Discredited REIC hack Nicholas Retsinas of the Harvard Joint Center for Housing Studies gets slapped with cold hard housing reality

I guess now that the checks (and cash?) he was receiving from his failing REIC masters (homebuilders, lenders, etc) are bouncing, he feels like he should try to gain back some credibility and admit to the crash underway. Nick - nice try. Too late.

But still good progress since just a few months ago, when this discredited hack was calling HP'ers "Chicken Littles" and "Cassandras", and telling anyone who'd listen that the housing market would be A-OK.

Here's the hack a few months ago, perhaps at REIC gunpoint:

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 homeowners, builders and communities. Contradicting another gloomy seer, Chicken Little, the sky is not falling.

Idiot. Guess Econ 101 wasn't part of his education.

Now here's Retsinas and his new post-crash spin:

"The housing market faced a series of body blows over the past year: overbuilding, overappreciation, investors, tightening credit and the subprime-loan implosion," said Nicholas Retsinas, director of the Joint Center for Housing Studies at Harvard University. "No question, the last shoe to drop is going to be foreclosures."

Welcome to HP Retsinas. And oh, we're still waiting for an apology...

Go back to the height of housing bubble frenzy in 2004 - 2006: do you rememember what housing panic looked like (on the buying side)?

Remember the people camping outside of new home developments?

Remember all the people taking real estate license classes?

Remember HP'ers being called brown shirts, flying monkeys, bitter renters, bubble heads, pollyannas, chicken littles and worse?

Remember being told "they're not making any more land" and "if you don't buy now you may be priced out of the market forever"?

Remember all the flipper and home improvement shows on A&E?

Remember George Bush calling for everyone to own a home (regardless of the ability to pay or price)?

Remember David Lereah and his "Why the Real Estate Boom Will Not Bust" book?

Do you remember? Good. Because next time the madness of crowds takes over, run the other way.

FLASH: Nicholas Retsinas, HP hater and discredited head of the corrupted Harvard Joint Center for Housing Studies, comes clean. Kinda.

HP'ers are familiar with the laughable and discredited Retsinas, and his list of REIC puppetmasters.

You may also remember being called "pollyannas" and "chicken littles" as Retsinas belittled HP'ers and anyone who challenged his REIC masters and their housing cheerleading during the bubble. From September 2006, this direct attack on HP'ers (remember we had called for his firing) from Retsinas:

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 homeowners, builders and communities. Contradicting another gloomy seer, Chicken Little, the sky is not falling.

Well, even a discredited REIC hack has to come clean at one point, after the data shout "you're a fool". So here's Retsinas now:

"The air went out of the inflated housing market as higher home prices and interest rates finally tempered demand," center Director Nicolas Retsinas said. "Many buyers are now waiting on the sidelines hoping prices will fall."

"We're going to be in for a prolonged slump," said Nicolas Retsinas, director of the center.

Hmmm... I guess Chicken Little was right. Or maybe Retsinas' over-extended REIC masters didn't pay their annual dues this year... Whatever the case, Retsinas and his bogus JCHS are a stain on the good reputation of Harvard. The REIC has bought our Congress, it's a real shame when they can buy our higher learning institutions.

HP renews it's call for Harvard to fire Retsinas immediately, and to no longer accept REIC bribes.

Retsinas - you can leave your apology to HP'ers here. It's too late to apologize to America though. They're screwed.