Comments on: February National Existing Home Sales: Sales Off- So Is Yun's Grip On Reality

By: Linenoise

Linenoise — Tue, 25 Mar 2008 16:43:19 +0000

I love the median price. Late 2007 when the crash started, the median went up because low-end housing wasn’t selling. The NAR, of course, spun it as housing still increasing in value despite lower sales.

Now that the crash is so large the median is dropping, he spins it as if it’s just the high-end market that is affected.

By: Tobby

Tobby — Tue, 25 Mar 2008 16:00:50 +0000

Something overlooked by Yun except a few “adults” in the real estate game is that normal yearly sales will not likely exceed 5.5 million (see pre-bubble averages). So, even a ten percent increase in sales is not going to feed the 40% of REALTORS that have lost their jobs or are under-employed. Another “boom” is unlikely.

By: metroplexual

metroplexual — Tue, 25 Mar 2008 13:48:24 +0000

We need to consult with Quinn Mallory on how to get Yun back to his dinmension.

http://en.wikipedia.org/wiki/Sliders

By: twist

twist — Tue, 25 Mar 2008 12:44:58 +0000

OutOfVegas-

I guess all you can do is tiptoe quietly around those on Wall Street who are euphoric that the market has “bottomed” and try not to disturb them. They will be jolted from their happy place soon enough, I suppose they should enjoy the moment while they’ve got it- the Reality Fairy is not going to be kind.

By: twist

twist — Tue, 25 Mar 2008 12:38:16 +0000

Metro-

You would think that the MSM would realize that Yun’s predictions are no more authoritative than Madam Zelda’s- Fortunes Told, Tarot Cards Read. Who knows, Madam Zelda might even be more objective- she doesn’t have a horse in the race.

By all means, they should post the data. Flawed as it is, it is the best information available on the resale market. I wish they wouldn’t take their headlines and analysis from Yun though.

Maybe you are right and Yun is accurately reporting trends from a parallel universe. How do we send him there for good?

By: OutOfVegas

OutOfVegas — Tue, 25 Mar 2008 12:34:14 +0000

Excellent post demonstrating the reality of the situation.

But stocks are up, futures are up (as of now), so we are all okay, right? I’m joking.

By: metroplexual

metroplexual — Tue, 25 Mar 2008 12:28:37 +0000

Yeah NAR live in a parallel universe, kinda reminds me of Sliders.

By: The Judge

The Judge — Tue, 25 Mar 2008 09:35:48 +0000

Another facet that all of these statistics overlook — this year February had 29 days, not the usual 28. Statistically, it had 3.4 percent more days than a usual February.

Ta-da! There’s most (or all) of your increase, aside from the usual uptick in February and March.

I guess Yun forgot to mention that. Being a busy economist, it must’ve slipped his mind.