"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.
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Ranks right up there with.
ReplyDelete"These are not the droids you're looking for" and
"I'm not a crook"
I predict that housing prices are going to go down until they stabilize, at which point they might go up. Or down. Or stay where they are. We'll see if MY prediction is more accurate.
I just posted yesterday about Bad Real Estate Data and last Saturday about Agents Are Not Your Friends on LetItSink.blogspot.com .
ReplyDeleteNow I am pissed about this Bank Bailout BS. I would like to invite you and your readers into battle. I just posted my declaration of war on these weasels. What we need is some pissed off people with energy and ideas. I want to make sure the greedy politicians in office understand that we are against donating our money to bank investors and managers.