Bubbledom, rejoice! This just in from the National Association of Realtors:
WASHINGTON, April 30 /PRNewswire-USNewswire/ — David Lereah, senior vice president and chief economist of the National Association of Realtors(R) for the past seven years, is joining Move Inc. as executive vice president of a new business entity, effective in mid-May.
Move Inc. operates NAR’s official Web site, http://www.realtor.com/, and http://www.move.com/.
Lereah will act as chairman and partner of the new enterprise under Move Inc. that will launch in the third quarter of 2007. He will serve with Allan Dalton, who will be president and CEO of the new business entity, which will be transformational for both consumers and real estate professionals.
"David is an expert on real estate and the economy, and his stature and expertise enhanced NAR’s position as the most credible source on economic and policy issues affecting the housing industry in the United States and abroad," said Dale Stinton, NAR executive vice president and CEO. "We wish him the greatest success in his new endeavor."
The big question is, do they replace him with a real economist, or another cheerleader? Perhaps Lawrence Yun replaces him, and things will go on as usual.
What happens from here? Just stayed tuned for the next episode of "As the Bubble Turns." We’ll strive to keep you updated on any new developments.
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It’s a pity http://www.moveon.com/ was already taken
NAR couldn’t have signaled more strongly that Lereah was being “kicked upstairs” if they’d tried.
My BiL saw Lareah Last week and told him how I hate him. His reply was lots of BiLs do.
Hat tip to L for this CNN link on Lereah’s departure. I loved this quote from Blanche Evans, whose own perma-bull attitude toward the market makes this comment pretty funny:
Lawrence Yun is just the idiot to put in place of DL.
Continuing on the theme of “I hear nothing, I see nothing, I know nothing”, he’s the perfect choice… unless of of course, you wanted to build some credibility at the NAR.
Nah.
Chuck Ponzi
http://www.socalbubble.com
After a year of declaring that real estate had hit bottom, Lereah hits bottom!
Poetic!
How bad can it be? The NAR has access to data the general public does not, they already know how April is shaping up, and they might even have some data or forecasts on what May will look like even though we are not in May yet. If we were right on the verge of a turnaround why jump ship? Why weather the storm for 1 ¼ and then bail out right as the next upswing is about to start? The answer is they do not see an end in sight, the hard numbers the NAR has are not painting a good picture, at least that is what I think is taking place. I think this is probably the equivalent of re-arranging deck chairs on the Titanic.
The housing bubble’s demise will not be the same without you cheerleading/spinning from the sidelines, DL.
re: why get rid of Lereah?
Lereah became a huge liability for the NAR.
He’s the subject of tremendous ridicule all over the Internet – from his prior books (Worst. Timing. Ever!) to his monthly “we’ve hit bottom!” predictions that began a full year ago.
The NAR had to get him off the TV and out of the papers. No one believed him anymore. In recent appearances, other guests and even the moderators/interviewers would shake their heads in disbelief at his responses and forecasts.
Lereah turned himself into a real-life Joe Isuzu!
NVMike-
The only real question was why they kept him so long.
It’s always a good time to hire or fire your economist!
I fell bad for whoever runs the David Lereah Blog… I guess the next idiot will suffice.
Listen, in truth, this is what happened, according to CNN, MSNBC and everyone else:
David asked Twist to marry him. This had never occurred to her before, but then, as she said, “He has the cutest ears.” And when she read he was “no Pollyanna” she had to “close escrow” on the match. She “flipped” over him: “And that’s no condo!”
“Law day” is soon soon soon! They’re off on a housing buying trip-honeymoon in Vegas, the most exciting city in the world! “We may buy two,” David said. “His and hers!”
Twist broke in: “Not too far apart–he has the cutest ears. And he’s no Pollyanna!” Twist cooed.
I know an old realtor guy. His attitude right now is probably if they don’t want to buy right now thats fine I’ll just go fishing. He’s probably excited to see something different happening in the business for a change. He’s been around long enough to understand the art of negotiating so is likely having a good time as this different buyers market edges in.
Ding dong the witch is dead
Perhaps he’s on to something. With all of the foreclosures a lot of people will be moving right?