David Lereah Gone from NAR

NEW -> Contingent Buyer Assistance Program
It would really be refreshing if it this turned out to be a signal from the NAR that they are going to stop their tired championing of home prices. This really would be in the best interest of their members. As we have seen over the last 2 years (or you can find by reading a basic microecon textbook), when demand drops and prices don't, volume plummets. If you make your living on commission that's a Very Bad situation.
 
I think this sucks. What I mean is where else is NAR going to find an outlandishly statement making, bottom-calling, hack writing, book title changing, bloggers make my mom cry, discredited economist like David Lereah that we can make fun of?

Oh what was I thinking? They have plenty to choose from and they will probably find someone who will be just as much fun to make fun of as TCDL.
 
I really thought the timing of Lereah's departure was interesting, considering NAR's announcement today of a 4.9% decline which was considerably lower than the consensus "predictions" by economists polled by Bloomberg of a gain of 0.7%. This is one of the deepest declines.

Also, somewhat of note: "Today's report showed pending resales declined in three of four regions. They decreased 7.1 percent in the South, 6.9 percent in the Midwest and 4.9 percent in the Northeast. Sales rose 1.6 percent in the West."

WTF?
 
Good riddance.

BMS: I too am hoping the NAR will turn away from their perma-bull atitude but I don't think that it will happen. The NAR has a vested interest in propping prices up as much as they can-even to the detriment of normal homeowners.
 
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