Bullish real estate economist to step down

Lereah Steps Down

WASHINGTON (Reuters) -- The economist who prodded investors into the U.S. housing boom and has been skewered by bloggers during the bust is leaving a top real estate trade association, the group said Monday.

David Lereah, the author of "Are You Missing the Real Estate Boom?" will leave the the National Association of Realtors by the middle of next month after serving as the head economist for seven years, a spokesman said.

Lereah was the Realtors' analyst through the five-year run-up in home values that ended in 2005, and he has continued to deliver the group's outlook through the current downturn.

One blog, David Lereah Watch, cites passages from Lereah's books and his encouraging words about the housing market and asks him to "admit he cheerleaded this destructive housing bubble."