Looks like another sales forecast cut from NAR

Another month, another reduction in the National Association of Realtors' home sales forecast. NAR is now projecting existing home sales of 6.04 million units in 2007. The group's 2007 forecast peaked at 6.44 million units in February. It then dropped to 6.42 million in March, 6.34 million in April, 6.29 million in May, 6.18 million in June, and 6.11 million in July. The 2008 sales forecast was roughly unchanged -- 6.38 million in 2008 vs. a previous forecast of 6.37 million.