Lawrence Yun is wrong once again, this time he is being a revisionist:
"Even though there was some risk, the ratings agencies fooled the market and the investors into thinking housing was rock solid," says Lawrence Yun, chief economist for the National Association of Realtors (NAR). "It was the speed and the scope of the losses that nobody expected."
Nobody expected? What about all Nouriel Roubini, Dean Baker and Robert Shiller and dozens of housing bubble bloggers?
Message to Yun: You have lost your credibility, it is time to resign. Become a whistle blower and tell us what really is going on in the housing market and especially at the NAR.