Mr. Lereah is Backpedaling!

David 'soft landing' Lereah is backpedaling on his statements as the reality of the declining housing market hits him in the face. Here is his latest drivel:

The housing standoff between buyers and sellers in South Florida will continue for another six months, and then prices in some areas will fall, a well-respected economist predicted Tuesday. In some cases prices may fall by 10 percent to 15 percent, said David Lereah, the National Association of Realtors’ chief economist.

Adjust for inflation, and you have even larger real dollar price declines. Ain't looking so soft!

"Lereah pegged the end of the housing boom to August 2005." Sounds about right to me.