David Lereah

Source: Unknown

David Lereah is the former Chief Economist and Senior VP of the National Association of Realtors (NAR).

Between 2001 and 2007, Mr. Lereah regularly made statements regarding the housing bubble. Despite his well documented penchant for twisting facts and figures, the media regulary turned to him for real estate expertise despite the fact that he had an invested interest in "selling" the real estate "boom".

His influence cannot be overstated and his contribution toward encouraging the rise of the United States housing bubble cannot be denied. According to a blog quoted by the Chicago Tribune, "In October 2005 Lereah was busy calling the bubble believers 'Chicken Littles.' Many of the predictions espoused by the 'Chicken Littles' are fast becoming closer to reality. ... David Lereah has lost credibility because of his irresponsible cheerleading."

Lereah now says that he, like everyone else, underestimated the impact of the subprime lending explosion on the housing boom: "That got so out of hand, and none of us realized the magnitude of it until it was too late."

Lereah's book on investing in information technology, The Rules for Growing Rich, appeared in June 2000 as the dot-com bubble collapsed.

Lereah's book, Why the real Estate Boom will not Bust, was published in February 2006 months before the real estate bubble burst.

Seems to any sane person ... that this is a man who simply should not be trusted.

Source: Wikipedia