Back in later 2007 "In predictions supplied to USA Today, Lawrence Yun predicted that there would not be a recession in 2008."
"Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009. (Sun Herald)" In other words, Yun is now saying a recession beginning in the 4th quarter of 2008 and continuing into 2009.
Once again, Yun's prediction has changed dramatically, due to reality not jiving with his prediction.
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8 comments:
He just cannot speak the truth, now can he? I wonder what his estimate for house price development is now? +50% in next 6 months?
He is a joker. Poor Yun still performs for $$. I wonder anyone still listens to him and gives him a credit from his housing prediction.
On NPR yesterday Yun was quoted as saying something along the lines of "due to difficulties and increasing standards for mortgages, the housing market is experiencing a sustained downturn." He went on to point out that until the government starts helping out potential homedebtors, the housing market will continue its slump.
Then this morning I listened to a conman from the National Association of Home Builders. The NAHB blamed the media for perpetuating the housing slowdown, the banking crisis, and stock market downturn.
Then the NAHB conman said housing is basically the cornerstone of the economy. That until you get housing going the economy will continue stalling. And that congress had better quickly pass a bill that will stop housing prices from going down and provide a credit for homedebtors.
You're a real piece of work Yun.
But, amazingly, the guy from the NAHB is even more sleazy and manipulative. I feel a mass scathing email to all NAHB executives coming on.
Sorry, Larry, WRONG AGAIN.
It's official, the recession started LAST YEAR.
http://tinyurl.com/6oaomh
U.S. Recession Started in 2007, Longest Since 1980s
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Dec. 1 (Bloomberg) -- The U.S. economy entered a recession a year ago this month, the panel that dates American business cycles said today, making this contraction already the longest since 1982.
...
I hope someone writes a blog requesting Lawrence Yun to RESIGN as chief economist for the NAR! He might be better off writing Hallmark (tm) Greetings because of his overtly positive outlook especially when it comes to real estate.
Ron
This guy reminds me of a Dark Lord of the Sith.
Lawrence yun is a joke! Period!
I think thst Yun needs to go back to school and take some basic economy courses. He has no idea what is going on. I truly believe that my 3 years old son has a better idea about the economy that Yun.
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