Thursday, July 24, 2008

Yun Keeps on Spinning!

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!

5 comments:

Anonymous said...

So what about this is spin? Sounds accurate to me.

DaveO said...

Let's not let Yun forget his prediction of a recovery in the 2nd half of 2008.

DaveO said...

So what about this is spin? Sounds accurate to me.

...How about "I think we are very near to the end of the housing downturn"?

Anonymous said...

I've been watching this moron Yun predict that the housing market would be a "soft landing", remember that? And recovery is just around the corner, and that now is a great time to buy. This guy is a complete joke, but what do you expect from a guy working for Realtors. Of course to him being employed by them, he must believe those stupid things and spew them out to the public. He is the biggest joke on earth.

Erik said...

The housing downturn is very deceiving because while overall the market has been down, certain neighborhoods have actually shown growth. Hopefully these are signs of recovery. I've been following this housing index which analyzes the trends at a neighborhood level. http://iasreo.com/ias360.html