Mr. Yun Spouts More Nonsense in Denver

Lawrence Yun traveled to Denver and spouts more nonsense. The Denver Post reports that:

“The subprime-mortgage crisis already is a thing of the past and should not affect the housing market going forward, Yun said. ‘The subprime mess is a Wall Street mess,’ Yun said. ‘They made a huge gamble, and they lost. Subprime is a past event that’s unrelated to homebuying.’”

The subprime mortgage crises is NOT a thing of the past. It is still very much a part of the housing market as over 250 billions dollars of subprime mortgages reset in the next couple of years (see chart below). Yun is a subprime economist and has lost his credibility.

Yun Shilling Irrational Optimism

Yun is at it again, shilling irrational optimism to the media who seem only to happy to quote this discredited shill.

“‘The exact timing and the strength of a home sales recovery is a bit uncertain,’ Lawrence Yun, the group’s chief economist, said in a statement. ‘A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.’” (AP News)

Really? You have lost your credibility. Don't listen to this paid spinner as he has been wrong many times before. He is paid to spin optimistic mesages on behalf of the real estate industial complex (REIC).