If you were wondering if there was too much consensus developing about the housing bubble, fear not. No fewer than 6 industry economists defended housing today with a stunning display of stupid comments. Here are my two favorite quotes:
Carl Steidtmann, chief economist of Deloitte Research offered this pearl of wisdom:
"There has been much discussion recently about a housing bubble, but the truth is that home price appreciation has slowed considerably in the past three months. The time to talk about a bubble was last December".
The week is not over yet but I am closing the polls early by awarding that comment the Weekly Gold Medal For Stupidity.
Paul Merski, chief economist for the Independent Community Bankers of America had this to say:
"Bankers are being very diligent now about their lending practices," and the FDIC is "closely monitoring bankers' lending practices right now due to the long run in the housing boom. (The notion) of exotic products out there that are extremely dangerous is well overblown."
Those and other beauties were compiled by my friend Calculated Risk. Click here to see his humorous take about the situation.
Just for the road, here is a good one that Calculated Risk missed. It is your typical "nothing can possibly go wrong" synopsis that is associated with market tops. It was reported in The Oregonian. Here goes:
According to Steve Kaer, a top-producing agent for Coldwell Banker/Barbara Sue Seal Properties, "If interest rates went up to 8 percent, we'd still have this kind of buying because people are here, and they want to live close to Portland".
In the meantime fear not if you had worries about "everyone" believing there is a housing bubble. Not only does the public not see it, many experts in the industry are in denial as well.
Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com/
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