NAR Economist Says Housing Forecast Good

The Chief Economist for the National Association of Realtors, Lawrence Yun, spoke to local Realtors Wednesday at the Radisson Hotel and Conference Center in Longmont.

According to the BCBR story, He said while 2007 was “a year of challenge” in the housing market, 2008 would be “a year of opportunity.”

As the NAR economist, Yun said he’s especially optimistic about Colorado’s housing market as compared to the rest of the nation. (see it’s not just me…)

Yun went on to blame the media for getting buyers worried about the negative outlook on the housing market in general according to the BCBR’s enews story.

He confirms what I’ve been telling you. The ‘boom’ cities around the nation saw a big run-up in prices and that’s part of why they’ve seen a drop; about 2% on average around the nation. While some specific areas are seeing or have seen larger drops, the average appears to be only about 2%. In the Denver metro area it’s even less as Denver Metro prices haven’t really seen the big run-up in prices recently.

We saw some of our adjustments a few years ago and a settling, or stabilization, of prices long before the rest of the nation.

The article goes on to say:

With most new subprime loans halted, Yun said the worst of the housing downturn is over. He said the correction was a good thing for the market – getting rid of excessive growth.

He predicted that the economy might show slower growth in 2008, but there would not be a recession.

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