MB Civic

by Barry Ritholtz at The Big Picture ..

Ever since the data made it obvious — at least to us — that Housing was topping out in 2006, we have watched with various degrees of bemusement the annual ritual that is the erroneous housing bottom call .. These bad calls reoccur every Spring .. I use the phrase Perennially Wrong Bottom Callers and its acronym PWBC™ .. Exactly how often have the PWBCs been making their really really bad housing bottom calls? As is often the case with equities, from the peak of the market all the way down. Searching for terms like “Bottom, turnaround stability recovery” along with “Real Estate Housing Homes Residential” reveals a broad and deep reservoir of PWBCs .. There are so many bad PWBC that it is really difficult to make special mention of anyone, but we are compelled to point out two PWBC in particular: Alan Greenspan, who was wrong early and often, and the National Association of Realtors, whose spin has been astoundingly consistent, bullish and wrong, the whole way down

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