Look on the bright side, Realtors say
The National Association of Realtors has issued a press release to suggest that the market isn't nearly as bad as everyone seems to think:
In 2002, home sales set a new record at just over 5.5 million, and three-quarters of metro areas showed price gains over the previous year. At the time, home buyers were confident that the real estate market was strong and healthy. In 2007, existing-home sales are forecast to be about 5.5 million, and two-thirds of metro areas showed price gains last quarter. Both 2002 and 2007 show strong sales, and homes continue to prove a good long-term investment. But this year, public perceptions are different.
In related news, the NAR's forecast of existing-home sales this year is yet another downward revision.
The NAR has new press releases on a variety of other topics here, from auctions to for-sale-by-owner trends.
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