The Business Review (Albany):Â
David Lereah told a gathering of about 400 real estate agents at a hotel in Saratoga Springs Monday morning that the decline that started in August 2005 was needed to bring equilibrium back to a residential real estate market that had tilted too heavily toward sellers.
He predicted a rebound in the next three to six months in most parts of the country, provided the Federal Reserve doesn’t start raising interest rates again. Some areas in the South and West will take longer to recover because the boom of the past five years was much sharper than in New York and other states, he said.