Forecasters, prognosticators, pundits, analysts and others of their ilk are able to predict the future -- or so they would have real estate professionals and the home-buying and home-selling public believe. It's bunk, of course. A look back at housing market forecasts over the last five or six years makes the point. Forecasters consistently under-estimated the strength of the housing boom and predicted year after year that the housing markets were headed into a period of fewer sales. That prediction may be realized this year, yet any forecast can come true eventually if the time horizon is long enough, particularly when a market is known to have been cyclical in the past. It's difficult to assess the accuracy of housing market forecasts in hindsight because they tend to be present...
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