CAR revision: -6% drop to -28% drop in 2009 forecast

[25inIrvine_IHB]

From the OC Register's Business section today:



<blockquote> The California Association of Realtors' housing forecast now calls for a 28.4 percent drop in the median price of a California house. That compares to a projected drop of just 6 percent originally expected when the association first unveiled its 2009 forecast in October. </blockquote>


Previous forecast was median pirice of $358,000, now revised to $248,000.



That a a huge change in their forecast but there is no explanation or reasoning in the article. Either way, looks like the CAR has dropped the kool-aid. Is the NAR next?

 

[irvine_home_owner_IHB]

They are probably looking at that huge foreclosure and loan reset wave on the horizon.

 

[25inIrvine_IHB]

I assumed that was the reason but I guess I was wishing they would put that in the article.

 

[irvine_home_owner_IHB]

[quote author="24inIrvine" date=1241957468]I assumed that was the reason but I guess I was wishing they would put that in the article.</blockquote>
Well... they still need to sell homes... if they give out hard undisputable facts... people might see through the Kool-Aid.

 

[Anonymous_IHB]

<A href="http://www.car.org/economics/housingmarketforecast/">http://www.car.org/economics/housingmarketforecast/</A>

 

[freedomCM_IHB]

<strong>I guess they don't like it if you are jumping from IHB to CAR</strong>!



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Thank you,

CALIFORNIA ASSOCIATION OF REALTORS?</blockquote>