In college my weather and climatology professor told my class, 'Unless you have a crystal ball, good luck with predicting an accurate five-day forecast.' Mother Nature can be harshly unpredictable, and a weeklong forecast of sunshine can quickly turn into days of relentless rain. With that said, while there are certain indicators that can help economists and real estate experts gain a clearer perspective on housing market trends, predictions are just that, predictions. Still, it's always fun to see who's right on and way off with their surmises.

Last week, Inman News published their '2007 Real Estate Forecaster Report Card.' Below is a quick roundup of predictions from the National Association of REALTORS, Mortgage Bankers Association and the National Association of Home Builders.

National Association of REALTORS	2007 prediction	2007 (revised) projected	2008 prediction
Existing-home sales	$6.43 mil.	$5.67 mil.	$5.7 mil.
New-home sales	$975,000	$788,000	$693,000
Housing starts	$1.63 mil.	$1.36 mil.	$1.16 mil.
Median existing-home price	$227,500	$217,600	$218,300
Median new-home price	$241,400	$239,100	$236,600
Rate on 30-year fixed mortgage	6.6%	6.5%	6.4%
Unemployment rate	4.7%	4.6%	5.0%

Mortgage Bankers Association	2007 prediction	2007 (revised) projected	2008 prediction
Existing-home sales	$5.94 mil.	$5.68 mil.	$4.95 mil.
New-home sales	$972,000	$791,000	$677,000
Median existing-home price	$223,600	$215,400	$211,000
Median new-home price	$242,100	$239,800	$235,100
Rate on 30-year fixed mortgage	6.5%	6.3%	5.9%
Mortgage originations	$2.09 tril.	$2.32 tril.	$1.86 tril.
Housing starts	$1.63 mil.	$1.35 mil.	$1.06 mil.

National Association of Home Builders	2007 prediction	2007 (revised) projected	2008 prediction
New-home sales	$969,000	$793,000	$741,000
Rate on 30-year fixed mortgage	6.5%	6.33%	6.24%
Housing starts	$1.62 mil.	$1.35 mil.	$1.08 mil.

What are your 2008 real estate market predictions?