Wednesday, August 29, 2007

So, do you think America has gotten the message that Lawrence Yun, like David Lereah before him, is an untrustworthy, discredited hack?

I think so. And how sad for Yun, that he lies for money.

Only question is - what took so damn long for the media to realize it had been had (again)? Had to wait until the meltdown was in full effect and we were knee deep in it?

Here's a REALLY harsh look at Yun and the NAR from housingpanic supporter Seth Jayson at Motley Fool:

Lace up the hip waders, Fools, because it's time once again for our monthly trip through the National Association of Realtors' home sales numbers.

You know, the PR in which trained economists -- in service to an organization that wants a 6% cut on every used home sale in the U.S. -- spin elaborate fantasies that fly in the face of logic, but always just happen to support that noble, 6% goal.

Here are the facts, according to the NAR press release. July home sales were down 9% from July 2006. Current NAR spinner-in-chief Lawrence Yun claims down is up -- or at least, not down -- calling this drop "Stable." Better yet, he provides a completely unsupported supposition, arguing, "Home sales probably would be rising in the absence of the mortgage liquidity issues of the past two months."

1 comment:

Anonymous said...

Now, that the credit market is in turmoil, the NAR is reduced to a childish voice among adults. Who cares what the NAR says on Monday and retracts on Friday, when risk premiums on the credit market increase and a recession becomes more likely. David Lereah had become discredited, true, but Lawrence Yun won't make it even that far, because real estate has lost its luster and nobody listens to Yun.