Industry News

2005 real estate forecaster report card

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Each year, Inman News reports on what the major trade group economists are forecasting for real estate the coming year. Now we are looking back at what they told us last year to see how their original predictions played out. Here's a look at what the trade groups originally predicted was in store for 2005, compared with what each is now predicting for this year totals. We also include what the experts are now forecasting for 2006. National Association of Realtors With home sales holding at historically high levels, the National Association of Realtors expects "modest cooling" in the real estate market next year. David Lereah, NAR's chief economist, said strong demand should keep home sales at historically high levels in 2006. "We are in the process of setting a fifth consecutive annual record for both existing- and new-home sales, but the market will be coming off of a five-year boom and experience a soft landing next year," Lereah said. The chief economist said that an uptrend in mor...