December 22, 2006

The Corrupt David Lereah to CNBC: "I'm a shill"

Interesting interview of the defensive and corrupt David Lereah at CNBC today where he says people distrust him because he's a shill. Love it! And it looks like he's an HP reader - let's give him a big HP welcome - HELLO DAVID! YOU SUCK!

Read his CNBC spin in the context of these great past Lereah quotes:

"Are You Missing the Real Estate Boom"
"Why the Real Estate Boom Will Not Bust"
"There is no national housing bubble"
"There is no evidence of bubbles popping"
"We feel confident that housing is landing softly"
"This is not a scenario for a hard landing"

From CNBC:

Still, NAR’s chief economist David Lereah gets a lot of flak. He not only gets hate mail, he’s got his own hate site: (link). Actually, there are several not-too-savory sites on David. I called him this morning and asked, “Why are people so skeptical of you?” (That wasn’t exactly how I phrased it.)

Because I’m a shill. Look, they’re basically saying, ‘You’re the Realtors, you’re in it for the money, you have to say the market is going well.’ What are you going to do?” says Lereah.

“When the market is good, we can say no wrong, and now the market’s down and they’re getting skeptical and they don’t believe it. To be quite candid, we all have really good housing models, and all we’re doing is putting the data in and generating the numbers. There’s nothing to hide. My members don’t get angry at me if I say sales are down 10% this year. I don’t get fired.”

David Lereah speaks the truth, but he’s also one of the best spinners I’ve ever met, and after 17 years in this business, I’ve met a lot. David always finds a way to turn a negative number into a positive outlook. The steep fall in sales is a “correction” to him. Falling prices are “healthy for the market.” He’s got a million of ‘em, but guess what, he’s also got real numbers


Anonymous said...

Lereah is a SHILL! Noone listens to you!

No house sales makes for very unhappy realtors.

Tell the truth Davey shill that prices are riculously overvalued and need to go down 30%-40% at least.

Anonymous said...

As an economist he should know the home values he was pushing were not sustainable based on median wages and incomes.

Shame on him!!!

Patch Tuesday said...

I've said it before, and I'll say it again, the reason David and the NAR get away with the crap statistics that they do is because they've got a monopoly on the numbers. Worse yet, the press is to lazy to ever do any of the math themselves or even challenge the dog food that the NAR feeds to them.

Give me just "one reporter" that will interview the NAR and explain to the public exactlhy how the NAR gets the stats that they do. Especially averagle list price to sold price...

David said...

I laughed when I saw that article in CNBC.

Looks like Lereah might be reading my blog because he says people accuse him of being a shill that is paid. That is what says on the top of the David Lereah Watch Blog

David Lereah Watch

Ozzie Tim said...


Ozzie Tim here.

If you read the report on the link, what the reporter says is good oil. Where she starts to spin on her own is where she leaves out the part about the NAR's spinning (by and large).

I think that she's probably a dag, as most TV sheilas are hired for their, uh, on camera abilities. I'm sot saying she's got kangaroos loose in the top paddock (probably an ocker), but she's trying to be dinky-di.

As far as the realtor blokes, they're figjam (if yoiu ask 'em!)

Hooroo, Ozzie Tim

Anonymous said...

WTF? was that English?

FlyingMonkeyWarrior said...

Ozzie tim Rocks.
Don't leave Borka. ):

Anonymous said...

The Troll is Greg Swan.

Anonymous said...

Fight the REIC!

Anonymous said...

C'mon people! Let's give David a break. He had a vision for something great and he tried his best to make it happen. Not every business succeeds, in fact many fail. He had the guts, the vision and the nerve to be great.

Anonymous said...

do we really expect anything different? Their language, different from us normal human beings, says it all:

small = cozy

broke-down = fixer-upper

Anonymous said...

Worse yet, the press is to lazy to ever do any of the math themselves or even challenge the dog food that the NAR feeds to them.

In "Realtor-Speak" (tm):

lazy = bought-and-paid-for

Anonymous said...

Anonymous said...
WTF? was that English?

Friday, December 22, 2006 8:07:21 PM



Anonymous said...

Anonymous said...
The Troll is Greg Swan.

Friday, December 22, 2006 8:28:01 PM

probably Chauncy!

Anonymous said...

19-Dec-06 TOLL BRUCE E
Director 500,000 Indirect Sale at $31.62 per share. $15,810,000

keith said...

I think the David Lereah Watch was the idea of the year

David - I wish you had a section of the most corrupt or stupid Lereah quotes permanently on your homepage for all to see, especially as he now tries to spin his reputation

Hang him with his own words as the bubble implodes

Anonymous said...

It's quite correct that Lereah doesn't lie. You can only lie about the past or present.

If I were to say that Britney Spears would be kidnapped by space aliens next week, that's not a lie. It doesn't mean I actually believe it though.

Paul E. Math said...

Just another MSM article that tries to justify an apalling lack of balance and objectivity.

Perhaps the numbers that the NAR uses are real but she should know that they are NOT the numbers to use if you want a fair and balanced picture of the real estate market.

If you want a fair and balanced view of real estate then you need to talk to those who have no vested interest in the direction of real estate. But the MSM discredits the objective analysts like Shiller and Case as 'real estate detractors', as though they were just as biased as Lereah and Wluka.

Also, the MSM does not typically present 'the numbers', it typically presents quotes from the shills who own the numbers. And the article admits that the quotes are completely biased.

So why would I have any respect for this MSM REIC hack?

David said...


I like you idea. I will add a section for his most corrupt or stupid Lereah quotes that will be linked from the main page.