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The Always Bullish National Association of Realtors Has Crackedby Raymond WeberEconomic Policy Monitor Apr. 12, 2007 |
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 They admit that existing-home prices are beginning to decline. "The national median existing-home price will probably slip 0.7 percent to $220,300 in 2007, following a 1.0 percent rise last year," the National Association of Realtors said today. This would be the first overall drop in housing prices in more than 38 years. Since 1968, when prices of single-family existing homes have been tracked regularly, the smallest price gain was 1.0% in 2006. The average gain has been 6.5%. NAR also put out the following bearish estimates on new home sales and starts: New-home sales are seen at 904,000 this year and 935,000 in 2008, below the 1.05 million last year, and housing starts are estimated at 1.47 million in 2007 and 1.55 million next year, down from 1.80 million units in 2006. 
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