Wednesday, May 02, 2007

Adiós, David Lereah!

by Osman Parvez
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A few months ago, I joined in the chorus of voices and called for his removal. Yesterday it happened. David Lereah, chief economist, vice-president, and spokesman for the National Association of Realtors is resigning. According to the press release, he will be joining (as partner and chairman) Move, inc.

Over the years, Lereah was widely quoted by the main stream media AND much maligned by pundits for his rosy, overconfident predictions about the real estate market. Some bloggers compared him to the cartoonish television spokesman for Saddam Hussein's government, falsely assuring the public there was no real estate bubble despite the obvious. Lereah's excessive cheer leading even spawned David Lereah Watch, a blog specific to watching his every move. Whether by choice or by force, his absence from the NAR is a step in the right direction, helping the organization regain credibility in the eyes of a skeptical public.

p.s. Given the close association that Move has with the NAR, it's likely that this is simply a and friendly move. Move.com's website states, "REALTOR.com®, the Company’s flagship site and the official site of the National Association of REALTORS®, is the No. 1 consumer destination for real estate related information with more than 6.5 million monthly unique users." And, "Launched in May 2006, Move.com™ is a comprehensive real estate search engine with exclusive access to REALTOR.com’s® listing content, as well as new home and rental content from all over the Web. Content from Move powers the Home & Real Estate Channel for America Online, Yahoo! Real Estate, and the House & Home Channel for MSN."



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5 comments:

  1. Two comments:

    Its funny, a little while back I was tempted to leave a comment calling you (Osman) The David Lereah of Boulder. I'm glad I didn't because overtime the numbers have shown that for the most part up to this point you were very much correct in your market predictions. Good work.


    Second comment: is he really leaving?? I poked around a bit and it looks like Move Inc. probably owned and operate by the same people that run realtor.com isn't reltor.com just the business end of the NAR?? So perhaps he's not really leaving after all. Anyway, I'm not totally sure about this, but its interesting none the less.

    Randy

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  2. Correct market predictions aside, there is a noticeable bias in Osman's outlook. I will be convinced otherwise only if he presciently predicts a downturn, or even a leveling off of appreciation in Boulder. It has been easy to predict solid numbers for at least 6 years now. As Lareah (and Bush)has proven, you can find positives in any news - the numbers are always a reflection of a market anomaly of some sort (weather last month for example) - not an accurate reflection of the market. A salesman by any other name...

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  3. Is this really true? That's great news. We've made the comparison to the Iraqi PR Minister here in our office several times over the last year and a half!

    There's nothing more transparent than an opinion/forecast/prediction with an obvious agenda behind it. Give me someone who's honest, ethical, and forward thinking - any day of the week.

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  4. This comment has been removed by a blog administrator.

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  5. It don't matter who the head economist at NAR is-"NAR is NAR" and the Head is only head as far as those who pay let him be.
    Not to their interest to make any
    dim forecast whether sound or unsound.

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