Tuesday, May 6, 2008

David Lereah

David Lereah, ex-chief economist of NAR
Was the chief spokesman of the NAR and is responsible for hyping the housing market with comments such as: "If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years. It's as if you had 500,000 dollar bills stuffed in your mattress."

Dr. Housing Bubble has a good summary of this character:
2007-08-17: Greater Expectations: Quotes and Psychology of a Modern Day Housing Bull.
Truly a perfect fool for the job.

2008-05-06: Latest from Dr. Housing Bubble

2008-05-06: It’s Going to Get Worse
Economist David Lereah was once the housing market's biggest cheerleader. Now he says the bust isn't near over, and home prices still have a long way to fall.
"We're not at the bottom," he says. "[People] want it to be near the bottom, but we're not there yet. The leading indicators are still very bad. Pending home sales are still in bad shape. Mortgage applications are low … There's still supply out there in abundance … This thing is going to get worse before it gets better."

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