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...
