So the latest hack from Harvard, REIC poodle Alexander von Hoffman who is a senior fellow at their "Joint Center for Housing Studies" otherwise known as the "Bought and Paid For REIC Disinformation Poodle" at Harvard, put out this bubble article at the Boston Globe, probably at the request of major Boston homebuilders and real estate firms.
What caught my attention was this line: "The Great Depression brought far worse"
Had a good chuckle at that one. Nice way to look at it - kind of like telling someone who just lost their job - "hey, buck up there, getting cancer is much worse"
Again, HP calls for the immediate firing of Nicholas Retsinas, the head of the JCHS, and a cleaning-house by Harvard before their name is besmirched even further. If the JCHS was truly independent, and truly studying housing, they'd be honest about the current situation, the detachment from fundamentals, discuss the out of control lending that got us into this mess, and call for reforms. Instead? We get "there's never a better time to buy!" fluff.
Here's the rest of the lowlights from this discredited front organization for the Real Estate Industrial Complex, and a stain on the good name of Harvard:
Now that prices are subsiding, the downward trend has become a source of anxiety for homeowners, especially for sellers. But it also has implications for the fabric of the city as a whole. The basic question is: Can Boston's reviving neighborhoods withstand the fall?
Before panicking, let's keep the burst of the housing bubble in perspective. After all, the Boston real estate market has been booming and busting since the 1630s, when the Puritans first began divvying up the land around Massachusetts Bay.
The Great Depression brought far worse. Unemployment and deflation crippled the finances of thousands of Boston's working families who could not make their mortgages and lost their homes.
This is not what we're facing.
Absent a prolonged economic collapse, the current bust won't sink a neighborhood or turn masses of people out of their homes.
So although prices may drop here and there, most properties won't become cheap. Newcomers to Greater Boston will still experience sticker shock.
Boom or bust, history shows, Boston's neighborhoods are going to keep rolling in the same direction.
October 17, 2006
The REIC's poodle, the discredited Joint Center for Housing Studies at Harvard, at it again with a "don't panic on housing" piece
Posted by blogger at 10/17/2006