It’s enough to make you burst out singing "Blue Skies". From the National Association of Realtors’ chief economist:
Two things homebuyers shouldn’t have to worry about is a recession or long-term credit crunch.
That’s what Lawrence Yun, chief economist with the National Association of Realtors, told real estate practitioners who gathered at the Kennedy Boulevard headquarters of the Greater Tampa Association of Realtors Wednesday.
Yun, who admits that he has to balance empirical data with a role of advocacy for the housing market, said that while the beginning of 2008 has been weak so far, the second half of the year should see an uptick that could lead to home value growth of more than 20 percent in the next five years. "I think there is enough momentum to bring the buyers back into the market," Yun said.
Sales typically taper off the second half of the year, so Yun’s "uptick" is unlikely. And about that "empirical data":
NEW YORK (AP) — An industry group said Wednesday that pending U.S. home sales dropped to a new low in March, signaling the housing slump has yet to bottom out even as the spring sell season gets under way.
The National Association of Realtors’ seasonally adjusted index of pending sales for existing homes fell to 83.0 from a downwardly revised February reading of 83.8, the index’s previous low. The index stood at 103.9 in March 2007.
Wall Street economists polled by Thomson/IFR had predicted the index would slip to a reading of 83.8.
That "uptick" may take awhile to get here.
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Ok. Yun admits he has to balance empirical data with his role of advocacy for the housing market.
Where’s the balance? When will he actually start referring to the empirical data? Homeowners shouldn’t have to be worried about recession or a credit crunch???
This guy is a puppet.
Yun’s been watching too much Southpark.
Step 1: Put homes on market
Step 2: ??
Step 3: Profit!
I figured out this tactic as a kid. The answers to homework problems were in the back of the Math book, but we had to show our work. When I got stuck, I found I could just scribble and erase the same spot a few times, making the paper almost impossible to read.. but look, there’s stuff written there, and the answer is correct, so the problem must be solved!