Lawence "spinner in chief' Yun is at it again. He is busy spinning large declines in the National Association of Realtors' index of July pending sales of existing homes.
The National Association of Realtors said its seasonally adjusted index of pending home sales for July fell 16.1 percent from a year ago and 12.2 percent from the prior month.
Lawrence Yun, the Realtors trade group's senior economist, called the problems "temporary," and related to jumbo home loans above $417,000 ..(AP Business 9/5/07)"
The depression was also temporary. The housing market in many parts of the US is undergoing large price declines, falling construction starts and lousy sales. The housing market is not ready to 'bottom out' or 'stabilize.' There will be many more years of this housing bust. Mr. "Spinner in chief' Yun is a paid shill who cannot be trusted.
David Lereah has admitted he was wrong. Can't You?