I thought I’d never see the day when the NAR economist wrote something like this – Based on the latest available information, my outlook is for new single-family home construction to decline for another year-and-a-half through the second quarter of 2009.  …However, lower home construction activity is just what is needed to help stabilize the housing market….  A high number of vacant new homes will pressure home prices on existing homes to fall and that could result in a sizable loss in housing equity for a vast portion of 75 million homeowners in the U.S. Consumer spending can spiral downward fast from loss in equity and push the economy into a deep recession….  It’s not a pretty forecast, it’s not overtly sunshine-y, but it appears to be an honest assessment, and that’s just what we all need.One question – how many consumers are even aware of the NAR’s history of ahem – BS – analyses?

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