Existing-home sales expected to drop 4 percent this year

The National Association of Realtors has moved a previous forecast of a 3 percent drop downward.

In a new economic forecast, the National Association of Realtors on Wednesday predicted that sales of existing homes will fall by 4.18 percent this year, lowering a previous forecast which had called for a 2.9 percent decline this year.

Frankly, I don’t think they dropped it enough. I will guess 5 percent or more.