May 18, 2007

Nicholas Retsinas, Harvard Joint Center for Housing Studies REIC poodle, must be feeling stupid right about now

I thought it was about time to revisit the words of REIC poodle Nicholas Retsinas, saying how there was no housing bubble bursting, and calling HP'ers "Cassandra's" and "Chicken Little". He wrote this article last fall, which led to HP calling for his firing, which of course didn't happen because Harvard is a corrupted institution addicted to REIC $$$$

It amazes me to this day that Harvard would put their name behind such a pathetic, biased, unprofessional and blatantly corrupted department and department head. There is a stench coming out of Boston, and it's not just the crashing housing market there. Nope, it's the stench of an REIC cheerleader attacking HP'ers, and reality, at the bequest of his REIC masters.

September 24, 2006
"HOUSING BUST AHEAD." The headline hints of catastrophe: a dot-com repeat, a bubble bursting, an economic apocalypse.

Cassandra, though, can stop wailing: the expected price corrections mark a slowing in the rate of increase -- not a precipitous decline.

This will not spark a chain reaction that will devastate home owners, builders, and communities. Contradicting another gloomy seer, Chicken Little, the sky is not falling.

Cassandra can stop wailing, and Pollyanna can stop cheering. Home prices in some regions are moderating, but for a nation inured to CNN's headline-of-the-moment, this moderation does not rate high on the Richter scale of cataclysm.

Nicolas P. Retsinas is director of the Joint Center for Housing Studies, at Harvard University.


Anonymous said...

Yeah well check out the latest Freddy Krueger news from AZ:

“The number of fraud cases reported in Arizona in the first three months of 2006 was 213 percent higher than the same period the year prior, according to the study. The state also saw an increase in the number of fraud cases involving subprime loans, jumping to No. 6 in the nation from No. 19 in 2005.”

“The Valley has seen lenders pushing for false appraisals, misusing stated-income loans, conducting cash-back schemes and more, Mesa loan officer Shailesh Ghimire said. Everybody saw prices going up and tried to make it work, Ghimire said.”

Somebody call up Greggy Swab, and when he answers laugh maniacly into the phone.

Anonymous said...

that dog probably eats better than some of the angry renters around here.

Anonymous said...

He's at 617-496-3676

Anonymous said...

Q: Is there a real concern about a housing bubble burst in certain markets, and if so, what will be the effects?

Retsinas: It’s hard to imagine any circumstances where there would be a national housing bubble. As long as we’ve been keeping data, which goes back to 1960, and perhaps back to the Great Depression, nationally home prices have never gone down. But in selected areas — particularly those areas that have seen double-digit appreciation where the economy may be struggling — there may be some price declines. Overall we can imagine that housing prices will probably not rise as much as they have been rising, but we can’t imagine circumstances where there is going to be a widespread bursting of that bubble.

Anonymous said...

gt said...

is it animal cruelty for all these home debtors to feed their dog melamine-tainted alpo? that's all they can afford right now. pretty sure them homeowners are now getting their dog food from the back of petsmart, kinda good timing.

fyi- that is not a poodle, but rather a bichon. i was able to afford the bichon i got, along with the local organic pet food i now need, thanks to renting.

Anonymous said...

wanna bet he owns a home and some investment properties too

Anonymous said...

Yes, Harvard is going to fire someone based on the demands of HP. And Harvard, having no other source of funds, is utterly beholden to the REIC.
Keith, a little less hyperbole would go a long way. This Restinas guy is being proved wrong as you type - isn't that enough?

Anonymous said...

yes yes yes, inventory up, fraud all over the place, yadda yadda....and yet prices are going up in the South (ex-FL), flat in the NE, down a little in the west.

Children, that is not a crash.

Anonymous said...


Damn great one.

Anonymous said...

“Robin Camacho of Direct Access Lending said she can see that the median price isn’t accurately reflecting house values right now, but she can really only make an educated guess as to why.”

“‘Our research does show that the number of homes listed on the MLS for less than $270,000 has increased substantially in the past year,’ she said. ‘This indicates that prices are falling, though people are actually still paying the same but getting more for their money.’”

Stephen said...

This just goes to show how foolish it is to stand in awe of Hardon -sorry - Harvard and Yale professors and graduates.

There are a lot of very smart people involved with these institutions (along with a lot of trust fund babies), but make sure you never let yourself be fooled by a very smart person with an agenda.

People like Retsinas and Bernanke are so impressed with themselves, they think that they know everything. Thank you, Keith, for demonstrating that they do not.

JP said...

You were taken by the great REIC. I don't think the dog is Poodle. Could be a Bichon Frise.

devestment said...

It is still a bichon frise and not a poodle.

Anonymous said...

how is everyone's CFC puts at $34 doing?

Anyone, anyone at all?

How about that gold of yours bought at $690 last month. Anyone, anyone at all?

Anonymous said...

It is always amazing that the sheep can ignore all the numbers and all the reports (even in MSM!) and then poo poo the whole thing because one county in one state is growing. Whooopty freaking the big picture just lost on most are they that deep in Kool Aid?

Mort said...

Harvard would blow your drunk uncle for some grant money.

Anonymous said...

housing is crashing only in your dreams renters. i hope hp is around 5 years from now when you fools make more excuses why you can't afford a home. i'm sure bush, fox news and walmart will be involved somehow.

Mark in San Diego said...

Time after time I ask myself, "why do the "little people" like those of us on HP, know more than experts?". . .my only answer is that they are completely out of touch with reality, or they are corrupt. . .I choose to go with a little of both - they know who funds them, so they choose to look on the bright side. We saw pictures of the "bubble bench" over a year ago, and put 2 and 2 together. We knew higher interest rates will kill people on resets, and we knew once housing price increases ended, people could not use their houses as ATM's. . .was this so hard for the experts to figure out??

Mark in San Diego said...

"housing crash only in your dreams renters."

Right - anonymous must live in Aspen, or one of the 5 places where housing prices are still going up. . .here in reality - 80% of American (Texas,Colorado (outside Aspen), Florida, Mass, California, Arizona, etc). . .housing prices ARE crashing - the reason they don't show up on monthly statistics is that with so few houses selling, only higher priced housing (cash buyers) are sold. . .this brings the "average" price up. . .if only one house sells a month for one million dollars, then the average price sold is one million dollars. . .I can give thousands of examples here in SD where prices are already down 20% from the 2005 highs. . .check this web site for examples:

Anonymous said...

Who can't afford a home? I can buy one with cash easily. I wont though till all the trolls are crying.

Anonymous said...

mark in sandiego,

do you know the difference between median and average? doesn't look like it.

Median prices in 95% of the country are where median prices were 2 years ago, maybe a little down, 1% or 2%. That is not a crash and that has nothing to do with Aspen.

Anonymous said...

SD prices down 20%, ok if a blogger says so it must be true. are you people that gullible? oh wait you are ron paul supporters, I take that question back

Anonymous said...

according to the following cities have higher median price YOY. California and Florida saw 100% gains and then a 5-10% drop. The rest of the country is humming along nicely. This is not a crash folks.

San Antonio

Anonymous said...

It is idiotic to try and discredit someone by calling him or her a Cassandra.

Cassandra's curse was that although she had the gift of being able to predict the future accurately , no one would believe her.

By calling your critics Cassandras, you are essentially admitting they are right.

Anonymous said...

Simply put, whether prices drop as a result of a crash or drop as the result of a "soft landing" either way, there is no way that I will buy in a bubble market at these prices. If I become that desperate to own something of my own, I will simply save my money, quit my job and move to somewhere with a much lower overhead. I will then build the house that I want on my terms

keith said...

Nicholas Retsinas is the REIC's bichon frise



Anonymous said...

that dog probably eats better than some of the angry renters around here.

You are just plain stoopid. With an extra $1500 a month I eat only the finest organics. Go microwave your Ramen and STF UP.

Anonymous said...

"how is everyone's CFC puts at $34 doing?

Anyone, anyone at all?"

I don't know why nobody answered but at the current CFC price of $19.81 they are doing pretty well.