We're in a real estate recession, said David Lereah, chief economist, National Association of Realtors, who surprised many this week when he announced he would leave the Chicago-based trade group in May. "I'm projecting the first [nationwide] price drop since the Great Depression. We're going to have negative home prices in 2007. His comments seemed uncharacteristic for Lereah, whose mostly blue-sky forecasts have long been criticized for stoking the fire as home sales bubbled to stunning -- and unsustainable, even by his own account -- levels. He had been the public face for the Realtors since the housing boom began in 2001.
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