The National Association of Realtors (NAR) is busy disputing the 'Housing Bubble Theory.' They make the preposterous claim that 'new analysis of 130 markets by NAR shows no support of a housing bust.' Let us examine some of David Lereah's recent statements. David Lereah is the chief economist for NAR stated
- 'The air is coming out of the balloons" ( Late August)
- "'The boom is showing some signs of tiring" ( October 31st )
- "'Some markets are more susceptible to interest rate risks and shock,' he said. 'I cannot guarantee that there will be no hard landings.'""
- '"The country is really unbalanced when it comes to the price of a home. The boom has really discriminated across America. The biggest risk I see right now in California and other parts of the U.S. is the element of risk introduced by adjustable-rate mortgages and interest-only loans and negative amortization loans,' he said."
It is time for the NAR and David Lereah to get their story straight. The hypocrisy is quite apparent.