Now that we are a couple weeks into the new year, let's quickly reflect on 2014 and take comfort in knowing how (in)accurate many of the economic forecasts actually were. While most economists were correct in predicting the strength of our rental market, they were completely blindsided by the nation's falling interest rates, growing stock market, decreasing jobless rate, disappointing home sales, and plummeting oil prices. Oops.
In their defense, economic projections are difficult to make as they are based on complex algorithms, potentially bad or incomplete data, and most importantly, the economist's ability to master the delicate art of praying and finger-crossing. Keeping their imperfect methods of future-telling in mind, I present to you the housing forecast of 2015 in the next post, as told to me by various real estate experts.
All things real estate.