For as hard as the typical Realtor works to make a living, that goodwill is quickly undone when looking at the forecasts that come out of Lawrence Yun’s office at NAR. Disbelief has been a recurring theme in the blogosphere since LY took over the reigns from DL.

Nearly once a week, I am hammered with some sort of press release spin that is, for lack of a better word, gross.

Now that the subprime market has dried up, and loans insured by the Federal Housing Administration and those purchased by Fannie Mae and Freddie Mac are making a comeback, the housing markets will strengthen and prices are likely to begin a steady uptick in the coming months, Yun said.

Based on what?

“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.”

Those aren’t the facts, plain and simple. It’s so simplistic a statement, it’s sad, actually. The problem remains with credit and the large drop in purchasing power that created artificially high demand. Bloated inventory levels are still a significant factor.

One could reasonably argue that Yun is committing consumer fraud by trying to entice people to buy into a market that is poised to fall further. I suppose he thinks his ridiculous predictions will restore confidence in the real estate market. If in fact his role is to spread optimism, the NAR should be legally required to post an appropriate disclaimer stating their real purpose.

Please watch this video – is it just me or is this just plain gross? What is the NAR thinking? They desperately need to reconsider this approach to public relations. The consumer needs to be given credit for having intelligence.

It’s embarrassing. Really.

You Can’t Make This Up


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8 Responses to “[NAR Forecast] You Can’t Make This Up”

  1. The last guy with cash but no house says:

    I think you misunderstand the motives of the NAR. They are already trying to suppress the next upswing in house prices and accompanying damage to the economy.

    Thanks to all of these statements, when the housing market does finally turn around, nobody will believe it.

    That will help to keep the price of housing, a basic necessity, affordable.

    So, really, we should thank Yun for his consideration.

  2. Rich In NNJ says:

    I watched the video as requested but could only stomach about 1/3 of this “infomercial”.

    “Everyone wants to know what’s happening…” So let’s interview ourselves so we can hear what WE want to hear.

    How does Yun measure pent up demand? Excuse me, SIZEABLE pent up demand.

    Maybe if they had given Charles McMillen some acting lessons I could have hung in there longer. I was waiting for him to offer a free set of steak knives.

  3. Jonathan J. Miller says:

    Ok, I admit it, I could only watch the first third as well. Infomercial is perhaps a more accurate depiction. Why o why does this sort of thing keep happening?

  4. UrbanDigs says:

    This guy lost every ounce of credibility that was left when Lehreah resigned.

    He’s a complete fool and consistently publishes positive spin on future of housing. Its just a shame that the problems with reputation that brokers have to deal with, are exaggerated even further due to idiots like Yun and the morons at the NAR who cant understand the concept that…

    honesty + integrity is better for business.

  5. clark says:

    NO! ‘It is not just me’, it is just ‘I’………..as in ‘I am an appraiser’ or maybe ‘I are an appraiser’.

    YES. It is indeed gross. This guy has less credibility than Eliot Spitzer.

  6. Jonathan J. Miller says:

    Clark – I are see what you mean. Me and I think along the same lines.

  7. John K says:

    He says Boston prices will improve.

    I love what he says!

    You guys are all being too doom and gloom.

    Go Yun! Go Boston! Go USA!

  8. Jonathan J. Miller says:

    JK – you’re just happy over the BoSox’s perfect game. 😉