Lereah didn’t give a seller education talk earlier this year, because he was still selling the spring bounce idea. This ended up hurting the realtors. He should have announced the soft landing would be accompanied by flat prices, instead of claiming single digit appreciation. If he had set seller expectations to reflect the changing market, perhaps sales would have declined only 5 or 10%.

I still believe sales would pick up if prices would go down. It’s a basic economics premise, that if the price is right, there is a buyer.