David Lereah finally speaks the truth, is it too late?

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

David Lereah, the oft-criticized chief economist of the National Association of Realtors, left some parting shots on his way to his new position at Move.com.  The comments left many scratching their heads as the usually sunny Lereah spoke of an upcoming "housing recession" and a "necessary correction."  A rather strong about-face for a man who once said that prices would be improving by June.

"We’re in a real estate recession," said David Lereah, chief economist for the National Association of Realtors, who surprised many this week when he announced he would leave the Chicago-based trade group on May 19."I’m projecting the first [nationwide] price drop since the Great Depression," he said. "We’re going to have negative home prices in 2007."

Last 3 posts by Morgan

• Subprime Bananas - June 28th, 2009
• Roubini: No confidence in government exit strategy - June 24th, 2009
• Goldman bonuses largest in firm's 140-year history - June 21st, 2009

Share At:

Hide Sites

Related posts:

1. NAR’s David Lereah steps down
2. More on David Lereah leaving NAR
3. David Lereah poster boy for the housing bubble says it will get worse
4. Someone’s finally starting to tell the truth about the “recession”
5. Turn back the clock: the BS from 2004-05