Well, you see, when he gets indicted, they don't want them to be able to say "current head of NAR". This way, it will look like the industry org already got rid of the problem, even though Im guessing the problems there are rather on the "institutionalized" side.
Circuit City lowers Q1 (May) guidance and withdraws guidance for FY 08 citing in the month of April "substantially below-plan sales, primarily related to large flat panel and projection television categories"
Leading Real Estate Economist, David Lereah, Joins Move, Inc. as New Executive Vice President and Chairman of New Venture
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--April 30, 2007--Move, Inc. (NASDAQ:MOVE), the media leader for the when, where and how to move, announced today that Dr. David Lereah has joined the company as an executive vice president for Move, Inc. and serve as chairman and partner with Allan Dalton, who will be the president and CEO, of a new business entity which will launch in the third quarter of 2007 and which is expected to be transformational for both consumers and real estate professionals.
Lereah is the nation's leading real estate economist. For seven years, he has served as senior vice president and chief economist of the NATIONAL ASSOCIATION OF REALTORS(R) (NAR) as the Association's spokesman on the U.S. economy, the housing and real estate markets as well as other economic and policy issues affecting the industry in the U.S. and abroad. He also directed the Association's Research Division, the Regulatory and Industry Relations Division, the Real Estate Services Group and Strategic Planning Activities for the Association.
"With the addition of David's unique qualification and expertise as an economist, Move will continue to be recognized and sought out as the leading online real estate destination with the most comprehensive information available to real estate professionals and consumers," said Mike Long, chief executive officer of Move, Inc. "After serving as the spokesperson for the NAR for many years, David brings vast real estate savvy and knowledge to the company. He will help guide us in our next phase of growth and expansion with new ventures as well as serving as the company's spokesman on economic and real estate issues."
Lereah is recognized as a leading expert in the real estate and financial services industries and his career has included tenures with private industry, government, and academia. Prior to joining NAR, he was chief economist for the Mortgage Bankers Association of America (MBA) and acted as the COO with responsibility for MBA's Research, Business Development, Industry Technology, Education, Marketing, Public Affairs and Meetings divisions. He also had responsibility for the MBA's Research Institute for Housing America and Societas, an international lending institute. At the same time he served as president and chief executive officer of Lender Technologies Corporation - a wholly owned subsidiary of the MBA which specializes in technology and information solutions for the mortgage lending industry.
"David Lereah has established himself as the ultimate expert for the real estate industry," said Allan Dalton. "Having David partner with me on this new venture will ensure that consumers and the industry will benefit from his unparalleled knowledge of financial issues and the real estate marketplace."
Prior to Mortgage Bankers Association of America (MBA), Lereah was managing principal and chief executive officer of Vantage Financial Group, Inc., a consulting company focusing on financial and investment management for the banking and real estate industries. He also was the chief economist of Sovran Bank (predecessor of NationsBank and BankAmerica) in Richmond, Virginia, and served on the Asset/Liability and Investment Committees for the holding company. Lereah spent several years as a bank regulator and a financial economist for the Federal Deposit Insurance Corporation (FDIC). In that capacity, he authored numerous articles on bank management and hedging strategies. He also was a member of the American Bankers Association's Economic Advisory Counsel. Lereah began his career on the faculties at the University of Virginia and the Graduate School of Management at Rutgers University, where he specialized in banking issues, market information problems and financial market research.
Lereah's economic and real estate market commentary is regularly quoted in major news media including the Wall Street Journal, New York Times, BusinessWeek, USA Today, CNN Business News, CNBC, CBS Evening News and C-SPAN. Dr. Lereah has also served as an expert witness, testifying on economic and financial services issues before the U.S. Congress. He is a prolific speaker, giving presentations and seminars on economic, real estate and investment issues throughout the U.S. and other countries. He has written numerous articles and books on finance, investments and real estate, and his new book, "All Real Estate is Local," was released in March 2007 published by Doubleday, Random House.
Lereah has served on a number of Board of Directors/Advisory Councils, including Velao Interactive Solutions Corporation, EZ Archive Corporation, The Harvard University Industrial Economist Council, The Burnham-Moores Center for Real Estate at the University of San Diego, The Gerson Lehman Advisory Council and the National Housing Conference, Center for Housing Policy. Dr. Lereah received his B.A. in Economics & Marketing from American University, Washington, D.C. and his Ph.D. in Economics from the University of Virginia, Charlottesville, Virginia.
Move, Inc. (NASDAQ:MOVE), the media leader for finding, improving, and enjoying your home, provides homebuyers and renters with the real estate and community information, and professional connections they need before, during and after a move. The Company operates Move.com(TM) (http://www.move.com), the most comprehensive real estate search site for rentals and homes to buy and REALTOR.com(R) (http://www.realtor.com), the official Web site of the National Association of REALTORS(R). Move also operates Welcome Wagon(R) (http://www.welcomewagon.com), a 78-year old neighborhood expert that provides new movers with valuable and comprehensive information about businesses and professionals in their new communities. Move.com is the official new homes Web site of the National Association of Home Builders. Move also operates Moving.com (http://www.moving.com), SeniorHousingNet(TM) (http://www.seniorhousingnet.com), TOP PRODUCER(R) Systems (http://www.topproducer.com), FactoryBuiltHousing.com (http://www.factorybuilthousing.com) and Home Plans (http://www.homeplans.com). On the Net: Move Investor Relations: Investor Relations.
REALTOR(R) and REALTOR.com(R) are registered trademarks of the NATIONAL ASSOCIATION OF REALTORS(R). REALTOR(R) is a federally registered collective membership mark, which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribes to its strict Code of Ethics.
This press release may contain forward-looking statements, including information about management's view of Move's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move's future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
I am guessing that he bailed, because it is no fun chronicling the massive downturn that is happening now, with worse to come. So I look at it as evidence that real estate is well and truly f**ked.
He's had nothing but bad luck
Since the day the market fell through the floor
He hoped it was the bottom, maybe
Twas a rose-colored glasses call
Crystal ball on his table
Had charts of the future, the past
Same tune with those screaming buys
There was no need to be selling fast?
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
He's gonna get you
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
Your mortgage is falling behind
Just sell the ring on your finger
Cash out your retirement plan
You can blame the optimistic stranger
I think we will all understand
You drank the poison he offered you
You found yourself out the door
As you looked past his big "green" lies
Inflation hurt you right to the core
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
He's gonna get you
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
Your mortgage is falling behind
If you're out flipping condos tonight
Be careful of those neighborhood plays
From this man who has been stripped bare
Tryin' to appeal to your gullible ways
Crystal ball on his table
Has charts of the future, the past
Same tune with those screaming buys!
You better get out of there fast!
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
He's gonna get you
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
Your mortgage is...
The National Association of Realtors announced today that they would not need to replace David Lereah. They will simply re-issue his monthly statements about how the "housing market has bottomed". This will help save the organization money and that will help it weather the current housing slump.
this is right up there with all the insiders of housing stock selling their shares in the first quarter of 2005. the housing market will look very different 18 months from now and Lereah needs to be as far as far away as possible from his rosy predictions.
Let's see... if I worked for Move and found out that HE was going to come on board, I'd kind of have to quit out of principle. I guess we can definitely say that Move is a giant crock of hacks.
I truly find it remarkable that Learah was able to find a job. It clearly wasn't based on his academic prowess as an economist. He is a completely discredited stooge.
Comparing Lereah and Seiders, the latter has been more restrained and frank, and of course looks much more credible. But what do you guys expect of the new NAR Chief Economist? It's probably going to be more of the same, calling how now it's the best time to buy a home no matter what - that's what realtors do. I just hope the new one will be a little more cautious.
Come take a loan, the debt is free, it's gotta be on your mind
The outcome will be kind, Lereah's guiding you
Building your home, has to start now, profits are a piece of cake
You can't make a mistake, Lereah's guiding you
Chorus:
You have to believe! It is magic! Nothin' can stand in your way
You have to believe! It is magic! No better time than today
And to ensure banks survive, helicopters will arrive
Dropping cash as they fly, for you
Dropping cash as they fly, for you
From where he stands, the homes are free, global booms are so rare
He promises no nightmares, Lereah's guiding you
Through these downturns he'll be near you, he'll buy anytime you call
He'll catch you when you fall, Lereah's guiding you
"of a new business entity which will launch in the third quarter of 2007 and which is expected to be transformational for both consumers and real estate professionals."
I wonder what this could be. Direct sales through realtor.com for a flat fee ??
I'm a little surprised at the level of vitriol towards Davey-boy. After all he's a PR flack, what do you expect from him, the truth? I'd reserve a more critical eye for our miserable business media, who gladly parroted the blather eminating from this twerp without the least bit of critical analysis, until it became so obvious that the housing market was tanking that they had to acknowledge his increasing silliness.
I guess Lereah became something of a poster boy for all that is wrong with the real estate industry.
While I'm not sad to see him go, I doubt he will be replaced with someone honest and frank. More likely another silver tongued liar will replace him, perhaps with a bit better skills.
"After leaving NAR, Lereah will become a senior executive at Move Inc., an online real estate service, said Lucien Salvant of the real estate trade group.
'David has been an expert in the field, is widely respected and has been an excellent spokesman for NAR,' Salvant said.
In a related development, the NAR announced that Don Imus has agreed to become the organization's new spokesman. A NAR official stated that Mr. Imus is a natural successor to Mr. Lereah. The official explained After all, the job is really about entertainment and hype. 'I'll fit right in with this bunch of empty headed ho's, said Mr. Imus."
I guess Lereah became something of a poster boy for all that is wrong with the real estate industry.
Somebody has to be the scapegoat. This is America. We demand it.
Next comes...
Overt Helicopter Missions
Why suffer through another Great Depression when we can simply print ourselves some more prosperity? Or in the words of Ben Bernanke, "credibly threatening to do so."
After all he's a PR flack, what do you expect from him, the truth?
Exactly. If I wanted to hire a stand-up-straight salesman who could walk into a room full of militant vegans and pitch'em Veal Parmesan... pictures of baby cows and all... Then he'd be on that short list for sure. No matter how ugly it got he kept on message (with a smile)... it's always a good time to buy or sell a house.
Its about bloody time. Iraq needs a new information officer, perhaps he should apply. He'd be perfect...nah, there's no housing problems at all. We faced them and beat them back. Our clever deception and tactics were once again proven invincible and we have all the foreclosures on the defensive and all desperately re-applying for leniency from our supreme leader, GW. Ya, he'd be perfect.
Well, see Lereah was useful for relief humor...his sunny disposition is spreading (you figure his NAR boss is more, or less sunny now that L has moved off...away...down...into the pits of some unknown outfit?...but not for long, those helpless coal miners will be singing like StagflationMark when they see David coming...
Not a single gag about this subprime move...
I liked the note (central scrutinizer) about how the business press escaped most of the damage while airing Lereah's every little blurb.(..now people, examine the media and current political quagmire).
Nice link Yal, I wonder if you noticed the author catching WSJ on a typo ($6B instead of $600B for an estimate of current HELOC) and then on the very next graph showing an inconsistent amount for Home Loans (from a Fed paper dated 2007-20 whatever that could mean). I dunno, those 3 reasons why home loans are on the decline seemed a tad weak ... sometimes I think this place, Calculated Risk, is miles ahead of these other guys.
Speaking from personal experience, these lines of credit always seemed too good to be true. Pay only interest for ten years and then start paying it down? Yeah, right!
Back a few years ago when you could get the first six months at one percent interest and then the rate would adjust up to three or four percent, after taking into account the tax write off, it was almost pain-free debt service (and hardly noticeable when home prices were rising).
I forgot how those things worked.
Oh, my God! Someone talked about the housing carry trade. Well, there it is.
That's 600 billion that will prove to be a thorn in the consumer's side that he will never be able to remove.
Bulls? Oh, bulls... If all this depends on the American consumer, tell me how he stays standing.
The Atlanta Braves recently became the first sports franchise to offer a finance plan for their tickets. If you are spending $200 or more, GE Money will offer so-called "90 days same-as-cash" financing. If you don't pay before 90 days, then the APR is between 20 and 25 percent. The Braves management says that they have lots of fans who "want the ticket package" but "don't have that amount of cash on hand." Is this what we mean when we say that the democratization of credit improves consumers' quality of life?
(thumbsnap+haloscan, your url autodetection and inferior thumbnailing/autocropping code is no match for my superior tech -- your fu is weak... btw it is called "portrait" and then height > width -- yes, that's possible... you should have thought about it -- Tanta on software)
"So where is the ever-optimistic economist headed? According to Reuters, Lereah is taking a "senior executive position" at Move Inc., an online real estate service.
Formerly known as Homestore.com, the company changed its name in early 2006, probably in an attempt to escape the lingering stench of having 11 former executives convicted of federal charges relating to a sheaf of offenses, including insider trading, fraud, filing false reports to the SEC and lying to auditors.
"
If he had waited a couple of weeks I'm sure something would have opened up in the Bush administration.
It would be nice to see the NAR appoint a real serious economist and expert on real estate this time. I nominate CR for the post. About as likely as Bush appointing John Muthra to be the Iraq war Czar, but would sure be an improvement over good old Dave.
About time
This made a good day even better!
Now how will they spin this?
Halleluja!
Well, you see, when he gets indicted, they don't want them to be able to say "current head of NAR". This way, it will look like the industry org already got rid of the problem, even though Im guessing the problems there are rather on the "institutionalized" side.
It's a great time to leave a job, or start a job.
Davey, you did a heck of a job.
He expects his employment activity to pick up later this spring.
Lama, LOL
His departure signals the end of the housing slump the same way that the departure of Comical Ali signalled the end of the Iraq war.
There's always work for an enthusiastic prostitute. Good thing he has a "sunny disposition."
departure of Comical Ali signalled the end of the Iraq war.
and the start of even more bloody occupation...
CR,
Thanks for the mention. David Lereah has lost credibility. His departure from the NAR was inevitable.
David
David Lereah Watch Blog
Circuit City lowers Q1 (May) guidance and withdraws guidance for FY 08 citing in the month of April "substantially below-plan sales, primarily related to large flat panel and projection television categories"
fallout: the Lereah Watch guy is outta work too...
He is not out of a job or looking for a job, Lereah moved.
Move Media: Press Release
Move Investor Relations: Press Release
Leading Real Estate Economist, David Lereah, Joins Move, Inc. as New Executive Vice President and Chairman of New Venture
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--April 30, 2007--Move, Inc. (NASDAQ:MOVE), the media leader for the when, where and how to move, announced today that Dr. David Lereah has joined the company as an executive vice president for Move, Inc. and serve as chairman and partner with Allan Dalton, who will be the president and CEO, of a new business entity which will launch in the third quarter of 2007 and which is expected to be transformational for both consumers and real estate professionals.
Lereah is the nation's leading real estate economist. For seven years, he has served as senior vice president and chief economist of the NATIONAL ASSOCIATION OF REALTORS(R) (NAR) as the Association's spokesman on the U.S. economy, the housing and real estate markets as well as other economic and policy issues affecting the industry in the U.S. and abroad. He also directed the Association's Research Division, the Regulatory and Industry Relations Division, the Real Estate Services Group and Strategic Planning Activities for the Association.
"With the addition of David's unique qualification and expertise as an economist, Move will continue to be recognized and sought out as the leading online real estate destination with the most comprehensive information available to real estate professionals and consumers," said Mike Long, chief executive officer of Move, Inc. "After serving as the spokesperson for the NAR for many years, David brings vast real estate savvy and knowledge to the company. He will help guide us in our next phase of growth and expansion with new ventures as well as serving as the company's spokesman on economic and real estate issues."
Lereah is recognized as a leading expert in the real estate and financial services industries and his career has included tenures with private industry, government, and academia. Prior to joining NAR, he was chief economist for the Mortgage Bankers Association of America (MBA) and acted as the COO with responsibility for MBA's Research, Business Development, Industry Technology, Education, Marketing, Public Affairs and Meetings divisions. He also had responsibility for the MBA's Research Institute for Housing America and Societas, an international lending institute. At the same time he served as president and chief executive officer of Lender Technologies Corporation - a wholly owned subsidiary of the MBA which specializes in technology and information solutions for the mortgage lending industry.
Leeeah part 2
"David Lereah has established himself as the ultimate expert for the real estate industry," said Allan Dalton. "Having David partner with me on this new venture will ensure that consumers and the industry will benefit from his unparalleled knowledge of financial issues and the real estate marketplace."
Prior to Mortgage Bankers Association of America (MBA), Lereah was managing principal and chief executive officer of Vantage Financial Group, Inc., a consulting company focusing on financial and investment management for the banking and real estate industries. He also was the chief economist of Sovran Bank (predecessor of NationsBank and BankAmerica) in Richmond, Virginia, and served on the Asset/Liability and Investment Committees for the holding company. Lereah spent several years as a bank regulator and a financial economist for the Federal Deposit Insurance Corporation (FDIC). In that capacity, he authored numerous articles on bank management and hedging strategies. He also was a member of the American Bankers Association's Economic Advisory Counsel. Lereah began his career on the faculties at the University of Virginia and the Graduate School of Management at Rutgers University, where he specialized in banking issues, market information problems and financial market research.
Lereah's economic and real estate market commentary is regularly quoted in major news media including the Wall Street Journal, New York Times, BusinessWeek, USA Today, CNN Business News, CNBC, CBS Evening News and C-SPAN. Dr. Lereah has also served as an expert witness, testifying on economic and financial services issues before the U.S. Congress. He is a prolific speaker, giving presentations and seminars on economic, real estate and investment issues throughout the U.S. and other countries. He has written numerous articles and books on finance, investments and real estate, and his new book, "All Real Estate is Local," was released in March 2007 published by Doubleday, Random House.
Lereah has served on a number of Board of Directors/Advisory Councils, including Velao Interactive Solutions Corporation, EZ Archive Corporation, The Harvard University Industrial Economist Council, The Burnham-Moores Center for Real Estate at the University of San Diego, The Gerson Lehman Advisory Council and the National Housing Conference, Center for Housing Policy. Dr. Lereah received his B.A. in Economics & Marketing from American University, Washington, D.C. and his Ph.D. in Economics from the University of Virginia, Charlottesville, Virginia.
Lereah part 3
ABOUT MOVE, INC.
Move, Inc. (NASDAQ:MOVE), the media leader for finding, improving, and enjoying your home, provides homebuyers and renters with the real estate and community information, and professional connections they need before, during and after a move. The Company operates Move.com(TM) (http://www.move.com), the most comprehensive real estate search site for rentals and homes to buy and REALTOR.com(R) (http://www.realtor.com), the official Web site of the National Association of REALTORS(R). Move also operates Welcome Wagon(R) (http://www.welcomewagon.com), a 78-year old neighborhood expert that provides new movers with valuable and comprehensive information about businesses and professionals in their new communities. Move.com is the official new homes Web site of the National Association of Home Builders. Move also operates Moving.com (http://www.moving.com), SeniorHousingNet(TM) (http://www.seniorhousingnet.com), TOP PRODUCER(R) Systems (http://www.topproducer.com), FactoryBuiltHousing.com (http://www.factorybuilthousing.com) and Home Plans (http://www.homeplans.com). On the Net: Move Investor Relations: Investor Relations.
REALTOR(R) and REALTOR.com(R) are registered trademarks of the NATIONAL ASSOCIATION OF REALTORS(R). REALTOR(R) is a federally registered collective membership mark, which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribes to its strict Code of Ethics.
This press release may contain forward-looking statements, including information about management's view of Move's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move's future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
For additional information, visit http://www.move.com
CONTACT: The Rogers Group for Move, Inc.
Jessica Schmidt, 310-552-4177
jschmidt@rogerspr.com
SOURCE: Move, Inc.
I am guessing that he bailed, because it is no fun chronicling the massive downturn that is happening now, with worse to come. So I look at it as evidence that real estate is well and truly f**ked.
i bet the commenters on housingbubble.com are patting themselves on the back right now!
Devil Scapegoat (Devil Woman - Cliff Richard)
He's had nothing but bad luck
Since the day the market fell through the floor
He hoped it was the bottom, maybe
Twas a rose-colored glasses call
Crystal ball on his table
Had charts of the future, the past
Same tune with those screaming buys
There was no need to be selling fast?
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
He's gonna get you
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
Your mortgage is falling behind
Just sell the ring on your finger
Cash out your retirement plan
You can blame the optimistic stranger
I think we will all understand
You drank the poison he offered you
You found yourself out the door
As you looked past his big "green" lies
Inflation hurt you right to the core
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
He's gonna get you
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
Your mortgage is falling behind
If you're out flipping condos tonight
Be careful of those neighborhood plays
From this man who has been stripped bare
Tryin' to appeal to your gullible ways
Crystal ball on his table
Has charts of the future, the past
Same tune with those screaming buys!
You better get out of there fast!
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
He's gonna get you
He's just a devil scapegoat
With evil on his mind
Beware the devil scapegoat
Your mortgage is...
They're not making any more David Lereahs.
They're not making any more David Lereahs.
April 30, 2007
Washington, DC
The National Association of Realtors announced today that they would not need to replace David Lereah. They will simply re-issue his monthly statements about how the "housing market has bottomed". This will help save the organization money and that will help it weather the current housing slump.
this is right up there with all the insiders of housing stock selling their shares in the first quarter of 2005. the housing market will look very different 18 months from now and Lereah needs to be as far as far away as possible from his rosy predictions.
Let's see... if I worked for Move and found out that HE was going to come on board, I'd kind of have to quit out of principle. I guess we can definitely say that Move is a giant crock of hacks.
I truly find it remarkable that Learah was able to find a job. It clearly wasn't based on his academic prowess as an economist. He is a completely discredited stooge.
The next stock shorting opportunity...
Comparing Lereah and Seiders, the latter has been more restrained and frank, and of course looks much more credible. But what do you guys expect of the new NAR Chief Economist? It's probably going to be more of the same, calling how now it's the best time to buy a home no matter what - that's what realtors do. I just hope the new one will be a little more cautious.
Please forgive me, I just can't seem to help myself.
Magic - Olivia Newton John
Come take a loan, the debt is free, it's gotta be on your mind
The outcome will be kind, Lereah's guiding you
Building your home, has to start now, profits are a piece of cake
You can't make a mistake, Lereah's guiding you
Chorus:
You have to believe! It is magic! Nothin' can stand in your way
You have to believe! It is magic! No better time than today
And to ensure banks survive, helicopters will arrive
Dropping cash as they fly, for you
Dropping cash as they fly, for you
From where he stands, the homes are free, global booms are so rare
He promises no nightmares, Lereah's guiding you
Through these downturns he'll be near you, he'll buy anytime you call
He'll catch you when you fall, Lereah's guiding you
Chorus
Chorus
"of a new business entity which will launch in the third quarter of 2007 and which is expected to be transformational for both consumers and real estate professionals."
I wonder what this could be. Direct sales through realtor.com for a flat fee ??
Move Investor Relations: Press Release
I'm a little surprised at the level of vitriol towards Davey-boy. After all he's a PR flack, what do you expect from him, the truth? I'd reserve a more critical eye for our miserable business media, who gladly parroted the blather eminating from this twerp without the least bit of critical analysis, until it became so obvious that the housing market was tanking that they had to acknowledge his increasing silliness.
I guess Lereah became something of a poster boy for all that is wrong with the real estate industry.
While I'm not sad to see him go, I doubt he will be replaced with someone honest and frank. More likely another silver tongued liar will replace him, perhaps with a bit better skills.
"After leaving NAR, Lereah will become a senior executive at Move Inc., an online real estate service, said Lucien Salvant of the real estate trade group.
'David has been an expert in the field, is widely respected and has been an excellent spokesman for NAR,' Salvant said.
In a related development, the NAR announced that Don Imus has agreed to become the organization's new spokesman. A NAR official stated that Mr. Imus is a natural successor to Mr. Lereah. The official explained After all, the job is really about entertainment and hype. 'I'll fit right in with this bunch of empty headed ho's, said Mr. Imus."
I guess Lereah became something of a poster boy for all that is wrong with the real estate industry.
Somebody has to be the scapegoat. This is America. We demand it.
Next comes...
Overt Helicopter Missions
Why suffer through another Great Depression when we can simply print ourselves some more prosperity? Or in the words of Ben Bernanke, "credibly threatening to do so."
Of course, this is just a theory.
NUREG,
Gallows humor is best served often, lol.
After all he's a PR flack, what do you expect from him, the truth?
Exactly. If I wanted to hire a stand-up-straight salesman who could walk into a room full of militant vegans and pitch'em Veal Parmesan... pictures of baby cows and all... Then he'd be on that short list for sure. No matter how ugly it got he kept on message (with a smile)... it's always a good time to buy or sell a house.
Gotta admire the guy's 'craft'.
Its about bloody time. Iraq needs a new information officer, perhaps he should apply. He'd be perfect...nah, there's no housing problems at all. We faced them and beat them back. Our clever deception and tactics were once again proven invincible and we have all the foreclosures on the defensive and all desperately re-applying for leniency from our supreme leader, GW. Ya, he'd be perfect.
American Home Mortgage to publicly offer 4 mln shares
HELOC in 2007:
Home Equity Debt: The Long Slow Squeeze Continues -- Seeking Alpha
Well, see Lereah was useful for relief humor...his sunny disposition is spreading (you figure his NAR boss is more, or less sunny now that L has moved off...away...down...into the pits of some unknown outfit?...but not for long, those helpless coal miners will be singing like StagflationMark when they see David coming...
Not a single gag about this subprime move...
I liked the note (central scrutinizer) about how the business press escaped most of the damage while airing Lereah's every little blurb.(..now people, examine the media and current political quagmire).
Nice link Yal, I wonder if you noticed the author catching WSJ on a typo ($6B instead of $600B for an estimate of current HELOC) and then on the very next graph showing an inconsistent amount for Home Loans (from a Fed paper dated 2007-20 whatever that could mean). I dunno, those 3 reasons why home loans are on the decline seemed a tad weak ... sometimes I think this place, Calculated Risk, is miles ahead of these other guys.
Speaking from personal experience, these lines of credit always seemed too good to be true. Pay only interest for ten years and then start paying it down? Yeah, right!
Back a few years ago when you could get the first six months at one percent interest and then the rate would adjust up to three or four percent, after taking into account the tax write off, it was almost pain-free debt service (and hardly noticeable when home prices were rising).
I forgot how those things worked.
Oh, my God! Someone talked about the housing carry trade. Well, there it is.
That's 600 billion that will prove to be a thorn in the consumer's side that he will never be able to remove.
Bulls? Oh, bulls... If all this depends on the American consumer, tell me how he stays standing.
Predatory lending comes to baseball
The Atlanta Braves recently became the first sports franchise to offer a finance plan for their tickets. If you are spending $200 or more, GE Money will offer so-called "90 days same-as-cash" financing. If you don't pay before 90 days, then the APR is between 20 and 25 percent. The Braves management says that they have lots of fans who "want the ticket package" but "don't have that amount of cash on hand." Is this what we mean when we say that the democratization of credit improves consumers' quality of life?
Take me out to the ball game.
We live in a society run by usurers for usurers.
Wife Beaters and Bankrupts - Credit Slips
This is truly disgusting.
I don't think this is what Thomas Jefferson had in mind.
Of course, it's hard to know exactly what he had on his mind when he was bopping slaves and talking about freedom.
Bond Demand Put Risky Subprime Borrowers Into Homes (Update2) - Bloomberg.com
so is AHM saying the the MBS market recovered ?
On a related note, Centex, the 4th largest home builder in the U.S., laid a big fat egg after the market closed, posting a larger than expected loss.
Saving rate:
This article: http://www.camillieconomics.com/PDF/Economics%20for%20Your%20Life,%20Vol%201.2.pdf claim that most american did NOT tap the equity in their home and thus have great savings.
Bottom:
http://media.www.californiaaggie.com/media/storage/paper981/news/2007/04/30/CityNews/Davis.Housing.Market.Anticipated.To.Rise.After.Slump-2888028.shtml
"Containment is spreading":
Five Things You Need to Know: Subprime Woes Now Contained to Global Risk Appetites; Oh, By the Way, Heightened Global Risk Appetites Have Peaked; Also Now Contained to Alt-A Mortgage Bonds; Now Contai-Minyanville
The Epilogue:
http://thumbsnap.com/v/%43zCYQopM.png
buyout falling apart ?:
Sallie Mae Buyout May Ride on Democrats' Subsidy Plan (Update6) - Bloomberg.com
Winding of MEW carry-trade - flat sales of flat TV:
Circuit City Short Circuits On Weak Flat TV Sales -- Seeking Alpha
Accounting NEW: Accounting Said to Hide Lender Losses - NY Times
A litte more on Comical Ali from Leonard at Salon:
"So where is the ever-optimistic economist headed? According to Reuters, Lereah is taking a "senior executive position" at Move Inc., an online real estate service.
Formerly known as Homestore.com, the company changed its name in early 2006, probably in an attempt to escape the lingering stench of having 11 former executives convicted of federal charges relating to a sheaf of offenses, including insider trading, fraud, filing false reports to the SEC and lying to auditors.
"
If he had waited a couple of weeks I'm sure something would have opened up in the Bush administration.
probably in an attempt to escape the lingering stench of having 11 former executives convicted of federal charges
ROFL
david, lucky number 12 xD
Of the usurers, by the usurers, and for the usurers...
It would be nice to see the NAR appoint a real serious economist and expert on real estate this time. I nominate CR for the post. About as likely as Bush appointing John Muthra to be the Iraq war Czar, but would sure be an improvement over good old Dave.
Once Lereah arrives, it'll be known as BOWELMOVE.COM..