Calculated Risk on the 2008 NAR Forecast
Calculated Risk (a fabulous blog BTW), just posted a little analysis of the NAR’s 2008 housing sales forecast, complete with spiffy charts.
Their take?
Based on slowing turnover rate and tighter lending standards, we can probably already say the NAR forecast of 5.7 million units in ‘08 is way too high.
Looking forward to their forecast…
Noah Calls Out NAR “Predictions”
The ever brilliant Noah Rosenblatt digs into the NAR’s always rosy, often incorrect housing market predictions.
“. . . lets check in on the NAR’s track record for the past 12 months or so. The NAR has unsuccessfully predicted housing trends for 70% of 2007! For the past 9 months, count ‘em NINE MONTHS, the NAR had to downwardly revise their housing predictions; which were unsurprisingly too bullish.”
This is required reading folks.