Tuesday, October 30, 2007

David Lereah Watch Mentioned in Reuters

In a story by Reuters titled Realtors keep bright outlook despite cloudy data, this blog was mentioned:

While many economists underestimated the depth of the nation's current housing slump, Lereah critics single him out for maintaining such a high-profile and upbeat appraisal for so long.

"His words harmed ordinary buyers who heard him and thought that the market was bottoming out. He knew better and that is the problem," said David Jackson, a 27-year-old computer programmer who balked at buying a home in 2005 because of ballooning prices in the Washington, D.C., area and came to see Lereah as an emblem of the runaway market. He skewers Lereah on his blog, David Lereah Watch.

Its grand to be quoted and have influence. It is disheartening, that while Lereah was at the National Assocation of Realtors, those who disagreed with his opinion generally had much less media exposure.


At 8:30 PM, Anonymous Anonymous said...

Just wait for the lawsuits. They will come.

Remember at the end of the dot-com crash, people finally got around to pointing the finger at the paid shills of that bubble: the analysts.

After the smoke had cleared people wondered how on earth they could have actually listened to analysts who worked for the very same banks that underwrote the IPO's.

..and then they sued.

.. and won.

This story is no different. Of course, whoever sues first will win the biggest. Then the NAR will face a class action settlement because they can't possibly undo the cataclysmic damage they've created.

I can't wait to watch Lereah squirm in the spotlight of a massive lawsuit.

At 4:34 AM, Anonymous brencelee said...

That is an interesting response. I can see where you are coming from, good input.



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