Sunday, June 17, 2007

After encouraging flippers to game the system for years (so realtors could make their comissions), NOW the NAR and Lawrence Yun say no to flipping

I guess the NAR will send a letter to A&E to take down all their Flip This House type shows, I guess they'll apologize for TCDL's books, I guess they'll instruct their 1.2 million ramen eaters to not take flippers as clients, or to flip houses themselves, and I guess they'll apologize for their cheerleading these past few years which SHOUTED to anyone who would listen than housing was a slam dunk investment that would soar in value.

Or I guess not.

Here's TCLY, coming clean and trying to sound like a wise old sage, when knowing what we know now, he just sounds the fool. Especially to the millions of families who are losing their homes because of the NAR's bubble.

“Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time,” Yun says.

Housing first and foremost is shelter. Second, it’s a long-term investment that slowly builds the greatest amount of wealth for most families. It’s good that we’re getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market.”

Oh, the wise sage then added:

“If it weren’t for a favorable economic backdrop, housing would probably have a hard landing,” Yun says. “As it is, we see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later.”


Anonymous said...

Even the dumb assed local real estate agents (I refuse to call them "professionals") are quoting Yun on idiots.

Anonymous said...

How do you spell wind-bag?

Answer: L. Yun

Anonymous said...

Oh Yeah, I agree with anon above re the re agents. They most definitely are not "professionals". For crying out loud, their primarily high school grads at best on average.