U.S. home sales fall
Wonk reader John points out that the NAR's 2008 sales prediction, back in May 2007, was about 6.5 million homes.
In its defense, the association notes that May 2007 was before the worst of the credit crunch hit. Sales have slumped much more sharply since then.
The NAR also said yesterday that a recent survey of agents suggests that "nearly a quarter of potential home buyers are waiting on the sidelines."