Foreclosures Double: Where's David Lereah?

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http://online.wsj.com/article/SB117910010258001458.html?mod=home_whats_news_usThe Wall Street Journal reports that foreclosure rates have more than doubled between the first quarter of 2006 and the first quarter of 2007 in Los Angeles and several other major California cities. As a result, foreclosed houses are being sold at auction for prices far below recent market levels. It would have been helpful to include comments from David Lereah the chief economist of the National Association of Realtors and the author of the 2005 best seller, Why the Real Estate Boom Will Not Bust and How You Can Profit From It. Mr Lereah is often cited in articles on real estate as an expert on the housing market.

--Dean Baker

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