Friday, April 04, 2008

Yun: Nobody Expected Housing Bust

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.


Anonymous said...

Let's see: Houses almost triple in value (we're talking bubble areas) from 1998-2007, yet incomes only go up a fraction of that. No fundamental reason for prices to go up so high. Prices had to come down to their fundamental level (i.e. in line with incomes). End of story.

Larry, what the hell was so hard to understand?

Ben said...

Nobody except Robert Schiller, Peter Schiff, John Paulson, Goldman Sach's, oh and all the people who shorted the real estate backed securities. It wasn't that no one expected it. It's just that 99% of the idiots out there laughed at the guys who did predict it like they were certifiably insane. Turns out, they were the ones who were of sound mind.

Anonymous said...

I wanna 100k a year job with the NAR, I too will tell the public what ever the NAR tells me to tell them. Yun isn't a liar, he's a talking parrot.