As could be expected, the David Lereah and his henchmen at the NAR continue to insult our intelligence. When existing home sales fell 11.3% from last year, they blamed the weather!
Yes, the weather was bad in parts of the country, but sales declined everywhere, and a lot!
Yes, bad weather can reduce sales, but I'd think it would take a biblical plague to reduce sales this much. Throughout floods, hurricanes, blizzards, earthquakes and tornadoes, sales haven't declined this much in 18 years.
"The Americans are not there. They're not in Baghdad. There are no
troops there. Never. They're not at all."
Here's last month's existing home sales report headline: "Existing-Home Sales Rebound in February, Market Stabilizing." If stabilizing means consistently falling, well, then yes, the market is stabilizing.
No, Mr. Lereah, nobody with half of a brain believes your garbage. Though, I guess if you call the bottom enough times, you'll eventually be right.
For all of the newer house bubble readers out there, check out David Lereah's entry in Wikipedia to see how comical the timing of his books is. Probably the best is his book on how to get rich in tech stocks, which was published in June 2005... right about the time when you would have sustained maximum damage in the market.
A periodic blog dedicated to providing commentary and encouraging debate on topics in Economics and Finance.
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