NAR 2006 Prediction WRONG! Back in December of 2005 the National Association of Realtors (NAR) made a woefully wrong prediction. Thanks to Business Week for finding this gem:

PREDICTION: The national median home price will rise about 6.1% in 2006. Over a full year, it "has never declined since good record-keeping began in 1968." — National Association of Realtors, Dec. 12, 2005

THE REALITY: Through October, the median price of residential properties was down 3.5% from a year earlier.

The NAR was way off on this prediction. The median price decline is even worse if you take into account all the extra incentives that have been thrown on new home buyers. Don't trust the National Association of Realtors. Remember, David 'the shill' Lereah works there!

Labels: declinesin2006, NAR, nationalassociationofrealtors

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Housing Bubble Conflicting Data Released Housing Bubble Conflicting Data Released

The housing market threw the world another curve on Thursday. After five straight months of declining sales of existing homes, a sixth dreary month was pretty generally expected. Instead the National Association of Realtors announced that February sales of previously-owned homes had jumped 5.2 percent from similar sales in January. This was the largest monthly increase in two years.

Wow, so much for the housing bubble bursting. All of the "experts" are wrong. The national love affair with real estate continues. NAR itself said that the encouraging report was a sign that the market was "stabilizing" and should "level out" in the months ahead.

Of course this jump in sales was preceded by six months of price declines. So eventually the market had to readjust remember NAR has a vested interest in keeping prices high and keeping people buying

Labels: JanuaryNARreport, NAR

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Housing Bubble Conflicting Data Released Housing Bubble Conflicting Data Released

The housing market threw the world another curve on Thursday. After five straight months of declining sales of existing homes, a sixth dreary month was pretty generally expected. Instead the National Association of Realtors announced that February sales of previously-owned homes had jumped 5.2 percent from similar sales in January. This was the largest monthly increase in two years.

NAR itself said that the encouraging report was a sign that the market was "stabilizing" and should "level out" in the months ahead.

While that's NAR's position as head cheerleader, it's apparent the the 5 months of declining prices and lower interest rates had an impact on declining sales and finally some people bought.

Read the Report at Mortgage News Daily

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