Post of the year over at davidlereahwatch!
Doesn't look like The Corrupt David Lereah should be out calling bottom when his own home is falling like a knife.
It's illegal for analysts to pump stocks they own without disclosing their conflict of interest. Yet The Corrupt David Lereah is allowed to 1) put out a book pumping real estate and 2) tailor all of his statements to try to get home values to increase.
People of America, rejoice! The Corrupt David Lereah's house is crashing! And hopefully all of his "investment property" is heading south for the winter too! Could you imagine if he got foreclosed on?
Yippee!!!!
Zillow: David Lereah's House Declining In Value
David Lereah's primary residence, like other houses in the Washington, DC metro area, is losing value. According to Zillow the peak price for Mr. Lereah's house was 959K in June 2006. Since then the price has declined about 11% to an estimated (Zestimate) price of 852K.
44 comments:
what's the address? I want to order him a pizza with extra anchovies...
Classic! We all need at least 5 bathrooms - how does he manage - poor guy.
If he bought his house more than 2 years ago, he is still in profit.
This is true for the majority of home owners, and WILL always be true.
WHY?
The politicians will never just standby and watch the housing market implode. They can alter the tax laws, force banks to make the loans over a longer time period, change the law to make renting unattractive (property taxes on renters?).
Keith you may think that thier is nothing that can be done to stop the housing market from imploding,
but in a fiat currency what limits are their on the fed albility to print money?
No doubt gold bugs will tell us to buy gold as a protection against inflation, but how does gold protect against a general societal breakdown? Who will enforce property rights, if all the citizens are on the poverty line?
Remember, when Alaric was sacking rome, he killed the rich and poor.
Senor El Qweef-o,
But how much did it appreciate in the past 5 years? How about showing that graph? I'd bet his house is worth at least $100K more than when he purchased it, even with last year's decline.
Despite what you renters think, NOT EVERYONE BOUGHT IN 2006!!!
I REPEAT, NOT EVERYONE BOUGHT IN 2006!!
ONE MORE TIME, NOT EVERYONE BOUGHT IN 2006!!!
Why is it so hard for you to grasp this very simple concept. ***SOME*** people bought at the peak. ***SOME*** people bought too much home and can't afford it. ***SOME*** people will default. ***SOME*** people are truly fucked.
However the vast, vast majority of buyers do not fall into that category.
Thanks Keith for the link! You rock bc you take the REIC to task!
David
David Lereah Watch
The politicians will never just standby and watch the housing market implode. They can alter the tax laws, force banks to make the loans over a longer time period, change the law to make renting unattractive (property taxes on renters?).
I bet you are PRAYING that any of this fantasy will come true... Good luck sucker!
David should be grateful that the McMansion is dropping in price.
For, if it just stays at $800k for the rest of his life, his property taxes alone over the next thirty years would be approximately $400k
This is the "fly in the ointment" that most idiot homedebtors do not understand. If one were to simply buy one home, live in it for the remainder of their life and never intend to sell it, there is no benefit to them to have a wild real estate bubble as it only costs them more and more for property taxes, insurance and maintenance/upkeep.
Perhaps one day, after the Great Housing Collapse of 2007-2010, more and more people will begin to view a house for what it is:
A durable good, that depreciates in value as it rots out, falls down and leaks from every crack and crevice.
David Lareah's house looks a lot like him...
NO CLASS OR CHARACTER!
" If he bought his house more than 2 years ago, he still has a profit"
David Is that you?
This is true for the majority of home owners, and WILL always be true.
The majority is not what drives the market. I assure you that the price drops in Davie's neighborhood come from a very marginal amount of sales, as compared to the total population.
If he bought 10 years ago, great. That does not keep his home from hitting 500K. I don't really understand your point.
Look David...Dolphins...Cute little Dolphins...
Okay guys...he's playing IN the water now so put on the JAWS music and pass the popcorn.
I wonder what zillow has to say about Mr. Lereah's multiple "investment" properties in Florida?
"If he bought his house more than 2 years ago, he is still in profit.
This is true for the majority of home owners, and WILL always be true."
Talk to ANYONE who bought a home in California in 1989 and tried to sell between 1992-1996. But I guess I know the answer, it was different that time.
http://news.yahoo.com/s/ap/20070215/ap_on_bi_ge/housing_slump
more DL sitings.
http://www.voiceofsandiego.org/articles/2007/02/15/housing/939picket021207.txt
Great read about a home owner who feels she was defrauded by a realtor.
Keith, if you are in a crowded theater, you do not yell fire, because it isn't the right thing to do. ROTFLMAO, if you did people would kill themselves before the flames got to them, think about it; what is someone supposed to do?
'Please sell your houses in an orderly fasion before the sub-prime lenders go tits up'? I don't think so, the sheeple would have none of it, therefore, a bust we must have, for the bush built scheitt sandwich, aka voodoo supply side lending; has been made and we all will eat it collectively.
Just like the borg in deep space 9. It will be glorious.
DUDE!!!!! Its fucking happening. Check this out - Friend of mine, his wife is an RE agent in Tucson, AZ. Mamoth KB houses were going for over 430K last year. None sold. Recently, one sold for 260K!!!!!!!!!!!!! I asked if there were any insentives, he did not know but would ask. If so then the house actually sold for less. Anyone want to drive by and tell them they are so fucked in a years time? Funny thing is that it has started SELLING WARS. Neighbors are seeing that new houses are selling for what they are asking there used house for. So why would anyone buy used, when you can buy new? So she (friends RE wife) has been telling her clients to severly cut the price of there house if they want to sell. So someone asking 260K is advised to sell at 210K. This will end UGLY as people start bidding wars and house prices tail spin down in flames. HAHAHAHAHAHAHAHAHAHAHA
http://kutv.com/video/?id=23467@kutv.dayport.com
video from Salt Lake City shooting.
the gunman,Sulejman Talovic, was a muslim refugee from Bosnia.
meanwhile, Bush wants to import 7000 more Iraq refugees.
I wonder if Lereah is now having non-seller's remorse. He'd publically deny it up and down.
amigauser: While there are far more stories of people making wealth in real estate than losing in the past, there is an accelerating amount of stories of real estate losses causing financial ruin.
Currently politicians are encouraging more strict rules for lending, so the argument that they will protect home debtors for tax collection is not strong.
We are no where close to the bottom yet. Later this year, we will see some areas dropping to 2003 prices.
Classic! Another renter living in a 1 bed/1bath jealous of someone who lives in a nice home.
Classic, yet also pathetic and sad.
BWA HA HA HA!!
Oh man you renters are precious, really you are. While I couldn't give two shits about this guy, for some reason KEIFER and the rest of you loons have a pickle up your ass about him.
Get a life losers
Does he have an ARM? Or a BRAIN?
What's the debt on the puppy? Anyone know the exact address? We can get the debt if we know the address. Mortgage liens are public information.
He's probably up-side-down and looking for a bail out.
Why is it so hard for you to grasp this very simple concept. ***SOME*** people bought at the peak. ***SOME*** people bought too much home and can't afford it. ***SOME*** people will default. ***SOME*** people are truly fucked.
However the vast, vast majority of buyers do not fall into that category.
Those who bought at the peak, and are soon to be in financial difficulty, will set the sale prices for everyone else.
If you're living in a $500,000 house, and your neighbor sells his identical house for $300,000, then your house has just lost $200,000 in value.
The downward spiral has just begun.
Sell now, or be priced in forever!
I hope his property value crashes to 500k and he has to sell at a loss.He can than join the rank of the others the NAR has conned.
Classic! Another renter living in a 1 bed/1bath jealous of someone who lives in a nice home.
Classic, yet also pathetic and sad.
Yet you continue to post methodically on_every_thread! You either have a loser life or no job.
Yes, I'm so jealous of the brown stucco shitboxes in Chandler and Scottsdale. Whatever will I do? Well, probably leave the soon to be 3rd-world shithole known as metro Phoenix.
DL in a 900K house around DC?? Granted, I know I cant afford that but around some of the nicer DC burbs that isnt anything special. Maybe they arent paying him that much.....
I love all the people that say things like...
"not everybody bought in 2006"
ok...I can live with that statement...and I appreciate how you see how these people are screwed...even the real estate goons.
However...how many homeowners who purchased in say...1999 or 2000 or whenever bought into the same "it'll" go up for ever...and did a lot of cash out refinancing to afford those new BMW's, Kitchen and Bath remodels, Vacations, $300 Jeans, and whatever other overpriced crap?
I'm sure that there were quite a few people that were trying to "keep up with the jonses"
These days, houses last about five years before requiring major repairs.
Loudan County, VA has been one of the fastest growing counties in the nation in recent years. It is about 30 miles out of DC. The traffic has been getting worse. The DC area is one of the top four worse traffic areas in the nation, by some accounts it is the worse. Used to be alot of farm and rural land out there. Inside the beltway is built out with few undeveloped lots remaining (10 mile radius of DC). There was room to build McMansions in Loudan, thus part of DC moved out to the country. There were tales of people gaining tens of thousands of dollars of capital appreciation per year in the houses they owned. The real estate market boom was the talk of the town. I think this area was peaking in the late third or early fourth quarter of 2005, but am not sure about Loudan. Due to the traffic, closer in areas are holding their values while those stuck with commutes of greater than an hour and a half have been suffering. According to a radio report I-66 backed up more than 20 miles in the morning and if there was an accident, it was no go. The backroads jammed also. Loudan govt' officials were very sad they were losing property taxes as home values deflated, but they yet needed to build schools and infrastructure. Loudan agreed to raise the property tax rates.
Really nice views of the foothills out there. Other people preferred the city lights.
Flash:
Record home price slump
Fourth-quarter report from National Association of Realtors shows largest price drop on record as markets with price declines now outpace those with gains.
http://money.cnn.com/2007/02/15/real_estate/home_prices/index.htm?cnn=yes
David Lereah's response:
"Examination of data within the quarter shows home prices stabilizing toward the end," said a statement from David Lereah, the NAR's chief economist. "When we get the figures for this spring, I expect to see a discernable improvement in both sales and prices."
I LOVE THIS GUY!!!!!
That is wonderful news about the 430 to 260K drop in AZ.
When housing goes back to it's true value, we can all sleep a lot better at night.
hope for future generations! And for those in young adulthood now!
Young people: Do not buy a house until they are at half current prices!
Take care of yourself and your financial future!
this bubble has been of epic proportions and it's burst will be stunning!
What we are witnessing is history in the making..
For any homedebtor that bought pre-bubble, rode it up, and is still hanging onto their house, no, you are not f*cked like the new buyers are f*cked..
But... just like riding Cisco or Pets.com all the way up and all the way down, that's what you'll have to live with for the rest of your lives. You could have seen the bubble, you could have sold, you could have retired early or comfortably.
But instead, you held, and you broke even.
It is what it is.
You folks are funny... I am talking about the people who argue that " if you bought 3-4 years ago you will be ok".
Fine, but one very important element about the home debters that no one is mentioning here.
The folks that used the ATM?
Most did.
You can always tell by their jeans and looking in the garage!
However...how many homeowners who purchased in say...1999 or 2000 or whenever bought into the same "it'll" go up for ever...and did a lot of cash out refinancing to afford those new BMW's, Kitchen and Bath remodels, Vacations, $300 Jeans, and whatever other overpriced crap?
I'm sure that there were quite a few people that were trying to "keep up with the jonses"
****SOME**** did that.
****MOST**** did not.
Overpriced crap? So I take it then you wear a burlap sack to work everyday. No? You mean you wear that overpriced pair of pants? do you realize that the $70 pair of pants is only worth $1 of fabric.
You are such a fool man
You can always tell by their jeans and looking in the garage!
LOL!! So now if someone has a nice pair of jeans they are about to forelose. Ohhhh kaaaayyy.
So I guess I now understand who still wears Wranglers or Levi's...renters.
Nothing moving in NY....tumble weeds are blowing in the streets....but we are at the bottom, right? ....right?
Oh God this is going to get ugly ----Running for the hills----
Keith,
Inquiring minds want to know...
What kind of jeans do you wear?
Uh, The Gap of course.
Anyone buying $300 jeans will likely wish he had invested that $300 smartly and let it compound over time to be able to buy a car in 2020.
And for women out there - your butt looks the same in $300 jeans as it does in $30 jeans.
Trust me.
There you have it folks Keith wears Gap Jeans! If you haven't noticed their stock is up.
Now... lets get back to HOUSING and the ensuing PANIC.
Thanks Keith!
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