We all like optimistic forecasts, but accuracy is paramount! That was definitely not the case with the economist’s forecasts for the July pending home sales. Economists were being overly optimistic predicting a 2% drop for this index for July 2007. The just released figure was a actual fall of 12.2%! The National Association of Realtor's Pending Home Sales Index, based on contracts signed in July, fell to the lowest point since September 2001. Compared to a year ago, the index was 16.1 percent lower.
Again, the signs are very clear, at least to me, that we are heading into housing induced RECESSION. The recession may not be national but more likely, regional in nature.[tags]housing recession,regional recession,San Diego real estate,San Diego housing,housing bubble,real estate bubble[/tags] San Diego real estate agents
Yes, I agree, a real estate housing recession in the first half of 2008. Riverside attorney
If I predict recession every year I will get it right eventually.My understanding of economics is that something either goes up or it goes down. There are 50-50 odds to guess right. Some may guess 60% right but will eventually revert back to the mean. Its too bad this is a time when the system has been raped for every nickel and dime for the next few years.
Allen
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