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. Not according to this blog which has been keeping track of what you do say. Or what about this well earned caricature? What about your two books promising fantastic wealth from housing through the end of the decade and shaming those people who don't fall for it? No one who has been paying any attention at all and who has more than a five minute attention span should fall for this crap and certainly not let him and his cronies off the hook.
David Lereah: you are in need of some serious butt-whooping. It's time to get medieval on the RE industry.
It used to be that lawyers were the butt of corruption jokes. Who wants to bet that the next ten years will contain lots of real estate agent jokes?
I really, really hope this corrupt real estate industry gets burned at the stake. Of course, they are not the only ones who should be so treated, but this is a RE blog after all.
*This article is about the obvious existence of the bubble, the fact that it is now busting, and the real estate industry's claim that it is the media's fault for the bubble's busting due to its printing of negative articles. I guess it is OK to Lereah and his corrupt minions that the media printed positive, cheerleading articles on the way up.
No, the real reason why the housing bubble is bursting is because it is a bubble in the speculative mania sense which you have repeatedly denied for years Mr. Lereah. I mean, over-priced POSs like these are the "WTF.coms" of the recent tech bubble. And like all bubbles throughout history it is bursting not because of interest rates, not because people like me have had enough with the cheerleading BS being spewed by the main stream media and people like you and so we have chosen to write about it; it's bursting because there are no more greater fools out there; it is fully vested and prices have no where else to go but down. But instead of caring about the general public's best interests, you and your hundreds of thousands of cronies have pimped this thing to such absurd levels that there is no other way but down. You and all other vested interests caused this bubble and if the world was a fairer place you would be punished. But instead, communities and average Americans will take the hit and everyone, those who played the game and those who knew enough to stay out, will have to pay for it one way or the other.
Sorry to rant. Now back to our regularly scheduled program.
**Update: "Back-Peddling" as in "back-pedaling" while at the same time trying to sell to the unwary populace a new line of lies.