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With the New Year it is interesting to look back to the forecast issued in January 2007 and compare it with the January 2008 outlook which came out late last month. In some cases the economists at Freddie Mac had a pretty clear vision of what 2007 would be like, in others they were caught up in events they probably never anticipated.

Here is a comparison of the forecast for 2007 with what really happened and a look at what Freddie's brain trust expects for the next two years.

Freddie Mac's monthly Economic Outlook for June was released last week. In what has become a mantra, the corporations Office of the Chief Economist, quoting Federal Reserve Chairman Bernanke's recent remarks, is predicting an "orderly and moderate cooling of the housing sector."

In the face of a lot of less optimistic predictions that are being bandied about, a few of which we have talked about here, it is hard to decide ihf Freddie Mac's insistence on a "soft landing" is a reassuring note or whistling in the wind.

Anyway, the current report states that ...