NAR home sales forecast falls ... again

The National Association of Realtors has cut its home sales forecast. Am I the only one getting sick of that headline? Anyway, the NAR is now projecting existing home sales of 5.92 million units this year. 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, 6.11 million in July, and 6.04 million in August. The 2008 sales forecast was also reduced -- to 6.27 million from 6.38 million in last month's estimate.

By the way, Fed Chairman Ben Bernanke's speech in Germany about current account deficits, investment flows, and the like was a real snoozer. It didn't add or subtract anything to the current debate about what the Fed will do with short-term interest rates on the 18th.