Housing Forecasts For 2008
Posted by Noah Rosenblatt on December 14, 2007 at 2.57 PM
A: Calculated Risk updates us on what some of the experts and organizations think about 2008's existing home sales volume. Surprisingly, the NAR is most bullish.
Existing-home sales are likely to total 5.67 million this year, the fifth highest on record, rising to 5.70 million in 2008, in contrast with 6.48 million in 2006.From AP:
Patrick Newport, an economist at Global Insight, forecasts that home sales will drop from 5.66 million this year to 4.7 million in 2008Goldman Sachs:
Back in August, Goldman Sachs forecast existing home sales would fall to 4.9 million in 2008. However, since then, Goldman has becoming even more bearish on housing.Thanks to Bill over at Calculated Risk for always being on top of this!
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Comments (8)
It's hard to believe anything NAR says.
Take a look at who does their studies for them:
http://www.realestatetwincities.net/fox-henhouse/
Posted by kermit johnson | December 14, 2007 5:20 PM
hmm, interesting. thanks for the link Kermit!
Posted by Noah | December 14, 2007 5:22 PM
Why are you leaving Citi-Habitats?
Posted by Who | December 16, 2007 1:09 AM
how do you know about that?
Posted by Noah | December 16, 2007 9:21 AM
No active listings...
Posted by Who | December 17, 2007 12:39 AM
Noah,
Just a general comment on your site. I subscribe to your feed and even though I am in Atlanta real estate your insights into the macro view of all this craziness we are in is "the source" for me in trying to make sense of it all.
You have a great gift, you approach everything like you are teaching. I find myself checking in on your feed more frequently than anyone elses. You have found your passion.
Good luck on all the stats you are gathering for your market.
We take for granted those tools in markets where they are so readily available through MLS's.
Posted by cheri riley | December 17, 2007 3:07 AM
WHO - good observation! moving to Halstead. Better fit for me, better brand as I focus only on sales.
Posted by Noah | December 17, 2007 8:42 AM
Cheri - thank you so much for your kind words! Makes it all worthwhile! Thanks!!!
Posted by Noah | December 17, 2007 8:44 AM