The Post is Badly Confused About Housing, Again

The Washington Post, which relied on David Lereah, the chief economist of the National Association of Realtors, as its main and often only source on the housing market, remains seriously confused about housing. An article on efforts by the Obama administration to push banks to increase lending implied that the situation of the bubble years were normal.

It told readers:

"Before the crisis, about 40percent of home buyers were first-time purchasers. That’s down to 30percent, according to the Nat...