NAR’s Yun Spews Same Ole Bulls***t

Larry Yun of the NAR spin-machine is back at it today saying that recession “isn’t in the cards - no matter how you look at it” and calling for home prices to recover across the country in the second half of this year.  How this guy is a high-level economist at the leading trade organization representing homebuyers and sellers is beyond me.  Good thing not too many people outside the Realtor pale take him seriously.  

From the NAR’s release of Yun’s economic and housing forecast (excuse me while I puke):

“There are many reasons for people to get into the housing market today, and very few reasons not to. With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions
are ripe for buyers,” he added. “Those are the facts, plain and simple.”

As for a recession, it’s not happening, Yun said. “A slowdown, yes, but the definition of a recession is two consecutive quarters of negative GDP growth. It’s not in the cards - no matter how you look at it.”

Larry, as for the plain-and-simple facts do you care to comment on the graph below?  How does this tidal wave of resets in a negative equity environment fit in to your ‘08 recovery?  How do tightened underwriting guidelines and the elimination of high-LTV purchase loans and limited documentation loan types fit in?  Now everyone buying needs 10-20% (I’m generalizing here) down and fully documented income and we’re supposed to see a “swift” recovery?  Come on!  

Someone in Congress should haul this guy in front of a Senate committee and make him testify to this BS under oath and then jail him for perjury, seriously.

Share This

This post was found on BlownMortgage
Follow the link to get to the orginal message.