Where O' Where Has David's Credibility Gone?
Take a good look at that, and no, it's not a joke. That's NAR Chief Economist David Lereah's new book. Well, I don't believe it's entirely new, I believe it's a retitle, recover, and update of "Are You Missing the Real Estate Boom? : The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade - And How to Profit From Them", released last year.
The new book, "Why the Real Estate Boom Will Not Bust - And How You Can Profit from It : How to Build Wealth in Today's Expanding Real Estate Market" is scheduled to be released this month, it can be found here.
Take a good look at the reviews section, there are some real gems there:
"For me, this was more comic relief than any scholarly analysis. The author has a vest[ed] interest in the bubble not bursting, and he's selling his soul with this book to prove it. "
"The key to making money in real estate - and keeping it - is to get aboard a rising real estate trend early, not late. While it is true that real estate is a good long-term investment, what Lereah ignores is the cycle nature of real estate. In other words, if you buy an overvalued house late in the market cycle - and you are over leveraged and illiquid like most Americans are today - you may not be around for the long-term." - Robert Campbell Author of Timing the Real Estate Market
" Huckster Drums Up Business"
"And where was this book say 10 years ago BEFORE real estate became the darling investment it is today? Seems Mr. Lereah is a tad late in the game. It's easy to say everything will continue to be wonderful when everything has been so wonderful for so long. The biggest mistake people make is automatically assuming, like the Realtor in Florida below, that just because things have been a certain way in the recent past that they will continue to be that way indefinitely into the future. "
Caveat Emptor!
Grim
7 Comments:
Is he contradicting himself?
I found this on bankrate.com yesterday
"It's a seller's market transitioning to a buyer's market," says David Lereah, chief economist for the National Association of Realtors. Sellers are reluctant to drop their asking prices, but a lot of them might have to "because the buyers now have a little more control, a little more power."
Sounds a bit more like "CYA" (Covering Your AS$), which he seems to be doing alot of lately.
grim
I can't discern the depth in the picture. Are the people standing under the house?
Lereah!
This guy is an LOSER and should be held accountable when this bust proceeds. The guy is sickening already. Can't trust one word from this marble mouth.
"I can't discern the depth in the picture. Are the people standing under the house?"
In the next volume, the people will be crushed under the house, and it will be titled "How to Survive The Busted Real Estate Bubble."
I agree with some of the other posters who have posted anecdotal evidence of changes taking place in the real estate industry (e.g., overheard conversations with frustrated realtors, etc.).
I received an email from the realtor I was working with a year or 2 ago but I stopped because there was nothing I could afford without taking out a funny money loan.
What is significant is that he is contacting ME---I never wanted to purchase a property that was worth that much yet he is still working every possible contact to get potential sales, even if the commissions are small.
I have noticed that he has had a listing on NJMLS since last fall that has languished without a price adjustment.
I have to admit, I toy with the idea of going in and offer 50% of asking and see what happens.
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