Housing Forecasts For 2008
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.
NAR, Dec 2007:
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!
Posted by kermit johnson
Fri Dec 14th, 2007 05:20 PM
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 Noah
Fri Dec 14th, 2007 05:22 PM
hmm, interesting. thanks for the link Kermit!
Posted by Who
Sun Dec 16th, 2007 01:09 AM
Why are you leaving Citi-Habitats?
Posted by Noah
Sun Dec 16th, 2007 09:21 AM
how do you know about that?
Posted by Who
Mon Dec 17th, 2007 12:39 AM
No active listings...
Posted by cheri riley
Mon Dec 17th, 2007 03:07 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 Noah
Mon Dec 17th, 2007 08:42 AM
WHO - good observation! moving to Halstead. Better fit for me, better brand as I focus only on sales.
Posted by Noah
Mon Dec 17th, 2007 08:44 AM
Cheri - thank you so much for your kind words! Makes it all worthwhile! Thanks!!!