Here's the laughable NAR preso from their annual confab. Oh, man, I wish I was there to heckle. So many slides have so much misleading spin, it's worse than any politician or Cubs manager.
Here's a few select tidbits. Download the entire preso, and also thanks to David at BubbleMeter for the images
Slide 1: "The Road to Recovery" - even the preso title is hilarious! We're on the highway to devastation - recovery lane is miles and miles away
Slide 5: Calling the bottom on new home sales. How stupid does he think we are? A little blip as panicked builders unload at any price is not a bottom, it's a blip. This chart will go down and down and down and down for years and years to come, as builders stop building new dead inventory.
Slide 16: "Very Cold" markets: California, Southern Florida, Arizona, Nevada, DC Region
Slide 21: "Large Corrections" - Arizona, Nevada, South Florida, Las Vegas
Slide 42: Blaming the media for the end of the ponzi scheme: "Bubbles Will Burst. Balloons Will Pop. Prices Will Fall 30% to 40%. Housing Downturn Will Send Economy into Recession"
Slide 47: Still cheerleading: "Wake up and smell the equity! The national median home price has increased 88 percent over the last 10 years!"
Slide 71: Ending with the bizarre and laughable Greenspan quote “Most of the negatives in housing are probably behind us"
November 21, 2006
Posted by blogger at 11/21/2006