Here's his quote last week at the NAR annual meeting, to a room full of hungry and desperate realtors:
"We need a price decline, we were overbloated," particularly on the West Coast, David Lereah, chief economist for the National Association of Realtors, told attendees at his organization's annual meeting here on Friday.
"In 2007, it will be a flat year, maybe 1 percent [sales] drop, and that's it," Lereah said. "After 2007, we'll be back to expansion again."
Now read the next post, where the NAR predicts home prices will rise in 2007.
Then someone track this guy down with some tar and feathers and have a good time.
November 12, 2006
Chief NAR liar, the corrupt David Lereah, at internal realtor meeting calls for home price decline, says we're "overbloated"
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20 comments:
The NAR may have shot themselves in the foot. The $40 million ad campaign may just keep sellers stubborn about their price.
Resulting in continued low level of activity. Realtors will continue to starve.
"someone track this guy down with some tar and feathers and have a good time"
hmmm... I actually like the sound of that. I'll be in New Orleans this weekend for our convention but please message me at my MySpace. My assistant will help make arrangements.
I'm always amazed that in real estate it is always - "A GREAT TIME TO BUY"
Dead, alive, up, down, sideways. No difference.
Go here.
Bwahaha!!
Yep, and 1930 looks like a splendid employment year too.
Was DL whiping his forehead with a fine linen cloth throughout the entire presentation?
"Tom DC/VA said...
"overbloated"??? As if there is an acceptable level of bloating? WTF is he talking about?"
Great call Tom, LMAO!
Let me try.
"Overbloated"
- instead -
The housing market is bleeding like it's having a menstrual cycle. Right now we're trying to jam a tampon in it with a phony prediction for 2007.
F**K the tar and feathers.
Stick its sorry lying a$$ into a pillory and let the public throw rotten fruit at it...
David Lereah should be shipped to Gitmo, water-boarded, then stuck on a plane to Iraq.
In fact, if we do need a Draft to continue the War Against ... Whatever it is we're fighting in Iraq, I suggest that instead of a lottery, we take the unemployed realtors, bankrupt speculators, criminal attorneys, lenders, and appraisers first.
Don't forget the Illegals. They will make a great pool for the military draft to pull from, as soon as they get amnesty.
Keith,
why did you delete Jeffs post?
do not post bible-long articles. use tinyurl
Sure, as long as easy money continues trough lending and folks perceive real estate as a no loose investment, prices will continue to rise.
There is no such thing as a "no lose investment". The perception that such a thing exists has historically lead to the worst market crashes. Also, what you and many other housing bulls do not understand is that unaffordable housing is going to determine the dirrection of the market much more so than any easy money policy.
All of a sudden I see many SOLD and IN ESCROW signs here in Los Angeles. At least in the short term there is some price stability.
I don't know what part of L.A. you live in, but where I live I just see more and more for-sale signs.
Drive around Pasadena Ca. LOTS OF IN ESCROW SIGNS. about 50% of the signs up are sold.
Drive around the San Fernando Valley. For sale signs are up all over with no prospective buyers. When will people like you face the reality that home prices are just too unaffordable out here?
Home prices are afordable. The top wage earners from all over the world are coming to California for the weather and beauty. Under new lending guidelines the Hispanic service sector can easily qualify for multiple families livivng under one roof by showing pay stubs. When will loosers like you figure out that you have been priced out of the better areas and go back to Mississippi with your little devalued downpayment?
Ethnic cleansing continues in California with the selling of houses to illegal aliens who don't mind living 12 to a 3 bedroom house. Middle class people should just leave as there is no room for them in California anymore. How many people do you need to have making $6 per hour under one roof to afford a $500K house in the central valley? I'd say about 10 or 12.
Wake up people! Get accustomed to Third World wages and living standards. It's going to be the poor and the rich with few people in the middle class. All middle class jobs will be shipped to India and China.
Hey, Thats just what the castrated whites want! Sounds like a multi-cult wet dream to them.
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