At least Larry Yun, Chief Economist for NAR, isn’t using the word “Temporary” in his monthly pronouncement that included the idea that subprime isn’t really that big of a deal.
“There’s too much focus on the national figures,” Yun said. “National figures can dampen consumer confidence.”
- NAR posts national housing stats on a series of metrics every month.
“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.“
- Subprime and the credit crunch that followed has become such a large issue today that the president announced a plan for economic relief and the Fed chairman hinted at sharp rate cuts, primarily because of housing weakness.
“Denver is one of the markets to watch,” Yun said. “Austin (Texas) already has seen a boom. Denver will be among the next markets to see a boom.”
- Since this was a speech he gave in Denver, I can’t help but think its a fill in the blank speech. “_______________________ is one of the markets to watch”
But seriously, this misinformation to consumers has got to stop. I can’t believe this
advice hard core spin is being sanctioned by the trade group. Again, missing a golden opportunity to connect with consumers.