Industry News

2004 real estate forecaster report card

Housing market outpaces economists' original predictions

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"Economics is the only field in which two people can get a Nobel Prize for saying the opposite thing." –well-known economist joke. Each year, Inman News reports on what the major trade group economists are forecasting for real estate the coming year. This year, when we caught up with housing gurus to talk about their 2005 forecasts, we decided to look back at what they told us last year to see how their original predictions played out. Here's a look back at what the trade groups originally predicted was in store for 2004, compared with what each is now predicting for this year totals. We also include what they are now forecasting for 2005. The National Association of Realtors National Association of Realtors chief economist David Lereah sees 2005 as a strong year, but not a record-breaker like 2004. "All of our numbers still look like the second-best year ever," Lereah said. "But for the last three years, I've been projecting a second-best year ever and I've been wrong. It's bee...