Tell me how you can have a housing recovery on the back of double-digit unemployment.
By Daniel at 31 March, 2009, 12:58 pm
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Forget about coming off the biggest housing bubble in world history. Oh, and while you’re at it, tell me how this housing correction is going to be uniquely different from previous ones (such as in CA) where it took many years to build a bottom in prices. Can you imagine how much worse it would be right now without the Fed and Congress pulling out all-the-stops to dampen the decline?
I still can’t get over the NAR commercials right now, amongst them saying “You’ll be kicking yourself for not buying in this market.” Can we see some quotes from NAR from say 2002-2006? I’ve never heard a negative word out of their mouth.
from: http://bigpicture.typepad.com/comments/2008/01/a-history-of-ho.html
August 2005: “All of the doom and gloom forecasts of a housing debacle are not only irresponsible, but also downright wrong.” –David Lereah, National Association of Realtors
April 2006 NAR: “We can expect a historically strong housing market moving forward, earmarked by generally balanced conditions across the country and fairly stable levels of home sales with some month-to-month fluctuations.”
July 2006 NAR: “Right now we are on course for a soft-landing in housing.”
October 2006 NAR: “The worst is behind us, as far as a market correction – this is likely the trough for sales. When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market.”
December 2006 NAR: “At least the bottom a ppears to have already occurred. It looks like figures will be improving.”
July 2007 NAR: “Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year.”
And you are going to trust what they have to say now?
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