New household formation plummets and home prices crash.
Ya gotta wonder if Lawrence Yun ever actually took an economics class. I have my doubts...
The number of people who are moving in with friends or family, or sharing apartments or houses to save money, has caught economists at the Realtors association off-guard. The growth in "new households" — first-time buyers or first-time renters — has plunged 70% from last year's rate.
"This is very unusual," says Lawrence Yun, the NAR's senior economist. "Even during a recession, household formations do not slow to this current level."