April 30, 2007
New York (Fox News) April 1, 2007
David Lereah, Chief Economist of the National Association of Realtors, resigned his position today, effective immediately, as Lereah was under increasing pressure to resign due to rebellion amongst the 1.3 million strong NAR membership and mocking in the media and amongst housing blogs.
Mr. Lereah held a press conference earlier today at NAR headquarters in Chicago, also attended by his lawyer Lirpa Loof.
"For too long I did the bidding of my evil masters at the NAR" said Mr. Lereah, in a hushed tone to start the briefing. "They marched me out as the bubble grew bigger and bigger, month after month, to say 'it's different this time - the fundamentals have changed - housing prices never go down'. Well, we all know how that line of bull turned out."
"They even had me write a book, which looking back on it must seem like a real hoot, called "Are You Missing the Real Estate Boom", later retitled "Why the Real Estate Boom Will Not Bust". And yes, that book, and my series of misleading quotes to the press as the bubble burst, has made me the laughingstock of the nation, if not the world, and caused irreparable damage to the nation, to families and to our economy."
"But today, everything changes. I have resigned my position with the NAR, I renounce 100% of my quotes and behavior over the past five years, I admit the housing bubble was the biggest con, the biggest Ponzi Scheme in world history, and I ask America for forgiveness."
Mr. Lereah went on to say that he will now be volunteering at a homeless shelter in Phoenix, the epicenter of mortgage fraud, realtor greed, and the housing collapse. His lawyer, Lirpa Loof, also confirmed that Mr. Lereah will be donating all of his book profits, and his entire NAR salary for the past five years, to the homeless.
In a related development, the NAR has hired Mohammed Saeed al-Sahaf as its new spokesman and Chief Economist.