It's amazing how many times we've hit the "bottom"!!!!!
5/25/06 “This may be the bottom. It appears May is a little better.” David Lereah
7/25/06 "I hope we are hitting bottom," said David Lereah, chief economist for the NAR, which is predicting sales of about 6.60 million this year.
10/25/06 "The worst is behind us as far as a market correction," David Lereah, the NAR's chief economist, said in a statement.
12/28/06 ``It appears we've hit bottom,'' David Lereah, chief economist of the Realtors' group, said at a briefing in Washington.
12/29/06 "Maybe we've hit bottom," Lereah said. "I'll need another month before I can get comfortable with that statement."
1/25/07 David Lereah, chief economist for the Realtors, said that even with the December setback, he still believes that sales of existing homes have hit bottom and will start to gradually improve.
2/1/07 It's unlikely interest rates are going back down in the short term and housing economists are calling for a bottom, but the most important consideration is that other buyers may start driving the market again.
2/7/07 David Lereah, NAR's chief economist, is looking for a steady rise in existing-home sales. "After reaching what appears to be the bottom in the fourth quarter of 2006, we expect existing-home sales to gradually rise all this year and well into 2008," he said.
2/15/07 David Lereah, NAR’s chief economist, said it appears the fourth quarter was the bottom for the current housing cycle. “This information confirms 2006 was the year of contraction, and hopefully the fourth quarter was the bottom of this current business cycle,” he said.
4/26/07 Treasury Secretary Henry Paulson delivered an upbeat assessment of the slumping real estate market on Friday saying, "All the signs I look at" show "the housing market is at or near the bottom.”
5/24/06 Gary Bigg, an economist at Bank of America, said it looked increasingly likely "that sales bottomed last quarter" and were set to improve.
5/25/07 “We may look back and realize that April was the lowpoint,” Yun said. “Our forecast is that, by the second half of the year, existing home sales will pick up and prices will come around by late this year or early next year.”
5/25/07 David Seiders, chief economist for the National Association of Home Builders, said on Friday, "Most of the decline is likely behind us, but we probably have till later in the year to see fundamental stabilization or any improvement in housing starts ."
5/25/07 "The housing market seems to be bottoming out. The worst is clearly behind us in terms of the decline in home sales and construction activity," said Mark Vitner, senior economists with Wachovia Securities in Charlotte, North Carolina.
5/25/07 Robert Niblock, chief executive of home-improvement retailer Lowe's Cos., said on a May 21 conference call that the housing market is ``at or near the bottom.''
5/25/07 Indraneel Karlekar, senior vice president of UBS realty, said, the market is "near the bottom" with some "stabilization in the deterioration in home prices" expected later this year. “
5/25/07 Wells Fargo economist Scott Anderson wrote in a research note., “On balance, this report supports our view that home sales are nearing a bottom,” he wrote, “and the adjustments in the housing market going forward are going to be centered more on home price declines than in further declines in sales and starts.”
INTERPRETATION: Everyone sees a recession in the near future and these people of power are trying to influence the public into buying NOW, because we've hit the "bottom".
THE TRUTH: THE NAR doesn't want the finger pointed at them when people place blame on an impending recession. Their logic is to try to convince the public that the housing boom is back and running strong.
THE VARIABLES: They didn't take into account that most of the people who still want to buy homes, wanted to buy homes several years ago, but were intelligent enough to see the end of the housing boom. The suckers who bought at the end of the boom don't have any leverage in their listing price.