Remember this challenge?
According to the “scientific” forecast, housing prices were to stabilize in late 2007 and hold firm in 2008. Here’s the November 2007 forecast for 2008: “Existing-home prices are expected to decline 1.7 percent to a median of $218,200 for all of this year and hold essentially even in 2008 at $218,300. Wow, what precision! To a tenth of a percent! The February report comes out this week… let’s just say that instead of $218k, I’m expecting a decline that would project to $175k or less by the end of the year. But what do I know, I’m not an “expert” paying close attention to the “science” of the housing market, after all.
From the February 2008 NAR report: “The national median existing-home price for all housing types was 195,900 U.S. dollars in February, down 8.2 percent from a year earlier when the median was 213,500 U.S. dollars.”
At this rate, we could get down to 175k before August.