“This time, unlike every other time, the problems in housing will stay in housing. If you are a builder or a broker, it will feel like a deep recession. But the rest of us will hardly notice,” Leamer wrote.

ADDED: I’m sure all the bubble blogs will be very happy about a deep recession for Realtors. The main drive for the bubble blogs is Realtor envy… okay, okay, and flipper envy. When the average flipper or Realtor is doing worse than the average Joe, the bubble bloggers may feel vindicated but they’ll also lose that fire in the belly, and interest in bubble blogs will wain.

Here’s a different article on the same meetings.

The economists at the forecast ““ one of the state’s best-known economic panels ““ conclude that both the state and national economy will likely be sluggish through next year before improving slightly in 2008.