoming out and eventually returning to positive growth in new home starts and resales.
MEDIA TO BLAME
The source of some of the confusion about just where housing is headed, and how bad things are likely to get? Mike Moran, chief economist of Wall Street's Daiwa Securities America, minces no words: The financial press and TV news shows are overly dramatizing what is a normal and long-predicted cyclical rebalancing, and ``portraying it as a catastrophe.''
Kenneth Harney, president of a Maryland consulting and publishing firm, is executive director of the National Real Estate Development Center. E-mail: kenharney@earthlink.net.
October 22, 2006
REIC shill: "Housing doomsayers ignore positives" and "media to blame"
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7 comments:
If Mike Moran thought that a cyclical rebalance of housing was normal and long-predicted, why wasn't he issuing statements criticizing the financial media and TV talk shows the last couple years when they were saying that real estate only goes up and that it was different this time? Wasn't that just as irresponsible and overly dramatizing? Or does Mike Moran have a conflict of interest that is showing?
National Idiot Day?
Congrats Mr. Lereah!
And now for the award for Wanker of the Year....well i'll be Congrats Mr. Lereah!
ONCE AGAIN...
HOW MUCH DO YOU WANT TO WAGER THAT THE MAJORITY OF ARMS AND INTEREST ONLY 'DEBTORS' ARE:
A.BUSH SUPPORTERS
B.FOX NEWS DEVOTEES
C.BELIEVE THAT SADAM HUSSEIN WAS INTIMATELY INVOLVED IN 911
\
Repubs are big into greed and denial, the two essential elements of the HB. Throw in the wave of televangelist worshippers and megachurch attendees who literally pray to get rich - I got news, those are cults; that is not Christianity. The same people who were suckered by Rove's lowest-common denominator tactics, by Bush & Co.'s lies, and by fake preachers are obviously susceptible to infomercials and Ponzi schemes.
i was talking with a RE sales / mtg broker guy this weekend at a party. He admitted a national bust but insists things are different here. He cites the BRAC bringing in a bunch of new jobs. Maybe the dems cancel that next year. I see a growing inventory and growing sales (faster than population growth). Speculative bubble? Lots of new lots, not as many new houses built on them.
There is a used car salesman who I know that works at the local Ford dealer. He told me that last month is the slowest that there has ever been. before it was just bad credit. Now it is no sales. Maybe it isn't different here.
"MAJORITY OF ARMS AND INTEREST ONLY 'DEBTORS' "
is highest in CA. Do the math retard.
INFIDELSIX
YOU ARE THE RETARD!!!!
A CAPTAIN IN THE US ARMY RESERVE??
LETS SEE..
YOUR ARMY LOST AFGHANISTAN TO THE TALIBAN...
YOUR ARMY FAILED TO LIBERATE IRAQ..
YOUR ARMY FAILS TO GUARD OUR BORDERS...
YOUR ARMY HAS FAILED TO PROTECT AND DEFEND THE CONSTITUTION OF THE UNITED STATES OF AMERICA FROM ALL ENEMIES FOREIGN AND DOMESTIC{CHENEY,RUMSFELD,KISSINGER,..BUSH,..AND IN THAT ORDER!!)
YOUR ARMY IS DERELECT IN DUTY!!
SO SHOVE YOUR MEDALS AND RANK UP YOUR ASS...CAPT. RETARD!!!
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