Thursday Morning Rewind: Remember When 2007 Was Going to Be a Good Year?

Because there seems to be some interest in the forecasts from the National Association of Realtors, here, courtesy of the blog at Inman.com, are the three forecasts the Realtors have issued this year:

NAR's 2007 forecast released in January:
    •     National median existing-home price will rise 1.5 percent (compared to '06)
    •     National median new-home price will rise 3 percent
    •     Existing-home sales will drop 0.9 percent
    •     New-home sales will drop 8.9 percent
    •     Housing starts will drop 16.2 percent

NAR's 2007 forecast (released in May):
    •     National median existing-home price will drop 1 percent
    •     National median new-home price will be flat
    •     Existing-home sales will drop 2.9 percent
    •     New-home sales will drop 17.8 percent
    •     Housing starts will drop 19 percent

NAR's 2007 forecast (released in June):
    •     National median existing-home price will drop 1.3 percent
    •     National median new-home price will drop 2.3 percent
    •     Existing-home sales will drop 4.6 percent
    •     New-home sales will drop 18.2 percent
    •     Housing starts will drop 20.4 percent

Photo Credit: Reuters
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