Q: Were you wrong to be so bullish?
A: I worked for an association promoting housing, and it was my job to represent their interests. 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.
Q: Any regrets?
A: I would not have done anything different. But I was a public spokesman writing about housing having a good future. I was wrong. I have to take responsibility for that.
It is a positive that Mr. Lereah is taking partial responsibility for his actions while he was working at the NAR. It all begs the question is Lawrence Yun also engaging in 'positive spin?'
Additional Links:Realtor Chief Economist: “I spun” (NJ Real Estate Report)
Another Reason Not to Trust So-Called Economic Experts (Seeking Alpha)