The NAR releasesd their monthly existing home sales figures for June. Bloomberg reports:
Resales dropped 2.6 percent to a lower than forecast 4.86 million annual rate from a 4.99 million pace the prior month, the National Association of Realtors said today in Washington. The median home price dropped 6.1 percent from June last year.
``There are signs of pent up demand,'' Yun said during the press conference. ``People are very hesitant to enter the market because of price declines.'' A stabilization in prices would bring first-time buyers into the market, allowing current owners to move up in the market, he said.
Yun added " "I think we are very near to the end of the housing downturn," Yun said (AP News).
Keep spinning Yun! According to Yun and the NAR it is always a good time to buy a housing unit. Also, the recovery is just around the next corner.
You, Yun, have lost your credibility and should resign in shame!