Buying & Selling: David Lereah Put On Notice

"See this guy right over my head? He's ON NOTICE!!!!!!!!!!"

In what may be the most pointed attack yet on the blatant shilling tactics of David Lereah, CBS Marketwatch has a month-by-month breakdown of the "chief economist's" market outlook:

January 2006
Lereah's forecast: "The market is in the process of normalization."
Actual sales: Fourth-quarter sales fell at an annual rate of 12.6% to 6.94 million annualized.
Lereah's post-mortem: "The level of home sales activity is now at a sustainable level, and is likely to pick up a bit in the months ahead."

April 2006
Lereah's forecast: "Home sales will move up and down somewhat over the remainder of the year but stay at a high plateau."
Actual sales: First-quarter sales fell at an annual rate of 8.6% to 6.79 million.
Lereah's post-mortem: "This is additional evidence that we're experiencing a soft landing."

CenterBlue from D.C. pointed this little gem out to me, and I have to quote his own priceless commentary:

In fact it continues to be a horrendous time to buy property (unless you plan on staying there at least a decade) given the gross over-valuations, huge overhangs of inventory, and more property waiting to come onto the market from millions of over-extended users of exotic loans that are now facing foreclosure. The realtors don’t care about that though, they are getting desperate and they need people to buy houses so they can keep getting paid.

Word life, as they say.

Posted at January 29, 2007 12:44 PM

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"See this guy right over my head? He's ON NOTICE!!!!!!!!!!" In what may be the most pointed attack yet on the blatant shilling tactics of David Lereah, CBS Marketwatch has a month-by-month breakdown of the "chief economist's" market outlook: January 2006 Lereah's forecast: "The market is in the process of normalization." Actual sales: Fourth-quarter sales fell at an annual rate of 12.6% to 6.94 million annualized. Lereah's post-mortem: "The level of home sales activity is now at a sustainable level, and is likely to pick up a bit in the months ahead." April 2006 Lereah's forecast: "Home sales will move up and down somewhat over the remainder of the year but stay at a high plateau." Actual sales: First-quarter sales fell at an annual rate of 8.6% to 6.79 million. Lereah's post-mortem: "This is additional evidence that we're experiencing a soft landing." CenterBlue from D.C. pointed this little gem out to me, and I have to quote his own priceless commentary: In fact it continues to be a horrendous time to buy property (unless you plan on staying there at least a decade) given the gross over-valuations, huge overhangs of inventory, and more property waiting to come onto the market from millions of over-extended users of exotic loans that are now facing foreclosure. The realtors don’t care about that though, they are getting desperate and they need people to buy houses so they can keep getting paid. Word life, as they say.