No, this is not a joke.
David Lereah, the thoroughly discredited former Chief Cheerleader for the evil National Association of realtors, publisher of the hilarious comedy "Why the Real Estate Boom Will Not Bust", and pinata for this blog among others, has come out of his self-imposed hole.
Hey, a guy has to make a living somehow, right?
So Lereah has these gems in Newsweek - and no, THIS IS NOT A JOKE.
"We're not at the bottom," he says. "[People] want it to be near the bottom, but we're not there yet. The leading indicators are still very bad. Pending home sales are still in bad shape. Mortgage applications are low … There's still supply out there in abundance … This thing is going to get worse before it gets better."
"We're probably going to end up with a 20 percent [decline], but if I'm wrong it will be even more than that"
"I didn't think this would turn into an all-out bursting of a balloon for the whole nation"
"That (lending) got so out of hand, and none of us realized the magnitude of it until it was too late."
Go ahead HP'ers. Destroy this man. Unload with both barrels. Until we get a sincere apology from Lereah for the destruction and pain he's caused, and a complete and total repudiation of his former employer the National Association of Deceptive Used Home Sellers and his replacement stooge Lawrence Yun, he's still fair game.And for the idiots calling bottom, when the former Chief Housing Cheerleader FINALLY comes out of his hole to admit how horrifically, historically wrong he was, how bad it is, and how bad it's gonna get, any sane person should understand that when it comes to home prices, WE'RE NOWHERE NEAR BOTTOM.