This guy is turning out to be a wonderful contrarian indicator as everything he says “WON’T” happen “DOES” happen.

Here is today’s gem:

“‘Although existing-home sales will be marginally reduced due to subprime lending restrictions, they should be gradually rising this year and next,’ Lereah said. ‘Even so, these problems are likely to be contained and not spill over into the prime mortgage market.’”

There you have it folks….directly opposite to what David says then, (1) existing-home sales will NOT be gradually rising this year and next and (2) these problems are NOT likely to be contained and WILL spill over into the prime mortgage market.

If he weren’t such a great contrary indicator, I’d love to see him “swing” like Saddam for all the lies he’s told.