"The chief economist for the National Association of Realtors had a strong message to potential home buyers who may be waiting to see if prices in the Rock River Valley will go into free fall before putting in an offer.“There is no chance of a large price decline in Rockford,” Lawrence Yun told a crowd of more than 400 at Cliffbreakers, 700 W. Riverside Blvd. “There is not a price bubble in Rockford.”But, can he be trusted?
In September 2005 Yun predicted "The chance of a housing price decline in the DC area is close to zero, in my view. I anticipate that prices in DC will outpace the national average price growth. DC prices will rise at close to a 7 to 10 % rate of appreciation. "
As we know prices have declined significantly in the DC area since Yun's wrong prediction. According to the S&P Case Shiller Index, since September 2005 DC area prices have fallen 8.4%.
Do not trust Lawrence Yun. The general public and media need to be aware of his spins, predictions that have proven very wrong, and his contradictory statements. Mr Yun is a paid spinner who has lost his credibility.