David Lereah and the 40% Second Homes

Real estate statistics indicate a record 40 percent of sales last year went to second homes.

"Historically, we were looking at a 10 percent, and now we find ourselves in the 30 to 40 percent range. That's remarkable," said David Lereah, the chief economist for the National Association of Realtors. WBAL Baltimore 5/6/06

Does David Lereah still believe in the soft landing?