Calling BS on the National Ass. of Realtors
Marinite has pulled the crap alarm on the head of the National Ass. of Realtors over at his blog. Well worth the time to read this verbal whoopin'.
"David Lereah is a lying rat-bastard if ever there was one. I'm sorry to
have to say it that way but this claim* of his is pure, unadulterated BS.Now that the "housing market is so far gone that ‘it’s not rescuable anymore'", Lereah is back-peddling big-time:
Lereah and his fellow housing industry economists don’t come out unscathed. Critics say they generated unfounded optimism that the housing market would soar perpetually. Lereah counters that he has been forecasting a change for some time.‘I’ve been wrong for three years in a row. I’ve said we’re about to get a
correction. For three years, I’ve said, ‘This is the year that sales will
come down.’ ‘But now, it’s not because mortgage rates went up, it’s
because of the psychology of the marketplace,’ he said. ‘The prices just got too high.’
Yeah, sure, you've been warning about a correction for the last three years. Sure you have. Uh-huh."
For more information on what the grand poobah of the National Ass. of Realtors has really said, check out David's David Lereah Watch site.
posted by Athena @ 10:19 PM
7 Comments:
a real estate broker i know in santa rosa told me friday that the market is already worse than 1991,and it is just the beginning,he has been pricing homes for $20k less than the most recent comps (or he won't take the listing)for 3 months and told me "there just aren't any buyers.as far as lereah,it is just the big lie again,repeat the lie often enough and enough people will believe it thhat you can keep your job cf,iraq/911
"It's because of the psychology of the marketplace..."
You didn't have to be a psychologist to know that the current real estate bubble would prove to be unsustainable. What goes up must come down. In this respect, it wasn't different this time, after all.
The difference this time was the conspiracy of NAR pimps pumping up home prices while loan sharks issued gimmicky financing deals, putting unqualified buyers into buy vastly-overpriced houses which they never could afford. This went on year after year.
On the way up, the NAR chant was, "Buy now, before it's too late!" As a result, the housing bubble inflated to historical proportions and the crash which has just begun will also be of historical proportions.
This house of cards is collapsing and the NAR snakes are trying to cover their asses. On the way down, the NAR chant will be, "Sell now, before it's too late!"
You didn't have to be a psychologist to know that the current real estate bubble would prove to be unsustainable.
Except that a year ago, when I started my blog, people were saying we (bubbleheads) were all crazy to claim that there was a bubble -- it was all justifiable; I have the comments on my blog to prove it. We were called all sorts of unflattering names and had all sorts of nasty motivations attributed to us. Those housing bulls are suspiciously quiet now. Vision is always clearer in hindsight.
This house of cards is collapsing and the NAR snakes are trying to cover their asses. On the way down, the NAR chant will be, "Sell now, before it's too late!"
To sellers they are saying "Sell now, before it's too late!" and to buyers they are still saying "It's never been a better time to buy!". Mutually contradictory statements as someone must get screwed. Agents are just worried about their flagging commissions
Marinite, I think maybe the namecalling to us bubblebloggers hasn't even started yet. I think those agents worried about their commissions are starting to get real bitter. many of them are still drinking the remnants of lereah's kook-aid. Remember, we are all just a bunch of chicken littles. ;-)
Athena,
Thanks for the link. :-) I love your blog! I will continue challenging David Lereah and the NAR. They have engaged in disgraceful behaviour.
David
David Lereah Watch
someone will have to take the blame for what has happened,and it shouldn't be a surprise to any of us if someone who was irrational about the bubble,irrationally blames someone who pointed that out.however i am a lot less concerned about an assault (verbal or otherwise)than many of those who encouraged people to bet the farm on real estate.
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