The National Association of Realtors came out with new estimates for 2007 and 2008 home sales. They are showing a very slight improvement to their previous estimate. This is a change for them as they have been revising downward with every estimate for nearly the past year.
Given that we are still seeing news such as UBS taking another $10 billion write down due to subprime losses, it’s certainly going against the grain by forecasting stable sales in 2008.
If you want to know whether or not you should trust the forecasting lately from the National Association of Realtors, read this entry over at Calculated Risk.