Economists and meteorologists share a common trait: They predict, then they explain why their predictions were wrong, then they predict again...and on and on. Lereah has been predicting the imminent return of the housing market month after month after month. To him, there is never anything inherently wrong with the housing market; not over-speculation, not too many realtors chasing too few buyers, not some agents' pandering to homeowners' lust to get the highest possible price for their homes. No, it is the weather's fault, as if people who are looking for a home don't own warm coats.
Lereah is at his blindingly obvious best when he says, "Housing remains a great long-term investment"; to extend the weather metaphor, that is almost like saying the sun will come up tomorrow. However, if a shill like Lereah, who always predicts happy days just around the corner, is now saying it may take "a couple of months" before we know about the market's status, then we should be afraid. Very afraid.