fourth fifth time (in as many months) the National Association of Realtors has revised their forecast for the performance of residential real estate in the U.S.
“[NAR] now projects that the median existing home price for all of 2007 will be down 1.4 percent, which is slightly worse than its previous forecast of a 1.3 percent drop….[and] is looking for a 2.6 percent drop in new home prices for all of 2007. That is also worse than the previous estimate of a 2.3 percent drop in prices.”
And for those of you sitting patiently on the sidelines, the forecasted national market “recovery” has been pushed back to the second quarter of 2008 (for now).
∙ Housing slump gets longer, and longer … [CNNMoney]
∙ Whoops, They Did It Again (NAR Revises National Forecast Once More) [SocketSite]