Let’s take a look at what David Lereah, chief economist for National Association of Realtors is saying now :

  • “The drop in sales and rise in inventories in October signals that the housing sector has likely passed its peak”
  • “Make no mistake, slowing has occurred”
  • “We expect further cooling in coming months”

Gee, it only seems like yesterday…..
Well not quite but it was February of this year when David Lereah published

Are You Missing the Real Estate Boom?
The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade – And How to Profit From Them

“It’s not too late to increase your stake in the greatest real estate boom of our generation. Whether you are a first-time buyer or already own your home, Are You Missing the Real Estate Boom? will show you how you can dramatically increase your overall wealth. Author David Lereah, chief economist for the National Association of Realtors, shows why the real estate market is poised to climb higher over the next decade—and explains what you can do to profit from it.”

Let’s look at a couple of charts from my friend Professor Piggington:

The professor lays out the evidence of the bubble for everyone to see.
Take a look at the charts above, read the professor’s case, and decide for yourself.

Is it really a “Once-in-every-other generation opportunity”?
I happen to think that it is.
For all the bubble areas especially California and Florida, it is perhaps a once in a lifetime chance to cash out.
Actually, it WAS last spring and summer just as David Lereah’s book was rolling hot off the presses.
For those that bought several years ago it’s still a great time to cash out.
Unfortunately many of those that recently bought into the hype are finding that they are now underwater.
Heaven help those underwater in condos in bubble areas.

The once in a lifetime opportunity to buy came about 10 years ago. But that was then and this is now. Now it’s time to sell.

Mike Shedlock / Mish/