Tuesday, March 13, 2007

Lereah: Most of Country Will be Growing by June

"I expect prices and sales to be modestly growing by June in most of the country," said David Lereah, the chief economist for the National Association of Realtors and perhaps the most bullish housing economist. "But we'll have to go into 2008, maybe even 2009 before we get even close to the peaks we saw in late 2005 or early 2006." (CNN Money, March 8th, 2007)


At 5:35 PM, Blogger Econ_101 said...

He's sort of optimistic in light of the subprime implosion, don't you think. Got to hand it to him for being upbeat.

What really gets me is that his pronouncements are treated as economic analysis when they are really PR pieces.

Let's see, I learned in Econ 1 that people will do more of what they are incentivized to do. So, given that Lereah is paid by people who make more money when more houses sell at higher prices, how can he possibly be expected to say anything but "Prices will rise, it's a great time to buy"?

I wish the media would quote him as David Lereah, PR Manager for the NAR or something realistic instead of calling him an economist.

At 2:05 PM, Anonymous Anonymous said...

Epic struggles call for over-the-top dramatics...


"LOL, Mother F***ers!"

At 11:03 AM, Blogger Jazon123 said...

That is jilarious.
I wonder what the next week will bring Dr. Lereah to say?


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