The Year Everyone Was Wrong (Again) About Home Prices

I always have to smile when asked “So what do you think will happen to real estate prices this year?” As a Realtor I have no magic crystal ball and neither do the economists. This article is great for showing how difficult it is to measure future real estate values. Even the very best get it wrong.

“The great thing about predictions is that, after some time has passed, it’s possible to see which ones were right, and which ones weren’t. For several years, economists and housing analysts have predicted a housing bottom, but few forecasts at the beginning of 2012 foresaw the magnitude of the rebound that the housing sector enjoyed last year. ”

For complete article:  http://blogs.wsj.com/developments/2013/01/22/the-year-everyone-was-wrong-again-about-home-prices/?mod=WSJBlog&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Fdevelopments%2Ffeed+%28WSJ.com%3A+Developments+Blog%29&goback=.gde_1415787_member_207827597