Uh-oh: Freddie Mac head sees "pockets of real estate 'froth' - evident on both coasts and in cities such as Phoenix and Las Vegas"

Amazing when industry leaders have a moment of honesty. Must be feeling the heat (from their corporate lawyers)

Syron said that the housing market looks likely to have a soft landing, "but not every airport is going to be the same."

A softening in some areas would be "a normal adaptation" allowing home prices to get more in line with long-term historical trends, he said.

Pockets of real estate "froth" have been evident on both coasts and in cities such as Phoenix and Las Vegas, he said, adding that home prices in such markets could decline while values nationwide continue to rise.

Syron said he did not expect a substantial drop in purchases of second homes, but that speculative purchases of condominiums in hotter markets could continue to weaken.