Wednesday, February 22, 2006

Where O' Where Has David's Credibility Gone?

This one was posted up at Bubblemeter:


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

20 Comments:

Anonymous Anonymous said...

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."

2/22/2006 09:17:00 AM  
Blogger grim said...

Sounds a bit more like "CYA" (Covering Your AS$), which he seems to be doing alot of lately.

grim

2/22/2006 09:32:00 AM  
Blogger chicagofinance said...

I can't discern the depth in the picture. Are the people standing under the house?

2/22/2006 10:06:00 AM  
Anonymous Anonymous said...

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.

2/22/2006 06:00:00 PM  
Anonymous Anonymous said...

"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."

2/23/2006 01:34:00 PM  
Blogger Roadtripboy said...

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.

2/23/2006 08:26:00 PM  
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4/18/2006 09:11:00 PM  
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4/23/2006 11:35:00 PM  
Anonymous Anonymous said...

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5/11/2006 10:11:00 PM  
Anonymous Anonymous said...

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6/20/2006 01:07:00 PM  
Anonymous Anonymous said...

. Noise does not sell well. Let the Realtor� and buyer talk, free of disturbances. Background "soft playing" music is okay, but the wrong sounds will turn buyers off. Noisy children and animals are roadblocks to a contract � and traffic, trains, and planes must be dealt with honestly, if they are part of the deal. Go here for more ideas.

6/21/2006 09:40:00 AM  
Anonymous Anonymous said...

In this "cooling off" real estate market, suggest that the average residence is shown about 4 times a week during the first 3 weeks of a real estate listing. After that, an unsold home goes "stale" ... it gets shown less .

6/21/2006 09:55:00 AM  
Anonymous Anonymous said...

Hint #6 for . Clutter will clog a sale: Display the full value of your space by removing all unnecessary articles. Consider storing things you don't need all the time.

6/21/2006 12:15:00 PM  
Anonymous Anonymous said...

Hint #3 for . Let The Sun Shine In: Open draperies and curtains and let the prospect see how cheerful your home can be. Dark rooms do not appeal. One trick which always seems to work is to replace 60-watt bulbs with 100-watt bulbs, and have your Realtor� turn them all on, even for a daytime showing (and off again after the showing).

6/22/2006 04:08:00 PM  
Anonymous Anonymous said...

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6/23/2006 01:21:00 PM  
Anonymous Anonymous said...

. Pets Underfoot? Keep them out of the way ... preferably out of the house. Many people are acutely uncomfortable around animals. Nothing can stop a sale faster than man's best friend, wagging its friendly tail at a prospect with an allergy.
Go here for more ideas.

6/25/2006 12:23:00 PM  
Anonymous Anonymous said...

Even if you sell your home "as is, subject to inspection" � you can do a lot to . A top-notch Realtor� will probably hand you a list of at least a dozen things you can do to help improve your sale. If they don't, well, maybe you need to .

6/26/2006 08:34:00 AM  
Anonymous Anonymous said...

. Be It Ever So Humble: Never apologize for the appearance of your home. After all, it has been lived in. Let the trained agent answer any objections. That's the job of your Realtor�.
Go here for more ideas.

6/27/2006 03:29:00 AM  
Anonymous Anonymous said...

Hint #3 for . Let The Sun Shine In: Open draperies and curtains and let the prospect see how cheerful your home can be. Dark rooms do not appeal. One trick which always seems to work is to replace 60-watt bulbs with 100-watt bulbs, and have your Realtor� turn them all on, even for a daytime showing (and off again after the showing).

6/28/2006 06:52:00 PM  

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