Open a newspaper or surf the Net. It’s not hard to see that coverage of the housing market isn’t so bright. But despite the dreary forecast, there are still would-be homebuyers starving for attention. My friends Holly and Kent are great examples. They’re getting married this spring and have spent the last six months attending open houses and price shopping. They told me they have already seen a good $10,000 to $15,000 price reduction on homes in trendy neighborhoods they visited just last year. For buyers, 2008 will be a great year for top-of-the-line affordable homes.

To help better prepare and educate home buyers, the National Association of REALTORS launched a new ad campaign to reach out to consumers. The ads use factoids about homeownership and the value of real estate as a long-term investment. New homeowners who are uncertain about their home buying plans can learn more about the options available to them and the long-term benefits of ownership on a new Web site, HousingMarketFacts.com. The site also identifies current public policy issues of importance to consumers in the real estate transaction. 

While, NAR’s stats have been criticized by economists and industry-insiders for being “overly optimistic and not objective with current trends,” the real estate trade group continues to have a strong influence on the housing market and is well engaged on legislative and regulatory issues.

“Nobody buys a home in the national real estate market,” said NAR President Dick Gaylord in a statement. “All real estate markets are local, and buyers and sellers who are thinking about making a move should consult with a realtor in their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon — real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.”

According to NAR’s most recent forecast, existing-home sales are likely to total 5.66 million in 2007, rising to 5.70 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent to a median of $217,600 for all of 2007, which is good news for buyers. Prices are expected to hold steady in 2008, and then rise 3.1 percent in 2009 to $224,400.

If you’re in the market looking for a new home, check out Homescape for local listings and community snapshots.

Are you looking to buy a new home this year? Do you feel overwhelmed or well prepared to move forward?