Every time I think Yun can’t get any more off the wall, he manages to exceed my wildest expectations. Consider these remarks he presented at the National Association of Realtors® 2007 REALTORS® Conference & Expo:
“In some ways, the extended real estate boom from 2001 to 2005 created unrealistic expectations that housing is a short-term high-yield investment,” said NAR Chief Economist Lawrence Yun. “2007 will be the fifth best year for housing on record. Places like Houston, the Kansas City area, Indianapolis, and the vast middle section of the United States offer affordable prices and continued job growth. On either coast, Seattle and Raleigh, N.C., remain solid. And markets that experienced recent growth declines – like Boston, Denver, and Washington, D.C. – have already shown signs of recovery. In short, all real estate is local – conditions vary greatly from one city to the next.”
Yun explained that while the recent rise in foreclosures and delinquencies has dampened consumer confidence in real estate, these problems have been concentrated in the subprime market.
It doesn’t get any better as you read on. You can read the "highlights" at the NAR’s website, [I especially enjoyed his creative math with his "Why stocks give you a better ROI than real estate."] or just continue to wonder why the NAR continues to let Yun make any comments in public at all.