Quote of the day: "I was wrong…"

I worked for an association promoting housing, and it was my job to represent their interests. If you look at my actual forecasts, the numbers were right in line with most forecasts. … I was a public spokesman writing about housing having a good future. I was wrong. I have to take responsibility for that.

-David Lereah, former chief economist of the National Association of Realtors and author of Why the Real Estate Boom Will Not Bust – And How You Can Profit from It, speaking to Money Magazine.

Lereah is now a private consultant, and he expects to see a modest recovery in 2009, but warns that “it’ll take a long time to get back to the peak prices we saw in many markets.”

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