Wednesday, May 02, 2007

The Blog In Transition

Within a few weeks, David Lereah will no longer be working for the National Association of Realtors. He will be much less quoted in the mainstream media. What are the plans for this blog?

Posts are expected to be much less often. I would like to follow up and track Mr. Lereah's real estate investments, but this will probably be once every 6 months. If he his quoted by the mainstream press on the housing market, he will be watched on this blog.

The blog will continue to operate as documentation of the destructive housing bubble.

Why did you start this blog? Why do you care?

I started this blog for two reasons; economic activism, and because it is enjoyable. I strongly believe that paid shills, like David Lereah need to be taken to task for their half truths, manipulations, and destructive cheerleading.

Is there anyone you want to thank?

My fellow housing bubble bloggers deserve much credit for helping to expose David Lereah. Particularly, Keith from Housing Panic. Keith is a true ally in helping to discredit Mr. Lereah. Also, thanks to all my readers.

What do you have say to those who say Mr. Lereah was just 'doing his job' as a spokesman for the National Association of Realtors?

It doesn't really matter. Mr. Lereah's is still liable for half truths, fact manipulations, and destructive cheerleading. The housing bubble was a gross misallocation of capitol. It will have negative effects on our economy for many years to come. Mr. Lereah led people into irrational exuberance.

Will you be launching a new blog to track Mr. Lereah's replacement at the NAR?

No. I will be not be launching a new blog to track Mr. Lereah's successor. However, that blog is very much needed. I fully encourage someone to take up the flashlight and shine it brightly.


At 10:55 AM, Anonymous Anonymous said...

You know you have no life when you create a page dedicated to ragging on someone. Your probably bitter because david lereah is 100 times more successful than you will ever be. Get a life.

At 10:57 AM, Anonymous Anonymous said...

umm agreed.

At 12:02 PM, Anonymous Anonymous said...


At 12:42 PM, Blogger David L's Mommy said...

David called last night asking if he could move in with me in my trailer. I am so looking forward to his return.

That will give me time to straighten him out about his Grandpa. You see...Grandpa was mad as a hatter and we let him string David along when he was young. It was kind of like telling him the truth about the Easter Bunny and Santa. We did not want to burst David's bubble so we never told him about his Grandpa and so David grew up believing everything his Grandpa said even though it was all lies.

David said he is accepting a big promotion to some moving company. I guess they have a need for David's prowness in predicting the future.

I wish you all would stop saying bad things about David. He never meant any harm to anyone else even if they do lose their homes or go bankrupt based on what he said to do. No one is perfect. Besides they can always live in their cars.

At 2:20 PM, Anonymous chicago real estate bubble said...

Good work, David! (Not Lereah)

At 11:54 AM, Blogger Perfect Storm said...

Daveid Lierah will be canned in one year, at which time he will write a book on how to live off the equtiy and un-tapped income in your home and never work to 9 to 5 again. First have your entire family move into the master bedroom and rent out all spare rooms. Next turn the garage into a fix it shop and rent it out to car mechanics. Lastly, turn the front and back yards into a farm and raise and sell crops.

Our entire economy will truly depend on the housing market and David will think he is a genius.

At 8:58 PM, Anonymous You won't listen or learn anyway said...

To the anon who said "you know you have no life when you create a page dedicated to ragging on someone...get a life"

I say, Get A Name! Can't you make up a name for yourself instead of hiding behind anonymous?

The blog was created to show how the NAR and its mouth piece, David Liar-eah were peas in a pod, full of half truths, lies, deception and do anything to make housing go up, up, up (like the dot coms/new economy garbage that was pushed in the 90's)

Much like manias of the past, the housing bubble burst while the cheerleaders kept trying to talk up the product well beyond its bursting point and trying to lure more suckers onto the Titanic After it hit the iceburg.

It has been said that when credibility and trust is gone, it takes a lifetime to regain them ,if it can be done at all.

Will Lereah be able to regain either?

At 3:59 AM, Anonymous Lee Scott said...

People should expose the charlatans who manage to gain positions of trust and influence. That's supposed to be the job of a free press, but I guess they were too blind or too wimpy to do it this time. Blogs like this one really are like democratic newspapers, where obvious frauds like Lereah can be discussed and publicized.

At 5:32 AM, Blogger Peahippo said...

The little f*cker LIAReah may have run, his collapsing property investments can't hide, but there's another absurdly-paying position coming to him anyway. It's ridiculous how much airtime the mainstream media continued to give LIAReah, L.A-Y. and all the other REALTwhore scum. Unfortunately, there's no one to really charge since lying to the public is basically legal. Culturally, we should have recognized REALTwhores as lying scum and treated them with according contempt. It was always up to US to put LIAReah and his ilk in their places. It's a sad statement about our culture that they continue to get away with their deceitful ways.

At 9:18 AM, Anonymous Anonymous said...

At 9:55 AM, Anonymous Anonymous said...

The Chicago Tribune. “On his way out the door, the housing industry’s self-described ‘cheerleader’ is making one last economic forecast, a sober one at that.”

“‘We’re in a real estate recession,’ said David Lereah, chief economist for the National Association of Realtors, who surprised many this week when he announced he would leave the Chicago-based trade group on May 19. ‘I’m projecting the first [nationwide] price drop since the Great Depression,’ he said. ‘We’re going to have negative home prices in 2007.’”

“‘He promotes housing,’ said Washington economist Dean Baker. ‘Certainly, people who were making decisions to move, they either heard David directly or from someone who heard from David that home prices will never fall, don’t worry, the market will stay strong. So they paid too much for a house.’”

“Lereah, in an interview Wednesday, shrugged off the criticism. ‘I feel confident I did a very good job forecasting and reflected what was happening in the marketplace,’ he said.”

“‘If anybody actually took the time to read my book, rather than just comment on the title, I was insistent in it that…a frenetic boom was unsustainable. I predicted a downturn [would occur] shortly after I wrote it, in 2005,’ he said.”

“Lereah said the market overheated primarily because of lax lending practices and record numbers of speculators who bought houses at inflated prices to flip for profit, though others share the blame. ‘It’s easy to say with 20-20 hindsight,’ he said. ‘We’re all partly guilty. But the lenders and the speculators, they had the most in it. Making zero down payments with no documentation, that’s just irresponsible.’”

“‘But the Realtor, the lender, the title attorney, they all got wrapped up in the frenetic pace of the boom,’ Lereah said.” “He has one more public appearance, at a Realtors’ conference in Washington. He warns that his speech will not be cheery.”

“‘I am going to say, look, guys, we all have to face the music,’ Lereah said. ‘We strayed from [economic] fundamentals, and we’re paying for it. It’s not an all-out bust, not a crash in real estate, but it is a recession. This is going to cleanse the markets and in the long term this is what we have needed.’”

“In characteristic cheerleader style he demurred when asked whether he ever felt pressure from within NAR to skew forecasts in a positive direction. ‘You’ll have to talk to me about that in two or three weeks,’ Lereah said. ‘I work for NAR now.’”


Thnaks Lereah. I am so glad I did not listen to you. SHAMEFUL. I know a few friends who bit on your cheery pumps and now find themselves in houses that are in depreciating houses they could not afford.

SHAME ON THE NAR. SHAME ON YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

At 7:06 PM, Blogger Pegasus said...

David Lereah to fess up? I doubt it. He has to modify his tales of fiction with the latest spin because his stories were so far removed from reality he has no credibility. He is not credible and belongs in prison for his continued misleading of the American public. He will try to blame this on others and twist his own words around to mean something else while never admitting that he intentionally mislead the American consumer into financial destruction.

I think the next thing the real estate vermin will do is to try to panic home owners into selling at any price while real estate pukes still receive a commission. They don't care about whether prices are up or down as long as they receive their commission. They will be telling all home owners that they can't wait until tomorrow because the price will be lower, rates are going to go up shutting down the market, real estate never goes down is a lie, etc, etc.


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