Friday, December 15, 2006

NAR Deleting Criticism of David Lereah on Wikipedia

The NAR is getting more desperate. Someone who is a Wikipedia user sent this information to me:

You'll like this. Someone at a NAR IP address, deleted criticisms of David Lereah from his Wikipedia page, Here are the diffs: I restored the deleted material.

Basically, someone from the National association of Realtors deleted from Wikipedia's David Lereah page the part that read:

Lereah has been criticized for encouraging the rise of the United States housing bubble. According to an interview in the Chicago Tribune, "In October 2005 Lereah was busy calling the bubble believers `Chicken Littles.' 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."[4] Lereah said that he has been forecasting a decline in sales for some time: "For three years, I've said, `This is the year that sales will come down.'"

It is a real low to delete legitimate criticism of Mr. Lereah from Wikipedia. If you type in David Lereah into Google the third hit is this blog. Take that Lereah!

The National Association of Realtors (NAR) is an organization that is out to help Realtors receive more money from transactions of housing units. It's stated interest is to help Realtors. They are not here to help the public. They use deception and cheerleading by paid shills like Mr. Lereah to promote their harmful agenda.


At 12:56 PM, Blogger Osman said...

I'm with you on Lereah. It's time for a replacement. Here's my post.

At 7:03 AM, Blogger flat said...

new name LIErah- this pig and the gov workers will keep thier jobs while the economy implodes when hard money cycle returns

At 7:53 AM, Blogger jmf said...

hi david,

i´m sure that lelearh after the bursting will be remembered the same ways as blodget, meeker, glassman etc.

At 11:03 AM, Blogger first_time_buyer said...

Liareah is reincarnation of Joseph Goebbels and Baghdad Bob.

At 7:30 AM, Blogger BxCapricorn said...

When I found this blog, in my Google search for this "Lereah" guy that I've been quoting in my blog on Las Vegas Real Estate, I felt a great sense of relief. I thought his statements and blatant "shillery" [new word?] was going unnoticed. I wouldn't put his antics on par with Goebbels, but he is definitely very Baghdad Bob....comical, but obvious. Keep up the good work.

At 11:39 AM, Blogger Paul E. Math said...

Keep up the good work guys. Lereah and the NAR deserve the dishonour that this joke of an economist is generating. Realtors are supposed to be 'agents', they are supposed to have a duty to represent the interests of homebuyers, homesellers and the real estate industry in general. In the last 10 years realtors have been abusing that duty and enriching themselves at the expense of those who trusted them.

Buyers and sellers need someone to help them in this the most important financial decision of their lives - we need to restore the realtor 'profession' to one that does that. But first, we need to tear it down.

Lereah must go.

At 12:39 AM, Blogger Ida Mena said...

Lereah is an economist....not an investor. I picked up his book in the library and was aghast at the disinformation and misinformation.

Lereah is clueless about investing as distinct from speculating. Investors know they have to do something to add value, while speculators buy and think because they're so savvy/handsome/cute/lucky the market will go up. Witness Las Vegas debacle last year.

In the book Lereah's math is incomplete and inaccurate! He says his wife is an accountant who reviewed his numbers - she must have worked at Enron. He has overstated the income, understated the costs, and misstated the tax costs and tax benefits of true investing. Condos are a lousy investment. Retirement property is pure speculation! I would wager that he holds no true investment properties in his own name or corp, but does hold stocks, REITS or TICs, based upon his naive description of 1031 exchanges.

Writing about something he hasn't experienced makes him a typical economist, but a lousy investment advisor.

As to real estate agents, in my experience 95 out of 100 have NO CLUE about investing as opposed to speculation, and only 1 of those 5 can actually do the math. Sadly, the realtor designation is a commitment to treat people fairly, not training necessary to provide good investment advice. If you want good investment advice pay for a CCIM or similarly skilled analyst.

If you're naive enough to believe that stock brokers are in business to give good investment advice rather than make commissions for their brokerage, you're bound to be disappointed by the typical realtor who has less training and intelligence. Don't believe that an experienced agent is better than a newer agent, look into their background.

Yep, I'm a realtor, but first I'm an investor in my own portfolio. I am my own best client and pretty much am an equity participant in every investment deal I do. I'm frequently reminded that out of 1,000+ agents in my area I am the only one who can actually do that math and does business this way. I write software to analyze investment properties and either help others do 1031 exchanges, or put together groups to buy and improve properties.

Think of Lereah as the Tony Snow or Baghdad Bob of the NAR, he's paid to act like he knows what he's talking about.

One final comment: I've personally experienced real estate collapse. When the economy in the SF Bay crashed in early 90s homes dropped in value 25-40%. My tech firm collapsed, along with thousands of others, and I couldn't give away my home in San Francisco. Deed in Lieu of Foreclosure, 8 years to get out of debt and clean up my credit...and I didn't file bankruptcy. That's why I work so hard to protect the few first time home buyers I take on as clients.

At 9:38 AM, Blogger bearmaster said...

That's a great catch! Good job!

Independent journalism has its virtues.

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