Open Mouth, Insert Stupidity
Chuck Ponzi October 25th, 2006
Some of the best lessons can be learned from History:
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.
-David Lereah, October 2006
Some eerily similar prognostications:
“The Wall Street crash doesn’t mean that there will be any general or serious business depression… For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game… Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before.”
- Business Week, November 2, 1929
and…
“… a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall.”
- HES, November 10, 1929
From Ben @ Oceanside
I wonder, does Mr Lereah really believe what he is saying?
Methinks he is merely trying to save his job. Like what is he supposed to say “Yeah, we’re in deep caca” and be fired on the spot, or keep towing the line and spouting these rediculous assertations?
Typical though for the American work ethic of CEO/CFOs and lead financial analysts… lead thousands into financial destruction just to save one’s job.
Still on the sidelines, not buying this load of manure.
Among the Top Ten Pop Songs of:
1929: “Happy Days Are Here Again!”
1931: “I Have Five Dollars.”
1933: “Brother, Can You Spare a Dime?”
Tuesday, November 28, 2006
O.C. house prices fall for third month
The California Association of Realtors reported that the median price of a single-family home here was down 2.9 percent in October.
By JEFF COLLINS
The Orange County Register
The median price of an existing single-family house in Orange County fell from last year’s level for the third month in a row, the California Association of Realtors reported today.
The association reported that the midpoint of all O.C. house sales last month was $681,340, compared to $701,520 in October 2005.
That’s a decrease of 2.9 percent, and follows year-over-year price drops in August and September.
Sales continued their slide too, falling 21.4 percent from October 2005 levels, according to the association’s monthly index.
This was the county’s second home-price report for October. Earlier, DataQuick Information Systems reported that the median price of a single-family home was $665,000, or the same as it was in October 2005.