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Realtors' Lawrence Yun walks on the yunny side of the street

Posted by: Peter Coy on January 24, 2008

Credit where credit is due: Nobody has a sunnier disposition when it comes to the U.S. housing market than Lawrence Yun, chief economist of the National Association of Realtors.

Lawrence Yun.jpgToday, Yun had the unenviable job of breaking the news that prices of existing homes fell 6% last year (by the Realtors’ calculations), which was the first full year decline since the organization began recordkeeping in 1968. It may have been the first full-year decline in nominal prices (that is, before adjusting for inflation) since the Great Depression of the 1930s. Home sales fell 22% in December from a year earlier.

But the always sunny Dr. Yun, like his determinedly buoyant predecessor David Lereah, found a favorable light to shed on the awful news. Note, he said, that total home sales in 2007 were still the fifth-highest on record. Affordability has improved with prices lower. And, he said, “we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the fed funds rate.”

For more on Lawrence Yun, check out this snarky website.

Now, cue Louis Armstrong …

Grab your coat and get your hat
Leave your worries on the doorstep
Life can be so sweet
On the sunny side of the street

Cant you hear the pitter-pat
And that happy tune is your step
Life can be complete
On the sunny side of the street

I used to walk in the shade with my blues on parade
But Im not afraid…this rover? s crossed over

If I never had a cent
Id be rich as rockefeller
Gold dust at my feet
On the sunny side of the street

(instrumental break)

I used to walk in the shade with them blues on parade
Now Im not afraid… this rover has crossed over

Now if I never made one cent
I? ll still be rich as rockefeller
There will be goldust at my feet
On the sunny
On the sunny, sunny side of the street

Reader Comments

Jim D

January 24, 2008 4:54 PM

Oh good - Congress is working hard to help keep homes unaffordable for the average American. Yay Congress.

And doing it by getting the GSE's to offer their patented "implicit gov't guarentee" to increasingly hosed borrowers, thus making their shaky position already more precarious. And when (not if) they fail, it'll be so big, we won't even be able to bail them out - it'll make the Iraq war costs look like buying gum at the corner store.

I'm so mad about this I can barely contain myself.

As for Yun, he really should just put on a red rubber nose already. He's managed to destroy his feeble credibility even faster than his predecessor.

As you can see, I'm annoyed today.

Dave G

January 24, 2008 5:58 PM

Love the blog! Great info! I've been following the bubble closely, as I use to be an appraiser and was inspired to write a song:

Russ DoGG

March 28, 2008 9:05 AM

Lawrence Yun is a pathetic shill just like David Lereah was.

Remember the books that David Lereah wrote? They were all perfectly timed so that if you followed teh investment advice you lost maximum money.

First there was a book recommending tech stocks- just before they melted down / tanked.

Then he recommended RE just as that started to decline precipitously "All real estate is local" may have been the title.

Seriously- watch out for this buffoon and his advice. His timing is terrible. Following his advice will cost you BIG money!

Yun has consistenyly called bottom as the real estate prices kept sinking. Eventually stop listening to someone who has been so consistently wrong.

The Lawrence yun watch website has great true criticisms of this fool Lawrence Yun.

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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