"Many people who thought they had a loan just did not come through at the last moment on the closing table," said Lawrence Yun of the National Association of Realtors.
Uh, Larry, those horrific cancellation numbers you're seeing are because home prices are crashing and people aren't believing your BS anymore.
The fact that people can't get toxic loans and jumbos anymore is actually the only thing saving them from making the worst financial mistake of their lives.
Nice try though Larry.
Ying yang yun.........
ReplyDeleteI heard people quoting him on the radio at least twice in the last couple of weeks, with Larry saying something to the effect of "house prices will continue to decline slightly through the rest of this year but will pick up in 2008".
ReplyDeleteIsn't that roughly what Lereah said a year ago (shiting the numbers back 1 year)? How convenient that Lereah isn't around anymore. All the NAR has to keep doing is firing their head person after that person makes egregious prediction errors. How convenient and tactful for the NAR!
as of 10/10/2007, Yun is quoted as saying....
ReplyDelete"The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains," Yun said.
yeahhhhh, rrrrrriiiiiiight, i want some of what he's having...