We just stumbled across the very distressing story about David Lereah, the Chief Economist of the NAR during the boom and more recent real estate collapse of the real estate market in America.
The NAR fiddled while Rome was burning. It now seems Mr Lereah has had a stroke of conscience, and admits to spinning positive for the NAR, concealing his true feeling of imminent housing price collapse. His most current outlook?
"We’ve still got excess inventories, a bad economy and a credit crunch that will push prices down further, another 5% to 10% more. It’ll take a long time to get back to the peak prices we saw in many markets."
To all the Realtors, Brokers and Agents out there - do your own economic research. It appears the organization you pay millions of dollars to each year for dues, has a problem telling the truth.
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