Thursday, March 22, 2007

David Lereah's Statements Contradict Each Other

David 'the paid shill' Lereah is at it again, contradicting himself. Recently, Mr. Lereah said:
"It was very clear that the standards had deteriorated," said David A. Lereah, senior vice president and chief economist of the National Assn. of Realtors. "I'm not a lender though. I kept on saying to myself I guess they know what they're doing." (LATimes, March 22, 07)
Did David Lereah really think that the lenders knew 'what they're doing?' Did he really trust them with lending standards? In a recent interview with Fortune magazine Mr. Lereah was asked "What about the problems in the subprime market?" Lereah responded by saying:

I was giving a speech in Atlanta about two years ago. During the question and answer period, someone asked me something about interest-only loans. I said, they're kind of dangerous and you have to be careful. Someone rose their hand and said, Did you know that in Atlanta, the percentage of interest-only loans in 2005 was 40 percent of the market? Atlanta didn't even have a boom. That's when I knew we were in trouble.
Which one is it Mr. Lereah? Did you or did you not trust the lenders with lending standards during the past few years? Or do you say whatever is convenient at the time, to sustain your credibility and help the Realtors? Are you just contradicting yourself (confused) or are you lying?


At 6:27 PM, Anonymous Anonymous said...

He doesn't have an answer because whatever he say's will be put up against what he has previously said, which will only re-enforce what you, and your colleagues have been warning us about for a long time. The problems that he, and others in his industry now face is that this is real, it is known, and it is going to be a nightmare for anyone who did not understand or just was in the wrong place at the wrong time in history.

At 10:12 PM, Blogger ejamie said...

Are you [Lereah] just contradicting yourself (confused) or are you lying?


The Internet in general, and this blog as an example, convincingly prove that a web of lies is brought down by its own sheer weight.

At 5:53 AM, Anonymous Anonymous said...

Lereah's job is to paint a rosy picture. Facts keep flying in his face. I'm predicting today's existing home sales report will be 100,000 less than expected. Kiplinger says the Fed will ignore housing all year. More here:

At 7:22 AM, Anonymous Anonymous said...

NO WAY! Existing home sales data is in. Is the housing bust over?

At 11:18 AM, Anonymous Anonymous said...


Nice post catching this turd again.

Keep up the pressure friggens bums now know they will be held accountable for their reckless statements that hurt many people.

At 11:22 AM, Anonymous Anonymous said...

Thankfully I didn't listen to this @$$ and buy an over priced POS with some TOXIC garbage loan that was being pushed by all so called experts! I learned to question what the so called "experts" babble in the media from this and other blogs.


I do not trust the NAR whatsoever!!!!!!!!!!!!!!!

At 11:30 AM, Anonymous Anonymous said...

Avoid using a realtor. send the nar a message that we will not take their biased views anymore.

When u buy a house you are on your own. the band of thieves will pick pocket you in the process if you allow it.

At 6:05 PM, Anonymous Anonymous said...

On NBR (Nightly Business Report) they had on a segment concerning real estate and the "rosy" picture since housing sales were up for February.

One talking head (I forget his name, not Lereah) said it best,
that any increase in sales is a good thing for housing.

Of course, David Liar-eah was on to say that housing sales were picking up in smaller cities and towns while sales wre not doing too good in larger cities.

So, the million dollar condos sit idle and empty, the Mcmansions are rotting from lack of buyers, home builders are still building though buyers are drying up, and the fact February sales LOOKED good should make the masses believe the housing downturn is over?

Whatever the NAR and Wall Street is smokin', I hope it can be used as a defense when they get hauled into court for their corrupt behavior. "It wasn't my fault your honor, I was busy fooling with my crack pipe for the past 3 years."

At 8:48 PM, Blogger Perfect Storm said...

The Feb numbers do not mean shxx. Look who puts them out the frakin NAR. Those lying SOB's will skew the data in their favor, plus I am convinced the sales number is loaded with foreclosures and short sells.

At 12:04 AM, Blogger Richard M. Johnston, Los Angeles Notary and California Apostille Service said...

Real estate agents and those who are a member of the NAR are NOT a band of theives.

There are good and bad people in every organization.

At 9:26 AM, Blogger Econ_101 said...

Here is a good one for you:

The Economist magazine just did a cover story / 3 page spread on the US housing woes ("The Trouble with the Housing Market").

They didn't mention or quote Lereah or NAR once - probably because real journalists/economists know that he's nothing but a Public Relations hack and contributes nothing of value to the discussion on housing.

At 1:03 PM, Blogger eternitus said...

Check out David Lereah's comment in the article posted on my blog!

Please, for your own good, read my blog about the current housing data released by the NAR on Friday. I've posted an article from the Wall Street Journal (Which you can't get unless you pay otherwise) and some
of my own comments... The data are hugely misleading due to the seasonal adjustment that is made.

The biggest story should be the 7.6% drop in median house prices since July 2006... That's enormous... imagine you bought then with a $20K down payment and now you have to move... Where'd my money go?

That's the danger of buying at the top.

Check out my blog to learn more... I spend the time writing because I think people need to know what the data they are fed actually mean, so they can think for themselves! Please read!

At 2:41 PM, Blogger Perfect Storm said...

Posted above by Johnson,

Real estate agents and those who are a member of the NAR are NOT a band of theives.

There are good and bad people in every organization.

Then you should get rid of your leader David Liearah.

At 10:24 AM, Anonymous Anonymous said...


SCREW REALTORS!!!!!!!!!!!!!!

At 10:31 AM, Anonymous Anonymous said...

This CLOWN is intelligent. This fraudulent pnzi loans have been going on for 3-4 years and he finally admits that it is out of control??????????????????


I did not listen to YOU and am grateful I did NOT!!!!!!!!!

At 10:41 AM, Blogger JuliusCleaver said...

People who make loans should check out the facts themselves. Look at all these losers and wonder why they are blaming anyone but themselves for their current state of affairs.


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