Snaith Soufflé

From the Stockton Record:

Sean Snaith, director of University of Central Florida's Institute for Economic Competitiveness and consultant to University of the Pacific's Business Forecasting Center, said there's no doubt that the weight of the "housing adjustment" is bearing down on the national and California economies.

But Snaith still stands behind his well-known description of the housing market as a soufflé that deflates but doesn't collapse. The collapse of the subprime market hit the housing market hard, pulling the economies down more than expected, he said.

"I think the housing hangover is going to last a little longer than we thought," he said.