WHAT DO YOU THINK?

It's the first month of the new year and already we know what is going to happen in the real estate market in 2007. Or do we? I recently ran across this article. I would like to know what you think.

A round table was held recently with some of the top industry prognosticators and was covered in the Sun Sentinel . Three top experts gave their opinions on what will happen with the real estate market in 2007.

David Seiders, chief economist for the National Association of Home Builders: In 2004 and 2005, there was an “unsustainable housing boom,” with sales levels and price appreciation running above what he considered to be sustainable. As a result, 2006 brought an “impressive correction” that might threaten the nation’s economic expansion.

David Lereah, chief economist for the National Association of Realtors: Some economists are predicting that the housing market will get worse before it gets better, but Lereah thinks we’re pretty close to bottoming out. “That’s good news,” he said, because it means the contraction in the housing market will be shorter than it was in the previous two contractions we experienced the last 20 years.

David Berson, chief economist for Fannie Mae: The housing downturn is “close to an end; it will not continue throughout 2007.” Prices and sales will continue to decline slightly, but by mid-2007, sales will start to pick up and prices will stop declining. Real estate is highly regional. Even if prices decline in some parts of the country, growth in other areas will sustain the industry as a whole and the national economy

It sounds like they have it all wrapped up for us. Won't it be interesting to see what actually happens. I may have to come back to this article in December of this year to see if their predictions come to pass.