NAR Says Just Wait For '08

Posted by: Maya Roney on July 11, 2007

Another NAR prediction today—will this one flop like all its predecessors?

Keep your fingers crossed. The National Association of Realtors said today that it expects home prices to recover in 2008, with existing-home sales perking up late this year.

A good buyer’s market will aid the turnaround, said NAR senior economist Lawrence Yun. The median existing-home price is expected to decline 1.4% this year to $218,800 and bounce back 1.8% in 2008 to $222,700. Existing-home sales are expected to fall to 6.11 million in 2007 from 6.48 million in 2006, but they should hit 6.37 million by the end of 2008, the association said.

With mortgage rates and unemployment still low, this summer could also be a good time for first-time buyers to “test the housing waters,” Yun said. Hint, hint.

Reader Comments

JanB

July 12, 2007 9:20 AM

Yun--
You can't possibly believe that people are that stupid, can you??? --Yeeeeah, this summer is a GREEAT time to buy a house when they are predicting another 15% decline in prices over the next 8 months...

Targeting the first time Home Buyer with that sort of speel is particularly disturbing and shows everyone why the NAR has ZERO credibility right now. All anyone has to do is look at every statement or prediction ever made over the last year that was misleading and WRONG. Honestly, it would be comical if it weren't so sickening....

I know "Realtors" are really missing their commissions right about now, but buddy, those days are GONE. Time for them to go back to the used car lots and coffee bars that they came from, I say.

Dona

July 20, 2007 4:05 AM

JanB said, "I know "Realtors" are really missing their commissions right about now, but buddy, those days are GONE. Time for them to go back to the used car lots and coffee bars that they came from, I say."
Well, JanB what do you do for a living? Assuming you are just an honest person trying to do an honest days living, how would you like it if one day your employer, (because i'm sure you are not self employed like "Realtors"), said he/she didn't think he/she was going to pay you because your job is not really needed. I'm here to tell you and the rest of the naysayers stop knocking real estate agents who are Realtors. We are not the same. Realtors are sworn to follow strict guidelines of ethics and in doing so most of us really are trying to help you the buyer or seller obtain the goal you set out to acheive whether it be buying or selling. and another thing. NAR, having the largest lobbiest group in Washington has done so much for you I can hardle know where to begin. The list is endless including helping to keep property taxes down when warrented and monitoring the ever present government from taking your land by means of police power. So the next time you go in to work, think about what you do for a living and then think about all us Realtors that get up every morning after answering your calls late into the night, and then leave our families at home to make an honest days living trying to help someone!

lizziebeth

July 20, 2007 3:27 PM

Dona, you are joking, right????

elaine gartner

July 22, 2007 1:18 AM

I have to agree with Dona. I am a realtor working in the western suburbs of Chicago. Don't blame realtors for the price hikes in housing. I remember trying to work for-sale-by-owners in 2005-2006. I couldn't justify the prices they wanted for their homes in relation to the comparables; yet, they sold and obviously were appraised for the price the owners wanted. Things were crazy then. Lenders went insane then to keep the loans coming in. Now buyers actually have to be able to afford the house they buy.

Chris

September 8, 2007 2:17 PM

If you are afraid of a housing decline...put in an offer where you think the bottom will be...then YOU can catch the exact bottom if you are smart enough to figure out that price.

With Interest Rates likely to rise over the next 12 months (maybe stable for 3 or so from here) it would be a great time to submit a low offer...one that might be accepted by someone who can no longer make payments, is facing a foreclosure, and justs wants ANY offer from a buyer.

Any Realtor or Non Realtor should see this logic...

Of course, I only used this logic to retire in the mid 1980s while I was still in my 30's.

People who do not see this as an opportunity, are too busy reading the headlines...everyone knows headlines are old news...just like the "Sports Illustrated Curse"...

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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