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- Ex-NAR economist Lereah changes tune
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From Newsweek:
It’s Going to Get Worse
Economist David Lereah was once the housing market’s biggest cheerleader. Now he says the bust isn’t near over, and home prices still have a long way to fall.
Let me confess at the start: I spoke with Lereah frequently during the boom, and I always found him to be a smart, thoughtful observer. Sure, his assessment of the real estate market was consistently upbeat, but that’s hardly surprising given that he served as chief spokesman for a trade organization that believes it’s always a good time to buy a home. And the truth is I feel a little sorry for the teasing he has absorbed since the housing bubble burst. Yes, he did publish a book in 2006 with the unfortunate title “Why the Real Estate Boom Will Not Bust”—but he didn’t pick the title, the same way columnists like me aren’t always thrilled by the headlines our editors put atop our stories. And while I thought it was funny when my colleague Daniel Gross and others compared Lereah to Baghdad Bob, the Iraqi information minister who repeatedly announced his army’s military successes even as U.S. tanks were overtaking the capital, I can’t help feeling bad for him. But if you judge from the blogosphere, I’m in the minority with my sympathy….
Original Source: njrereport.com
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6 May, 2008| housingblogs |
@ 20:52