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 t

by David Lereah

Book Overview

Areyoumissing the real estate boom? Can you increase your wealth from it? For most people-including current homeowners-the answer is a resoundingyes. But it's not too late to increase your stake in... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0385514344
• ISBN13: 9780385514347
• Release Date: February 2005
• Publisher: Crown Business
• Length: 278 Pages
• Weight: 1.20 lbs.
• Dimensions: 0.9" x 6.5" x 9.3"

Customer Reviews

My first review

Uhm, the book arrived on time, and its exactly what I wanted it. About the book, I think its hilarious, it really interesting to read this book, now that the housing market has crashed.

An extraordinary, and extraordinarily important, book

I agree with other reviewers who have pointed out that this is, in fact, an extraordinarily important book. In particular, it provides a classic example of the mentality that underlies every asset bubble. The author pulls out every trick in the book - demographic trends, financial innovation, macro trends, etc. - to argue that "this time is different." Alas, as we all have found out, this time was not different. What goes up for no discernible reason, must come down. If something seems to good to be true, it probably is. You can try to argue that the "fundamentals have changed", but they rarely do. And when things correct, it can be bloody. (Alas, the difference here was that the hucksters were also able to take the down the financial system, but that's another matter.) But why this book is important, and why I'd suggest that every investor read it, is because it illustrates exactly the sentiments that lead to absurd behavior in asset markets. Silly assumptions. The belief that the price of some asset will continue to rise. Desperate rationalizations for those price increases. The resulting behavior is not necessarily illegal or unethical (as some other reviewers have suggested), rather it provides a classic case of the mentality that leads to excesses in asset markets. Read this book and learn from it. Because you don't want to get caught up in this kind of garbage. BTW, I pity the author. Not simply because so many people attack him as an idiot or a shill for the realtors, but because his timing was so appalling. Shiller, who became famous for calling the peak of the dotcom bubble, often thanks his publisher for getting his book out at the right time. This guy's publisher was way way off. (Of course, it also helps if you're not, in fact, an idiot. Sorry David.)

Funniest Book Ever Read

Lereah is a master of comedy. Often while reading Mr. Lereah's tome i became overcome with laughter, sometimes experiencing convulsions. The convulsions were so severe that i would need to rest for shortness of breath. Thanks for your service Mr. Lereah, you've made a significant contribution. This books identifies you as one of the few who were ahead of the curve on the mortgage and credit issues we now confront. Also, I miss your hilarious monthly commentary on new & existing home sales--somehow you were always able to find a silver lining. Proud of you!

Now I know who said this:

Everybody who doesn't buy now will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 25% yearly price increase. Renters, and anybody born in a future generation, will not be able to afford a $5,000,000 starter home in 15 years. They will live in tent cities and hondas. This asset bubble is different from all of the others - it will never slow down or pop. The gains are permanent.

a COMPLETE guide to r.e. investing

I really have to refute the idea that David Lereah is biased because he works for the National Association of Realtors (NAR). If anything, this is a PLUS because as NAR's Chief Economist, housing sales are a daily concern to him. Also, it's under his supervision that NAR continues to publish "Existing Home Sales", a monthly report on the number of existing homes sold state by state with national averages. It would be a good bet to say that he looks at the numbers before releasing them to the press that reports them to the public the second they are released because of the important role they play in the scheme of the entire U.S. economy. You can't fault David Lereah for talking about something in a book that he has to know for his job! About the book... It's well organized and easy to digest even for someone who doesn't understand real estate jargon and principles. It seems that David Lereah covered all the bases for making intelligent real estate investment decisions including why buying a particular property makes good economic sense as well as what physically makes a house a good investment. For years, I have watched our house and houses in nearby neighborhoods ridiculously increase in value. I constantly ask myself... why didn't we buy or why didn't we invest? The excuse is always the same. Prices can't go any higher or the whole process of getting a mortgage and buying a house is just too time-consuming and complicated. It can even be intimidating! This book shows you that it doesn't have to be that way and the bonus is that the mystery of actually purchasing a house is unraveled. It educates you so after you make your decision to buy and/or invest you now know the right questions to ask a realtor and a mortgage banker. This is the best way to insure that you're buying a house the right way and for the right reason. This book is a one-of-a-kind resource and the right investment to give you the confidence you need to take the plunge into the real estate market.