David Lereah: “It was a poor choice of title”

David Lereah, the Chief Economist of the National Association of Realtors in an interview with Robert Siegel of NPR on his last day on the job.

Siegel: Uncharacteristically nowadays, You're not all that upbeat about real estate, you recently predicted a real estate recession?

Lereah: Well, were in the middle of a real estate recession now, no doubt about it. The recession started 18 months ago, so this has been a regular recession for real estate. And the big news is this recession is going to be longer than we thought.

Siegal: But to put this in some context, you have been a positive voice for real estate. So much so that a couple of years ago, you published a book in 2005 whose original title was "Are You Missing The Real Estate Boom", the subtitle of that book was "Why Home Values and Other Real Estate Investments Will Climb Through the End of the Decade." What went wrong? Where was the point where you stopped seeing real estate values going up through 2010 and something happening to it instead?

Lereah: Great Question! First the boom was Double Day Random House Word that ..

Siegal: that your publisher, you are telling me

Lereah: It wasn't my title unfortunately. So it was a poor choice of titles.

The full interview can be heard here.

Lereah will become a senior executive at Move Inc., an online real estate service.

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