Reliable Data?

The National Association of Realtors provides some of the most important data available on existing home sales and prices. But the group also has a reputation for presenting the data with a fair bit of spin. Even critics, however, concede there's no evidence the data are flawed. The group's former chief economist, David Lereah, who famously denied that the housing bubble existed even as it started to pop, finally admitted early this year in a Money Magazine interview that his rosy outlook had something to do with his position as a top spokesman for the NAR. "I worked for an association promoting housing, and it was my job to represent their interests," Lereah said. "If you look at my actual forecasts, the numbers were right in line with most forecasts. The difference was that I put a positive spin on it."