Man, I thought the NAR/FAR had all but won the contest for "Best Ability to Promulgate Lies About the Housing Situation With a Straight Face", but Blanche Evans is competing hard! Recently interviewed by the NY Times following the release of her recent book, "Bubbles, Booms, and Busts: Make Money in Any Real Estate Market", she spewed forth some of the worst BS I've heard in quite some time.
Amongst her gems:
"She sees the current slump as more of a breather, as well as a chance for buyers and sellers to “reposition” themselves to take advantage of the long-term upward trend in housing prices.
In other words, she contends there is money to be made in real estate even if prices head south for a while."
Translation: "I have no idea where the market is heading. The only money to be made in a down market is by REALTORS, who get a commission as long as there is a sale."
"“In the normal market people are still buying and selling homes,” she said. “The market is not crashing; the fundamentals and incentives are still extremely good for everyone else.” "
Translation: "I have not read nor watched any media reports on the crash, so therefore it's not happening. In fact, I have my ear's covered right now - LA LA LA LA (can't hear anything - no crash happening!) LA LA LA LA!"
"Even if there is a prolonged recession in the housing market, she thinks it will be relatively mild on a national level.
“One reason for all the pessimism is that the financial press often assume that whatever is happening on the coasts is happening to the rest of the country,” she said. “But the Midwest, for example, may not experience the highs and lows of the coastal cities.”"
Translation: "Everybody now - move to the Midwest! No matter that you can't sell your house where you live now, you're upside down in payments, and the job market out there is crappy. There's REAL ESTATE money to made out in the flatlands!"
"Her advice: Don’t sell unless you have to. "
Translation: "I own lots of investment properties that I can't unload. So please don't put your P.O.S. property on the market and compete with me. But if you're a BUYER, please buy, buy, buy!!! After all, it's a great time to invest!"
Whew, I think I need to take a "breather" (as she so calmly refers to the market) from all the wretching I've been doing while reading her propaganda. I get sick just thinking about the poor souls who will actually take her advice as fact.
Really Bad Advice Concerning Realty