He made us do it folks... He made us do it.. David (from bubblemeter and davidlereahwatch) and I are going to stay on top of Yun (TCLY), who is now the NAR's trained poodle, picking up right where TCDL left off.
Someone had to do it...
This tidbit is what should prove to everyone that the NAR is completely discredited, they're run by monkeys, and Lawrence Yun has sold his soul to the devil for a tiny bag of gold.
Lawrence - it's not too late. Resign, stop your evil deeds, repent, come clean, and move away from the Dark Side. People are laughing at you!
“We continue to experience a temporary distortion in comparing median existing-home prices,” Yun said. “Because the sales volume has shifted from many high-cost areas to moderately priced markets, we’re not getting a true apples-to-apples comparison. When you look at other measures, such as this week’s price index from Freddie Mac which is based on repeat sales, overall home prices are rising slowly.”
“Buyers today need to have a traditional view that housing as a long-term investment is an added benefit to their shelter expense. If so, that investment generally will build a nice nest egg over time, especially if they use a traditional mortgage instrument that reduces debt,” Yun said.
7 comments:
Good idea Keith, David. Good luck with the blog. This will really get interesting fast, they will be spinning like a whirling dervish soon, because this crash is heading for a whole new level. You guys are like a couple of pit bulls.
"Crash2Deflation2Depression"
By 2010-2015=(vs.top)
50-70% off Homes
60-80% off condo+townhouse
80-95% off land,lots,acres
30-70% off commercial(all)
Experience=3ups & 3downs
Deals since 17(thanks dad)
1160% Avg.Gross profits10+yrs
2 year Avg. hold last 10+ yrs
196 Repo deals last 10 years
66 countries Researched & Visited
Read 100+ business books/year &
20k+pages/yr=law+economics+finance
BBA Finance & Real Estate, Hawaii
Ccim Cria Cam Ems Gri xParalegal-Ca
xTaxLic-Ca xRealtor-CaHi xInsAgt-CaHi
xNASD-CaHi www.johnjasonchun.com
I wonder if Yun has a book in the works yet?
Great job. Look forward to reading future posts.
Just added to my favorite's list! Thanks and keep up the good work. I look forward to comparing his ever changing ramblings.
Keep up the good fight, you know the one...for truth and clarity. Thanks.
Lindy
Please don't continue to fuel the fallacy. In my area, mediocre housing costs $8000 a month for something which barely rents for $2400 a month. To state that prices will go up to $10,000 a month or that rent will normalize to $4000 a month is ludicrous.
People acted irresponsibly and have to pay the piper for it. Residential Real Estate was no longer viewed as an "investment" (which it shouldn't be, it should be a place to live), but as a way to get rich quick (i.e. speculation). The only correct thing to happen at this point is to allow it correct back to being "a place to live", otherwise there will be no future for the American Dream.
Mr. Yun is paid to mislead and provide false hopes to naive Americans to keep buying homes so that all those fat and lazy realtors could be gainfully employed. Truth is, the housing market is so over, and the real collapse will imminently happen in December 2007, with no recover in sight for a decade or so. Housing prices will have to come down 50% to 75% to realistic levels. Americans don't make that kind of money to live in a $600,000 home!
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