Lawrence Yun's housing predictions

During the rise of the housing bubble, the National Association of Realtors was a major cheerleader of forever rising housing prices. This blog made a big point of criticizing its chief economists, David Lereah and his successor Lawrence Yun, back then.

So, what are Lawrence Yun's housing predictions now?

Nationwide, homeowners can expect little, if any, increase in home values in 2011, the National Association of Realtors said in a forecast released Friday at the group’s annual conference in New Orleans.

And it will take another two years to clear the foreclosures and short sales on the market, said Lawrence Yun, the group’s chief economist, at a news conference.

Is this what their cheerleading has come to? Have the past four years made them that demoralized? Are they actually being honest now, or is this just the best cheerleading they can do while still sounding believable?

An observation: While the financial industry's reputation has been brutalized in the press, the reputation of the National Association of Realtors has escaped scot-free, despite the major role it played in misleading the American public during the bubble.

Via an old Lawrence Yun Watch blog post, here's a video to remind us of how deceitful the Realtors were back then: