The NAR shills will always talk like bhagdad bob but I was shocked to see how honest the home builders economist, David Seiders, was on t.v. yesterday. He dismissed the slight rise in median as not seasonally adjusted and “a problem with the data composition,” he tried early on in the piece to say we are through the lion share of the bad stuff but then said no recovery in 2007, it will get worse and maybe/maybe not in 2008. He admitted that there is more than just price discounting with builders, there are a lot of non price incentives and this will increase. Then he made the most honest statement I’ve seen from a paid spokesman “We really dug a big hole for ourselves starting in 2003 and going until early 2006, it is going to take some time to sort through this” and then something about it is hard to predict the bottom because there are factors at play that we have never experienced. He also said that prices have to come down further, the builders know this and the resellers are only just now understanding this.
If he keeps talking like this he is going to do two things, gain the respect of the average piggintonian and be out of a job.
