The business of interpreting the real estate market
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‘Realtors’ Former Top Economist Says Don’t Blame the Messenger,’ Monday in the Wall Street Journal, looks at the career and life of David Lereah since leaving the National Assn. of Realtors.
If you don’t recall, Lereah was ‘one of many prognosticators who won professional accolades during the housing boom, only to see their reputations wither in the bust.’
It seems Lereah performed his role to the satisfaction of his employer but then was left out to dry:
Mr. Lereah, who says he left NAR voluntarily, says he was pressured by executives to issue optimistic forecasts -- then was left to shoulder the blame when things went sour.
Continues the WSJ story:
‘Realtors are the most trusted resource for real estate information,’ says the NAR spokesman in an email, adding that the group ‘has gathered the most comprehensive data on real estate in the world.’ The spokesman says that during his tenure Mr. Lereah was ‘solely responsible for the content of NAR forecasts and housing reports -- both the data and the interpretation.’
It seems to me consumers -- particularly those caught in this downward housing cycle -- will be too savvy going forward for boosterish spin. The question is, who are you going to trust? Your picks, L.A. Land readers?
--Lauren Beale
Thoughts? Comments?
