Chief Economist of the California Association of Realtors is Wrong

Leslie Appleton-Young, who is the California Association of Realtors Chief Economist, delivered her forecast for the 2006 housing market at the Trump National Golf Course in Rancho Palos Verdes. As reported by the Press-Telegram:

The forecast confirmed what she and other housing prognosticators have been saying for the past year: The market is on course for a soft-landing, with slowing housing appreciation and falling home sales, and that there is not a housing bubble waiting to burst.

"There is a bubble a bubble in the number of articles about the housing bubble," Appleton-Young said of the "hype."

She added, "The median price of a U.S. home has never declined."

Hold on. The National Association of Realtors has this too say:

Home price declines are very rare to begin with. In fact, the national median home price has not declined since the Great Depression.

The two bold statements are in direct contradiction. Who is right? The National Association of Realtors is indeed correct that the "national median home price has not declined since the Great Depression." Leslie Appleton-Young, who is the California Association of Realtors Chief Economist is wrong. She is either lying or does not know her facts. The housing cheerleading clowns who are running the California Association of Realtors are pathetic.