Amen, brother Jim.
Extreme positions, be they negative or positive, have little to do with the reality of the marketplace.
Given enough time, everything eventually returns to the median.
Then, with a little more time, we resume a reasonable trajectory of growth.
It seems that many have forgotten that you buy a home to LIVE in; not to be used as your personal ATM.
“While recent signs have led some economists to speculate that the worst of the housing slump has passed, many are taking a wait-and-see approach, including those at the Realtors association.”
“‘Maybe we’ve hit bottom,’ said David Lereah, chief economist of the Realtors association. ‘I’ll need another month before I can get comfortable with that statement.'”
Go ahead and dismiss it, but that is patently revisionist history. Lereah is on record at least 2 previous times saying that “the worst is already behind us”.
Given enough time, everything eventually returns to the median.
Absolutely.
It’s amazing how many people whose financial future depends on understanding fundamental, undeniable, economic concepts like reversion to mean, either don’t know it or thought that this bubble would be different.
Go ahead and dismiss it, but that is patently revisionist history. Lereah is on record at least 2 previous times saying that “the worst is already behind us”.
Don’t expect this group to acknowledge Lereah as dishonest in any way, shape or form.
They don’t seem to realize that every time Mr. Lereah gets on TV or in the press and tells yet another whopper, as the the spokesman for the NAR, when’s he’s disingenuous, it reflects badly on all realtors.
Phil Hoover says:
Amen, brother Jim.
Extreme positions, be they negative or positive, have little to do with the reality of the marketplace.
Given enough time, everything eventually returns to the median.
Then, with a little more time, we resume a reasonable trajectory of growth.
It seems that many have forgotten that you buy a home to LIVE in; not to be used as your personal ATM.
December 29, 2006 — 12:12 pm
Joe says:
From signonsandiego:
“While recent signs have led some economists to speculate that the worst of the housing slump has passed, many are taking a wait-and-see approach, including those at the Realtors association.”
“‘Maybe we’ve hit bottom,’ said David Lereah, chief economist of the Realtors association. ‘I’ll need another month before I can get comfortable with that statement.'”
Go ahead and dismiss it, but that is patently revisionist history. Lereah is on record at least 2 previous times saying that “the worst is already behind us”.
December 29, 2006 — 8:33 pm
Brian Brady says:
Joe:
I’m not so certain that stating that “the worst is behind us” is necessarily calling a bottom. It’s simply stating that the “worst” is behind us.
December 30, 2006 — 12:15 am
Russell Shaw says:
Hey hey hey! Did EVERYONE miss the point? It was a JOKE!
December 30, 2006 — 12:40 am
John L. Wake says:
On a serious note, I want to move to wherever that gal is the news anchor.
December 30, 2006 — 2:19 am
mike says:
Hey hey hey! Did EVERYONE miss the point? It was a JOKE!
Russell, congratulations, you accidentally provoked an actual discussion, not just more Borg-minded applause and head nodding.
December 30, 2006 — 8:58 am
mike says:
Given enough time, everything eventually returns to the median.
Absolutely.
It’s amazing how many people whose financial future depends on understanding fundamental, undeniable, economic concepts like reversion to mean, either don’t know it or thought that this bubble would be different.
December 30, 2006 — 9:10 am
mike says:
Go ahead and dismiss it, but that is patently revisionist history. Lereah is on record at least 2 previous times saying that “the worst is already behind us”.
Don’t expect this group to acknowledge Lereah as dishonest in any way, shape or form.
They don’t seem to realize that every time Mr. Lereah gets on TV or in the press and tells yet another whopper, as the the spokesman for the NAR, when’s he’s disingenuous, it reflects badly on all realtors.
December 30, 2006 — 9:17 am
Joe says:
Brian:
I’m not so certain that stating that “the worst is behind us” is necessarily calling a bottom. It’s simply stating that the “worst” is behind us.
Uh, wouldn’t not being at the bottom imply that things are going to get worse?
December 30, 2006 — 4:25 pm
UrbanDigs says:
Lehreah said something? What did he say? Did I miss it? Was I suppose to buy something? Is the sale over? WHATS HAPPENING!!!!!!
December 30, 2006 — 8:15 pm