Industry News

2007 real estate forecaster report card

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It's an Inman News tradition to report on the predictions made by economists at major trade groups for real estate in the coming year, and to look back to see whether what they said last year panned out. Here's a look at what the National Association of Realtors, Mortgage Bankers Association, National Association of Home Builders, and the California Association of Realtors see in store for 2008, and how close their 2007 projections came to the mark. Many experts didn't foresee the massive disruption of credit and financial markets that took hold in 2007, and now threatens to extend well into 2008. So it's perhaps no surprise that these trade group economists were all overly optimistic in their predictions for a "soft landing" in 2007, with sales dropping off more sharply than any had expected. National Association of Realtors At this time last year, NAR chief economist David Lereah thought sales would stay relatively flat in 2007, and that overall home-price gains would be mo...