Seriously, the NAR's monthly lowering of their forecast is comical. In all my days I've never seen an advocacy group do such damage to the very group they were advocating. Proving our point though - realtors are not very bright people.
Note to the NAR: You're completely discredited, and a national joke. In regards to your forecast, instead of looking dumb every month, month after month, just look dumb once and come out with a forecast you can stand behind.
And I guess "bouncing along the bottom" stock-dumper Bob Toll just found out that there is no bottom... Here's the latest:
Toll Brothers Reports Sales Decline; Trade Group Lowers Forecast
The luxury home builder Toll Brothers reported a 21 percent decline in preliminary home building revenue for the third quarter and said the housing market was so volatile that it would not give earnings guidance.
Meanwhile, the National Association of Realtors, a trade group for real estate agents, lowered its outlook for existing-home sales this year by 1 percent, or 70,000 homes.
Robert I. Toll, Toll Brothers’ usually ebullient chief executive, remained cautious. “With the uncertainties roiling the mortgage markets right now, the pace of home sales could slow further until the credit markets settle down,” he said.
