"I'm Hoping For Prices to Drop"

No, that's not me rooting for a quick end to the housing bubble; those are the words of David Lereah, the chief economist of the National Association of Realtors, as quoted in the Wall Street Journal. Yes, this is the same economist who until recently was assuring buyers that house prices will never fall.

The new data on pending sales of existing homes show a year over year drop of 16 percent, yet more evidence that the bubble is bursting.

--Dean Baker

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