Lereah: It was My Publisher's Fault
David Lereah was interviewed by ROBERT SIEGEL of NPR.
ROBERT SIEGEL, host: But to put this in some context, you have been a positive voice for real estate. So much so that a couple of years ago, you published a book in 2005 whose original title was "Are You Missing The Real Estate Boom" .... the subtitle of that book was "Why Home Values and Other Real Estate Investments Will Climb Through the End of the Decade." What went wrong? Where was the point where you stopped seeing real estate values going up through 2010 and something happening to it instead?A most interesting exchange. It is amazing to see the press actually press David Lereah for the his bad relentless cheerleading, his half truths and bad predictions.
Lereah: Great Question! First the boom was Double Day Random House Word that ..
Seigal: that your publisher, you are telling me
Lereah: .. put on the title. It wasn't my title unfortunately. So it was a poor choice of titles.
Siegal: You are not the first person with that excuse in this studio.
Lereah: But if you actually read the book. I say the boom is not good, it cannot sustain itself. I actually redefine boom to be a healthy expansion.
Siegal: Well wait a second. But in the cover of the book you said it would be the "golden age' of real estate.
posted by David @ 10:06 PM
13 comments
13 Comments:
SHAME ON YOU LEREAH!!!!!!!!!!
Market projections are by far less predictable than usual. Lereah could have said it wasn't even the Publisher's fault. Perhaps an alien came unaware, and alter the figures just prior to publishing! Men by nature have very short term memories, and very soon such gross rejection of responsibility would be forgotten.
Lereah leaving NAR today.
How about tomorrow lereah you tell us the ENTIRE truth about your former employer????
Then just maybe you may get some forgiveness for your past destructive antics and pumps.
Lereah,
Speak up we are listening.
As an ex-NARer now you should come clean.
"If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years," said David Lereah, chief economist of the National Association of Realtors and author of "Are You Missing the Real Estate Boom?" "It's as if you had 500,000 dollar bills stuffed in your mattress."
He called it "very unsophisticated." (Los Angeles Times Aug 28th, 2005)
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"We're going to drop significantly, but it's not a balloon bursting," Lereah says. "This is a soft landing for the housing markets." (Business Week May 23rd, 2006)
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"...housing activity will remain healthy for some time to come." - David Lereah, NAR’s chief economist, October 28, 2005
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“The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.” - David Lereah, NAR’s chief economist, August 2005
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"We are really on track for a soft landing. There are no balloons popping.” - David Lereah, NAR’s chief economist, December 2005
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The internet is great reminder.
We need a blog called "Angelo Mozilo Watch", where you keep track of all his bogus claims, and his stock sales. It seems like every week the guy makes another cool million selling shares of his soon-to-be-defunct company.
https://www.blogger.com/comment.g?blogID=23590523&postID=2737309144965102986
21-May-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $10.89 per share. $500,940
21-May-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $40.64 per share. $1,869,440
18-May-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
18-May-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $41.14 per share. $2,879,800
16-May-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $10.89 per share. $500,940
14-May-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
14-May-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $40.26 per share. $2,818,200
10-May-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
10-May-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $40.68 per share. $2,847,600
8-May-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
8-May-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $38.78 per share. $2,714,600
7-May-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $10.89 per share. $500,940
7-May-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $38.48 per share. $1,770,079
4-May-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $10.89 per share. $500,940
4-May-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $38.03 per share. $1,749,380
2-May-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
2-May-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $37.54 per share. $2,627,800
30-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $10.89 per share. $500,940
30-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $38.45 per share. $1,768,700
27-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
27-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $38.35 per share. $2,684,500
23-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
23-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $37.33 per share. $2,613,100
20-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $10.89 per share. $500,940
20-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $37.84 per share. $1,740,640
18-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
18-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $37.25 per share. $2,607,500
16-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $10.89 per share. $500,940
16-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $34.93 per share. $1,606,780
13-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 - $10.89 per share. $471,0002
13-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $33.60 per share. $1,545,600
11-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
11-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $33.46 per share. $2,342,200
4-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
4-Apr-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $33.33 per share. $2,333,100
2-Apr-07 MOZILO ANGELO R
Officer 152,766 Direct Acquisition (Non Open Market) at $0 per share. N/A
2-Apr-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
30-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
30-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $33.83 per share. $1,556,180
23-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
23-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $36.40 per share. $1,674,400
20-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $35.34 per share. $2,473,800
15-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
15-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $35.63 per share. $1,638,980
12-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
12-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $35 per share. $2,450,000
8-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
8-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $37.47 per share. $2,622,900
6-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
6-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $36.32 per share. $1,670,720
5-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
5-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $35.19 per share. $2,463,300
2-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
2-Mar-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $37.18 per share. $1,710,280
1-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
1-Mar-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $37.10 per share. $2,597,000
28-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
28-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $37.91 per share. $1,743,859
22-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $40.45 per share. $2,831,500
21-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
21-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $40.77 per share. $1,875,420
21-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
15-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
15-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $41.88 per share. $2,931,600
12-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
12-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $41.19 per share. $2,883,300
9-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
9-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $43.69 per share. $2,009,740
8-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
8-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $43.47 per share. $3,042,900
5-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Option Exercise at $9.60 per share. $441,600
5-Feb-07 MOZILO ANGELO R
Officer 46,000 Direct Automatic Sale at $44.61 per share. $2,052,060
2-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
2-Feb-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $44.52 per share. $3,116,400
26-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Option Exercise at $9.60 per share. $220,800
26-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Automatic Sale at $40.40 per share. $929,200
24-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
24-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $41.65 per share. $2,915,500
22-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Option Exercise at $9.60 per share. $220,800
22-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Automatic Sale at $41.27 per share. $949,210
19-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
19-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $41.24 per share. $2,886,800
18-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Option Exercise at $9.60 per share. $220,800
18-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Automatic Sale at $40.35 per share. $928,050
11-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Option Exercise at $9.60 per share. $220,800
11-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Automatic Sale at $42.18 per share. $970,140
10-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
10-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $42.12 per share. $2,948,400
8-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
8-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $42.05 per share. $2,943,500
5-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Option Exercise at $9.60 per share. $220,800
5-Jan-07 MOZILO ANGELO R
Officer 23,000 Direct Automatic Sale at $42.37 per share. $974,509
4-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
4-Jan-07 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $42.22 per share. $2,955,400
18-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
18-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $41.66 per share. $2,916,199
15-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
15-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $41.46 per share. $2,902,200
11-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
11-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $40.06 per share. $2,804,200
8-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
8-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $39.93 per share. $2,795,100
4-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
4-Dec-06 MOZILO ANGELO R
Officer 25,000 Indirect Automatic Sale at $39.99 per share. $999,750
4-Dec-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $39.98 per share. $2,798,600
29-Nov-06 MOZILO ANGELO R
Officer 25,000 Indirect Automatic Sale at $39.88 per share. $997,000
21-Nov-06 MOZILO ANGELO R
Officer 47,999 Direct Automatic Sale at $39.79 per share. $1,909,880
20-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
20-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $40.20 per share. $2,814,000
16-Nov-06 MOZILO ANGELO R
Officer 48,000 Direct Automatic Sale at $40.65 per share. $1,951,200
13-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
13-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $40.13 per share. $2,809,100
10-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
10-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Automatic Sale at $38.93 per share. $2,725,100
6-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
6-Nov-06 MOZILO ANGELO R
Officer 93,000 Direct Automatic Sale at $38.46 - $38.84 per share. $3,594,0002
1-Nov-06 MOZILO ANGELO R
Officer 70,000 Direct Option Exercise at $9.60 per share. $672,000
1-Nov-06 MOZILO ANGELO R
Officer 93,000 Direct Automatic Sale at $38.31 - $38.34 per share. $3,564,0002
8-Jun-06 MOZILO ANGELO R
Officer 6,805 Direct Option Exercise at $14.69 per share. $99,965
25-May-06 MOZILO ANGELO R
Officer 14,792 Direct Option Exercise at $5.80 per share. $85,793
25-May-06 MOZILO ANGELO R
Officer 14,792 Direct Automatic Sale at $37.75 per share. $558,398
24-May-06 MOZILO ANGELO R
Officer 14,793 Direct Automatic Sale at $37.86 per share. $560,062
24-May-06 MOZILO ANGELO R
Officer 14,793 Direct Option Exercise at $5.80 per share. $85,799
23-May-06 MOZILO ANGELO R
Officer 14,793 Direct Automatic Sale at $38.26 per share. $565,980
23-May-06 MOZILO ANGELO R
Officer 14,793 Direct Option Exercise at $5.80 per share. $85,799
22-May-06 MOZILO ANGELO R
Officer 14,793 Direct Automatic Sale at $39 per share. $576,927
22-May-06 MOZILO ANGELO R
Officer 14,793 Direct Option Exercise at $5.80 per share. $85,799
19-May-06 MOZILO ANGELO R
Officer 14,793 Direct Automatic Sale at $39.75 per share. $588,021
19-May-06 MOZILO ANGELO R
Officer 14,793 Direct Option Exercise at $5.80 per share. $85,799
18-May-06 MOZILO ANGELO R
Officer 52,500 Direct Automatic Sale at $40.47 per share. $2,124,675
18-May-06 MOZILO ANGELO R
Officer 52,500 Direct Option Exercise at $5.80 per share. $304,500
15-May-06 MOZILO ANGELO R
Officer 52,500 Direct Automatic Sale at $41.62 per share. $2,185,050
15-May-06 MOZILO ANGELO R
Officer 52,500 Direct Option Exercise at $5.80 per share. $304,500
12-May-06 MOZILO ANGELO R
Officer 52,500 Direct Automatic Sale at $41.45 per share. $2,176,125
12-May-06 MOZILO ANGELO R
Officer 52,500 Direct Option Exercise at $5.80 per share. $304,500
8-May-06 MOZILO ANGELO R
Officer 52,500 Direct Automatic Sale at $42.82 per share. $2,248,050
8-May-06 MOZILO ANGELO R
Officer 52,500 Direct Option Exercise at $5.80 per share. $304,500
5-May-06 MOZILO ANGELO R
Officer 52,500 Direct Automatic Sale at $40.60 per share. $2,131,500
5-May-06 MOZILO ANGELO R
Officer 52,500 Direct Option Exercise at $5.80 per share. $304,500
1-May-06 MOZILO ANGELO R
Officer 52,500 Direct Automatic Sale at $40.54 per share. $2,128,350
1-May-06 MOZILO ANGELO R
Officer 52,500 Direct Option Exercise at $5.80 per share. $304,500
24-Apr-06 MOZILO ANGELO R
Officer 52,500 Direct Automatic Sale at $37.42 per share. $1,964,550
24-Apr-06 MOZILO ANGELO R
Officer 52,500 Direct Option Exercise at $5.80 per share. $304,500
==============
what a pos.
Ladies and Gentlemen, meet Lawrence Yun ..... new Senior Economist at NAR ... paid shill successor to David Lereah.
Mr Yun is already upto the task of cheerleading for the realtors. He already sees a bottom to the housing market. I wonder how many times will he see the housing bottom before the actual bottom. Is there a over/under line in Vegas? Whatever the line is, I am going over. Will he break David Lereah's record ?
Sad thing is that the dumbass business reporters are already quoting Yun without any critical questioning and thereby propogating the cheerleading for the realtors. Some of the business reporters were finally waking up to the fraud that was Lereah. Now they cannot see that Yun is just a reincarnation of Lereah. Its a very convenient game for NAR. Trot out one 'Senior Economist' to do the cheerleading for several years. After he looses all credibility and usefulness just replace him with another. And it works.
Robert Seigal is a good interviewer usually. I'm glad he didn't go soft on Lereah.
HOW DARE YOU INSULT MY PROFESSION!!!
Realtors have been around since the dawn of time. In every ancient tale of creation, there are stories of realtors being created before average men, because someone had to sell them the land to farm.
It’s true. In the middle ages, we sold castles with moat upgrades and helped serfs get into starter farms. Without farms, no one would have survived the black plague. That’s right, realtors actually stopped the black plague. And don’t you forget about it.
Watch out when you’re in Phoenix, because I read in Realtor Monthly Magazine that your “no-realtor-flipping-transactions” are actually illegal. Check the books. Only realtor-negotiated transactions in the state of Arizona. It’s a fact. That’s why Phoenix is growing so quickly. It’s posted the highest rate of growth since the years following the Louisiana Purchase.
If you’re not careful, you could get yourself on the Nation Realtor’s blacklist.
Sincerely,
Carmen Sandoval
I would like to BUY a "David Lereah Watch" (limited edition, of course, only 4 million made). Where can I find this timekeeping gem? I expect it: sell for twice what it is worth, wind itself up constantly, perpetually show 'July 2005' as the date, and when queried about the time, respond, "what time would you like it to be?"
Is such a product available?
I am not an economist, not even a professor of any subject, just a middle class worker, and even before 2004 I predicted an housing bubble. But you in the US, you live in a Hollywood scenario.
The thing the world will soon see of the US is an interviewer asking W Bush:
"Why did you order to attack your own country the 911?"
"Bah, it is not my fault, a guy sent by god came in my room at night and told me to do so"
Why you Americans are you so dumb and blind?
Good day !.
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