Some housing markets in for short-lived correction

Downturn not as severe as past cycles, but Realtors in for rough ride

MIAMI — The housing market in some parts of the country has slipped into a short correction that’s not expected to be as severe as past downturns but strong enough to challenge the real estate industry to rethink business practices.

“Realtors are in for a very tough road,” said Richard DeKaser, senior vice president and chief economist for National City Corp.