Here’s the cliff notes version of the story:
David Lereah, one-time chief economist for the National Association of Realtors, told Money Magazine that he was spinning the home data that he reported during his tenure.
If you look at my actual forecasts, the numbers were right inline with most forecasts. The difference was that I put a positive spin on it It was easy to do during boom times, harder when times weren’t good. I never thought the whole national real estate market would burst.
Admittedly without checking, I’ve got some doubts about the first setence. As for the rest, the admission only comes about two years and one book too late.
Somewhere buried in the archives here are calls for NAR to silence Lereah for all of our sakes which, of course, didn’t ever happen. So David (with help from many in the field) managed to take our industry’s credibility and flush it like Lehman Brothers stock.
In any event, I wrote a little more fully on the topic over at NAR Wisdom (more likely than not, to Jay’s surprise. It’s been a while since I’ve written there.)
[tags]Phoenix real estate, NAR, David Lereah[/tags]