NABE Weighs In
The National Association for Business Economics Outlook (NABE) recently presented a survey of 48 professional forecaster which covered various aspects of the economy for 2007 and 2008. The survey was taken from April 19 to May 8, 2007. Here’s what the group had to say about the residential real estate market:
“Residential investment remains a dominant force dampening growth in 2007. Nearly half of our forecasters think that the bottom in housing will not be reached until the fourth quarter of 2007 or later. Most respondents think that median home prices will decline this year, though the estimated drop is generally expected to be 3 percent or less. One-third of the panel thinks the problems in the subprime market are delaying or deepening the housing correction; significant fractions anticipate that subprime problems will hinder consumption or prompt significant changes in the regulation of the mortgage market. ”