CAR in Total Denial
California Association of Realtors for 2009 predicts a 6% drop in median home price after a 41% Yoy decline so far in 2008.
A year ago, the CAR projected that prices would decline only 4%.
Leslie Appleton-Young cheif economist for CAR: "The big question mark is the state of the overall economy,"
she said, adding that if the federal government's financial rescue plan doesn't succeed...
and the economy slips into recession, "then we would kind of have to redo the forecast" for 2009. "We're in uncharted territory."
"When the credit markets seized up, all bets were off," Appleton-Young said, adding that there was a...
"disconnect with what was happening in transactions and what was happening in prices" last year.
Last year's forecast "was definitely way off the mark," she said.
The Nattering One muses... I need some of what these realtors are stuffing their bongs with.
Yes Leslie. you are in uncharted terriotry, last years forecast was off the mark and so is this years...
So keep your pencils sharpened for a major redo of your forecast.
With last years margin of error, its easy to see what this years price declines should be... around 25 to 30%.
A year ago, the CAR projected that prices would decline only 4%.
Leslie Appleton-Young cheif economist for CAR: "The big question mark is the state of the overall economy,"
she said, adding that if the federal government's financial rescue plan doesn't succeed...
and the economy slips into recession, "then we would kind of have to redo the forecast" for 2009. "We're in uncharted territory."
"When the credit markets seized up, all bets were off," Appleton-Young said, adding that there was a...
"disconnect with what was happening in transactions and what was happening in prices" last year.
Last year's forecast "was definitely way off the mark," she said.
The Nattering One muses... I need some of what these realtors are stuffing their bongs with.
Yes Leslie. you are in uncharted terriotry, last years forecast was off the mark and so is this years...
So keep your pencils sharpened for a major redo of your forecast.
With last years margin of error, its easy to see what this years price declines should be... around 25 to 30%.
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