A spokesman tells GlobeSt.com that NAR is looking for a replacement. "He will be here at least through the mid-year meetings, which end on May 19." If a replacement is not found by then, the NAR spokesman says, the staff will pinch hit until a new chief economist is found. "We have a highly competent staff here so we are not anticipating any problems with a possible gap."
Nonetheless, Dale Stinton, NAR executive vice president and CEO, says he will be missed. "David is an expert on real estate and the economy, and his stature and expertise enhanced NAR's position as the most credible source on economic and policy issues affecting the housing industry in the United States and abroad."
Lereah's duties at NAR include oversight of the research division, the regulatory and industry relations division, the real estate services group and strategicplanning activities for the association.
He was on board at NAR when the agency launched the monthly Pending Home Sales Index.
Lereah will be chairman and partner of Move Inc.'s new enterprise, which is expected to launch in the Q3 2007. Move Inc. is a vendor of NAR and seats two representatives on its board to vote on decisions affecting NAR. What precisely Lereah will be working on there remains to be seen.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
