Sunday, September 10, 2006

David Lereah Watch Makes Chicago Tribune Article

The David Lereah Watch Blog made it into the mainstream media. Here is an excerpt from a Chicago Tribune Article:
Lereah and his fellow housing industry economists don't come out unscathed. Critics say they generated unfounded optimism that the housing market would soar perpetually.

"In October 2005 Lereah was busy calling the bubble believers `Chicken Littles,'" goes one post in a blog dedicated to criticizing the economist, "Many of the predictions espoused by the `Chicken Littles' are fast becoming closer to reality. ... David Lereah has lost credibility because of his irresponsible cheerleading."
I am glad that I have been challenging the housing industrial complex. David Lereah and the National Association of Realtors have been engaging in digraceful behaviour.


At 7:45 AM, Blogger LVT Fan said...

If you're interested in a more rational approach than our current boom-bust cycle system, you might explore the topic at

That website describes how to go about correcting a perverse structure that produces poverty, urban sprawl, long commutes, more energy usage than we can afford, and many other social and economic ills.

By treating the economic value of land as private property, we permit the holders of well-located land -- first and foremost the corporations, REITS and wealthy family trusts that own the urban commercial land, but also, to a lesser degree, the people who own residential properties within commuting distance of our healthiest job markets, to grow wealthy on land appreciation, while the rest of us languish, subject to the booms and busts produced by speculation in land.

Land is different from capital, and we need to design our tax system around that. Don't tax labor. Don't tax capital. Just tax land value. It is both wise and just.

At 9:39 AM, Blogger flat said...

anyone suing his a_S yet ?
by 2/6 when his spin book came out 80% of RE markets were tanking

At 10:50 AM, Blogger Anonymous Person said...

Doesn't matter, the mainstream media will continue to quote him. Jackasses.

At 12:31 PM, Blogger wizardofozziejurock said...

Congratulations on making the news blogger David!

I guess a blog like this is a much more civilized alternative to a public flogging. ;-)

At 6:22 PM, Blogger Empty Spaces Inc. said...

His book came out at the peak of the cycle. I sold my house right after that!

At 12:49 AM, Blogger Richard M. Johnston, Realtor said...

There's definately a bubble about all this talk about a bubble. In the Los Angeles market, buyers now have the ability to negotiate on the price of the home, interest rates are still low and has droped in recent weeks, buyers can take their time without having to make decisions within hours. Why don't you focus on the positives. Nobody can predict the future and getting ahead of yourself is not considered wise. What would you rather have David Lereah say? What would you say if you were in his position. Also, why do you point your finger at David Lereah and the Realtors. As you have most likely never owned a home, their is more that goes on.

At 9:56 AM, Blogger OC BEAR said...

"As you have most likely never owned a home, their is more that goes on."

Wow Mr. Johnston how incrediblly condesending of you. I for one have owned 1-condo and 3 SFR in the lats 16 years. I sold my home and am waiting for reality to set back in on Realty.

The problem most of us current Houseing Bears have with Mr.L and the RE complex, is that freinds, family, & loved ones have bought into the "Spin and Lies". Now we have to watch as they suffer financial hardship and all that goes along with it.

I would say a large majority of Houseing Bears have and/or do own property.

Care for ones fellow man is always lost in Mania's, this one has been no different.

Many Realtor's will be remembered for their words and action, David L. more than most.


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