Friday, April 04, 2008

Lawrence Yun: Nobody Expected Housing Bust

Lawrence Yun is wrong once again, this time he is being a revisionist:

"Even though there was some risk, the ratings agencies fooled the market and the investors into thinking housing was rock solid," says Lawrence Yun, chief economist for the National Association of Realtors (NAR). "It was the speed and the scope of the losses that nobody expected."

Nobody expected? What about all Nouriel Roubini, Dean Baker and Robert Shiller and dozens of housing bubble bloggers?

Message to Yun: You have lost your credibility, it is time to resign. Become a whistle blower and tell us what really is going on in the housing market and especially at the NAR.


  1. Well, he did say which "nobody expected". And your list sure is a bunch of "nobodies" ....


  2. Says the one troll intent on being that last person on earth to figure out what is going on.

  3. What happen? My friend is not an economist but he long told me the artificial housing price is not sustainable by the current salary. This is just common sense. Those stupid people called "Experts" are really should shut up and find a different job.

  4. David, don't forget to give credit to Bill Fleckenstein of MSN Money, who has been warning since about 2001-2003. Also, the editors of The Economist who first began warning somewhere around the 2002-2003 timeframe.

  5. Bubbleheads, we've got a "David Lereah Watch" blog and a "Lawrence Yun Watch" blog, but I think now someone is going to have to create a "Senator Dodd Watch" blog. As far as Congressmen go, Senator Christopher Dodd is the housing-bailout king.

  6. Mr Yung, it's time to go. Obviously, you aren't fit for the position. Anyway, that's my 2 cents.

  7. To think, the entire housing decline so far has been due to affordability. For the next two years its going to be driven by jobs. :(

    Got Popcorn?

  8. Didn't Yun resign APril 1,2008?

    It's 3 blogs below this one.

  9. Christopher Dodd is a shill for the banking industry.

    he could care less about home owners much the same way the rest of these bail out proposals are in reality a banking bail out not a home owner bail out.

    i'm so fuggin glad i didn't pull the trigger like lance did...i can already get a house for $130K less

  10. Lawrence Yun is a good example of why PhD's shouldn't necessarily be considered brightest bulbs in the pack. In Yun's case, I think "PhD" means "phony doctorate".