Are forecasts for the 2013 housing market are too low?
Quote from M Simonsen at Altos:
I’m in Washington DC to talk to the National Association of Business Economics on the state of the housing market. I ran into Lawrence Yun, the chief economist for the National Association of Realtors and he mentioned that he just raised his forecast for 2013 from 4% year over year to 7-8%. That’s pretty bullish. Yun, of course, takes a lot of flack for being an industry cheerleader rather than objective. So he should be bullish, right? I told him he’s still too low.
Is Simonsen right? I always look at anything from Yun and NAR with healthy skepticism because of their tendency to be Buy Now Cheerleaders. But since this is coming from someone at Altos, it does make me take it more seriously.
What are you predicting for home prices in 2013?
I think we should see home values in my area of Upstate South Carolina appreciate 1-3%…
No guarantees on that prediction though!
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