San Diego County resale house prices tumbled last month by the biggest number in 18 years of record-keeping and contributed to the smallest year-to-year rise in overall prices in six years, DataQuick Information Systems reported Monday. The median resale price for existing single-family homes dropped $15,000 from November to December to stand at $550,000, the largest month-to-month decline since DataQuick began keeping records in 1988.
Below, David Lereah, chief economist for the National Association of Realtors predicted for price appreciation for 2007. "My forecast is 1.4%"
Result in 2007:
U.S. 2007 home prices experience the largest decline in more than 20 years : - 8.9%
Feb 26th 2008 - Standard & Poor's Case-Shiller Index
Home prices in the United States fell 8.9% in 2007, the biggest decline in more than 20 years.
Feb 26th 2008 10:33AM - (1 Comments)
To read more about these worthless predictions:
Blogspot about the continous wrong predictions of David Lereah, chief economist for the National Association of Realtors.
NEW YORK (Fortune) -- Equity-addicted homeowners have long hung on David Lereah's every word. As chief economist for the National Association of Realtors, he's responsible for tracking the closely watched sales of existing U.S. homes.
He's also seen as a booster for the housing boom. But after five years of record volume and price growth, sales dropped by 8.4 percent last year while prices rose by a measly 1.1 percent nationwide.
March 1 2007
David Lereah, chief economist for the National Association of Realtors
What do you predict for price appreciation for 2007? My forecast is 1.4%