NAR Says 2007 Will Hit 5 Year Low in Home Sales
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While not a surprise, the National Association of Realtors forecasting arm revised it’s forecast for home sales down to 6.04 million homes for 2007. The NAR is an advocacy group so they will always be predicting sunny skies and glorious times ahead, however their projections seem to be in a perpetual downward revision.
The National Association of Realtors may well do better for their members and future members if they worked harder on accuracy and less on advocacy. If the Realtors out there could trust the information coming out of the National Association of Realtors they could better plan what their futures could bring.
This year’s sales would be the lowest since 2002, when sales hit 5.63 million. Last year’s sales were 6.48 million. Next year, the trade group expects sales to climb to 6.38 million, up slightly from the forecast it gave in July of 6.37 million.
The forecast comes as delinquencies among borrowers with weak, or subprime, credit have risen dramatically over the past year, and other loans are showing weakness as well. “With fewer affordable loans available, that will cut back on some of the homebuyers who wanted to enter the market,” Lawrence Yun, the trade group’s senior economist, said in an interview. However, Yun projected that demand would rebound next year. via the San Jose Mercury News
More Voices:
- Michael Cook at Bloodhound Blog
- Keith at Housing Panic (funny the two agree although the presentation is a bit different)
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
