David Lereah – the head economist for the National Association of Realtors in the US is stepping down to take a job with an online real estate service. So far his sunny outlook on the US housing market has failed to be reflected in reality with foreclosures up, inventory up and prices down in many many markets. He’s been accused of ‘cheerleading’ the US market and dubbed ‘David Liar-ah’ by bloggers who feel his reports have been biased and misleading.
The economist who prodded investors into the U.S. housing boom and has been skewered by bloggers during the bust is leaving a top real estate trade association, the group said Monday.
David Lereah, the author of “Are You Missing the Real Estate Boom?” will leave the the National Association of Realtors by the middle of next month after serving as the head economist for seven years, a spokesman said.
Lereah was the Realtors’ analyst through the five-year run-up in home values that ended in 2005, and he has continued to deliver the group’s outlook through the current downturn.
Here’s a link to the full article about the ‘anti-chicken-little’ lereah on CNN.