Home prices in have crashed by the biggest amount since the Great Depression.
There are millions of unsold, still overpriced, unwanted homes.
Foreclosures are rampant.
Congress is running around like monkeys trying to find a way out of the mess.
And yet here's the REIC's good little poodle Nicholas Retsinas, sent out by his REIC masters (i.e. Harvard JCHS sponsors) to pump housing to the all-too-gullible MSM, even after finally admitting to the crash.
Over the horizon, a housing recovery
The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise.
When will things be better?
A new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," finds the country poised to see an increase in housing demand over the next decade.
"The good news is that we still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."
Some background for HP newbies:
* Many of you will remember when Retsinas stupidly went after HP'ers after we called for his ouster. Retsinas did the classic REIC "blame the messenger" after housing crashed, exposing himself for the bought-and-paid-for REIC hack he is:
"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."
- Nicholas Retsinas, mocking HP'ers, September 2006
* Here's the Harvard JCHS's dirty list of REIC masters (since removed from their website)
* And this classic rant from Tim Iacono over at SeekingAlpha:
"Adding to the growing evidence that you can work at Harvard and still be a moron, Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies commented "The fundamental problem with housing is oversupply.''
No, the fundamental problem is that a speculative bubble just burst and now everyone is thinking rationally again - home prices are still too high, potential buyers realized home prices are still too high, lenders are now interested in the borrower actually paying back the home loan, and investors don't want to go near securitized debt."