"This is likely the trough for sales"

More comedy from National Association of Realtor's chief economist David Lereah:

"The worst is behind us as far as a market correction -- this is likely the trough for sales," said David Lereah, the Realtors' chief economist. "When consumers recognize that home sales are stabilizing, we'll see the buyers who've been on the sidelines get back into the market."

Read the article here. What he's commenting on is the latest info on existing home sales. It says that they have fallen for a 6th month and prices have dropped year-over-year by the LARGEST amount ever recorded. That would be 2.5%. It is all just beginning. Mr. Lereah seems to think that people will magically jump back into housing as soon as prices start dropping. The declines are ACCELERATING. Anyone with half a brain will wait to see how this plays out.