David Lereah's Most Corrupt, Foolish and Ridiculous Quotes
"If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years," said David Lereah, chief economist of the National Association of Realtors and author of "Are You Missing the Real Estate Boom?" "It's as if you had 500,000 dollar bills stuffed in your mattress."
He called it "very unsophisticated." (Los Angeles Times Aug 28th, 2005)
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"We're going to drop significantly, but it's not a balloon bursting," Lereah says. "This is a soft landing for the housing markets." (Business Week May 23rd, 2006)
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"...housing activity will remain healthy for some time to come." - David Lereah, NAR’s chief economist, October 28, 2005
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“The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.” - David Lereah, NAR’s chief economist, August 2005
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"We are really on track for a soft landing. There are no balloons popping.” - David Lereah, NAR’s chief economist, December 2005
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Please post Your own favorite Lereah Quotes. [ Hat Tip to Keith from Housing Panic for suggesting this post and Surving The Crash Blog ]
posted by David @ 3:11 PM
6 comments
6 Comments:
I could see equally good arguments for paying off the mortgage or investing in mutual funds that perform 8%+. Paying off debt is never a bad thing.
Hopefully he wasn't refering to using that extra money to invest even more real estate. This is not a bad move if you are cash flow positive from the beginning without using IO and/or ARM loans. However, most people were speculating on RE appreciation.
At least Lereah makes himself and those he represents, transparent. The real evil-doers are completely hidden from view. They make this guy look like the most honest, ethical guy in the world.
The key question for me is "did he intentionally mislead people, or did he really believe what he said?"
If the latter, he's "only" guilty of gross negligence. If the former, he should live with shame the rest of his life.
"Can't pay the piper,
but he'll loan you what you need.
Just sign the paper,
hand over the deed, brother.
"the Bubble Man" music video
http://www.youtube.com/watch?v=Q3peAYJSJSg
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I did not understand that Lereah said it because he mean it or he just said that because he wants to say some some thing on Mortgage or real estate... That is so V***D..
It was nice that i visited your blog and now that i have some information about the GREAT "David Lereah"
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