Adiós, David Lereah!

by Osman Parvez

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.'s website states, "®, 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,™ is a comprehensive real estate search engine with exclusive access to’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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