Economist criticized for glossing over housing bust

David Lereah, former chief economist of the National Association of Realtors, has been criticized for maintaining too optimistic a perspective on the housing market even as housing prices started to fall. Lereah said top NAR executives now won’t return his calls. He was praised during the housing boom and in 2005 published his second book, “Are You Missing the Real Estate Boom?” Lereah said he was pressured by NAR executives to make optimistic forecasts and then blamed when the market turned sour. Lereah’s own portfolio of condominium investments and his primary house have lost value.