The NAR Turns Bearish on Housing

With David Lereah gone,

it seems that the National Association of Realtors is becoming more bearish

in its forecasts

(if not its spin).

Joe Weisenthal

thinks that the NAR’s capitulation to reality is likely a bullish indicator,

but I’m not quite that sanguine: I think it’s more a desperate attempt to reclaim

some modicum of credibility, although the likes of Dean

Baker will never trust the NAR, no matter what they say.

Personally, I don’t believe any forecasts at all, whether they’re bullish or

bearish. Niether the NAR nor anybody else has any privileged information about

what house prices are going to do over the next year or two – all of this

is no more than glorified guesswork, and should really be treated as such.

This entry was posted in housing. Bookmark the permalink.