Tuesday, July 03, 2007

LA Times real estate writer destroys Lawrence Yun and the NAR

Nice to see the MSM sounding more and more like housingpanic and bubblemeter... and lawrenceyunwatch!

Realtors Blame Media for Housing Slump

Oh, now we understand. This entire slowdown in home-buying, the collapse of the subprime lending industry, the surge in bankruptcies, it's our fault -- bloggers and journalists made this happen.

This, at least, is the thrust of an essay by Lawrence Yun, the senior economist for the National Assn. of Realtors
. Read the whole thing here. Highlights:

"To a great extent, we can thank steady media coverage of the real estate market “correction” for unfounded consumer concerns.... But there’s no real correction where consumers are concerned. Yes, home price appreciation has slowed considerably, and nationally we’re expecting a price drop of 1% for 2007. But that drop comes at the tail end of a five-year spurt that increased home prices by 53%. We may have taken one small step back, but that’s after taking 53 steps forward."

More: "When today’s consumers look at real estate markets, they need to use the same analytical approach as investors in the stock market. Those buyers aren’t generally concerned about the volume of stock trades on a given day. Why should they be? They’re focused on price trends. And by that measure, now is a great time for consumers to be in the housing market: Prices have steadied, and inventories are healthy."

Yun replaced David Lereah, who was widely criticized -- ridiculed is more accurate -- on blogs for being a cheerleader for the housing bubble. This essay will earn Yun similar attention -- in fact, there's already at least one blog dedicated to yun-watching, www.lawrenceyunwatch.blogspot.com.


Perfect Storm said...

To a great extent, we can thank steady media coverage of the real estate market “correction” for unfounded consumer concerns....

Ok this guy is a NAZI, he blames freedom of the press and freedom of speech for his realtorwhore's problems. Yun if you don't like it get the hell out of the country you paid schill, lying piece of dog crap.

Anonymous said...


You will be ridiculed. Your days at the NAR are numbered less then 500.

Anonymous said...

No Yun I will not buy a house.

When you get the story right for once which is probably "Never" meaning house prices need to drop to affordable levels and this is a big drop 50% in bubble marklets then maybe buyers will emerge. SMART BUYERS demand lower prices you paid shill.

Anonymous said...

Public backlash against realtors and the REIC will pick up steam as we move into 2008.
I will not use a realtor in a re transaction.

It is NOT a good time to buy. It is a terrible time to buy since prices have a long way to drop to get them back to normal fundamentals.

Anonymous said...

Yo Yun you dopey fast talker.

Listen what a real expert says.
“Paul Kasriel, chief economist with Northern Trust in Chicago, questioned the Realtors’ assessment that this is a good time to enter the market, saying weak sales and prices suggest that potential buyers are smart to be sitting on the sidelines right now.”

“‘No one is buying into their Kool-Aid; that’s why prices are falling,’ he said. ‘It could be that they’re going to fall a lot more. The Realtors tend to be overly optimistic. Eventually they’ll be right about prices turning around. I don’t know when prices are going to stabilize but I suspect they’ll fall more than they think this year. It may be a much better time to buy six months or a year from now.’”

shtove said...

Latest news from the Oracle at Delphi (aka Mister Yun):

The pain is in para three - 2007 existing home sales predicted at 6.11 million.

According to Mike Larson of TV fame, this is the fourth downward revision for the year from the NAR: