Few blog headlines recently can top Jonathan Miller's send-off to David Lereah, the departing chief economist of the National Association of Realtors. On his blog Matrix, Mr. Miller, a noted housing analyst in his own right, said good-bye thusly on Tuesday: 'David Lereah Resigns, Spin Takes a Smoke.'
Mr. Lereah has basically been criticized, if not lampooned, for his frequent breathless cheerleading of the national housing market. It was never too bad a time to buy. Quoth Mr. Miller:
He did what he thought he was supposed to do: promote his trade organization through market statistics and commentary. Unfortunately, his style did not translate well when market conditions weakened. He became a cheerleader rather than an insight provider. [bold original]