Real estate boom to bust

Housing market could drag economy down

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The bottom is likely to drop out of the national housing boom within the next couple of years, and this downturn will probably be accompanied by an economic recession, according to a University of California, Los Angeles, forecast.

“Absent something of the magnitude of the Vietnam War, we should expect a housing collapse and an attendant recession. Probably late 2005 or 2006, though it is impossible to say when right now,” said Edward E. Leamer, director of the UCLA Anderson Forecast.