News has broken that discredited real estate prognosticator Gary Watts has received a notice of default on a house he owns scheduled for short sale in Wagon Wheel.
Information was leaked on the Irvine Housing Blog Forums and verified there.
South OC Real Estate Tracker was unwilling to name the owner of the house, but I share no such sympathy for the man that led thousands or tens of thousands, perhaps hundreds of thousands to the slaughter of the housing bubble. There is likely few in all of Southern California that has done more to destroy personal and household wealth and damage mortgage lending in Southern California than Gary Watts; advising everyone to lever up and purchase as many houses as possible to take advantage of the coming tsunami of rich and privileged who were purported to be settling in SoCal and driving housing prices to the stratosphere.
Gary was using his own supply, it seems.
Ever since Gary Watts admitted he called it all wrong and tried to slink away from the public eye, he has been in his very own Tenth Circle of Hell.
While I have skewered Mr. Watts many times and called him out personally for his blind boosterism right before the bust, it has amazed me how popular he has remained and that he continues to book speaking engagements and sales of his predictions. If ever there was proof that humans simply do not want to know the truth, here it is.
Its been a long time coming….
Anyhow, what was it PT Barnum said about the American public?
James/LAEF2
My favorite posts of yours were the fisking of Gary Watts.
I just hope that we will see some perp walks soon.
It goes to show you just how much we have in common with animals. Those who follow the herd.