While many economists underestimated the depth of the nation's current housing slump, Lereah critics single him out for maintaining such a high-profile and upbeat appraisal for so long.Its grand to be quoted and have influence. It is disheartening, that while Lereah was at the National Association of Realtors, those who disagreed with his opinion generally had much less media exposure.
"His words harmed ordinary buyers who heard him and thought that the market was bottoming out. He knew better and that is the problem," said David Jackson, a 27-year-old computer programmer who balked at buying a home in 2005 because of ballooning prices in the Washington, D.C., area and came to see Lereah as an emblem of the runaway market. He skewers Lereah on his blog, David Lereah Watch.
Tuesday, October 30, 2007
Quoted in Reuters Article Where I Criticize Lereah
In a story by Reuters titled Realtors keep bright outlook despite cloudy data, I was quoted and one of my other blogs was mentioned.