November 28, 2007

So Lawrence Yun, the discredited "chief economist" of the NAR, reads HousingPANIC and LawrenceYunWatch. OK, we have a message for him...

This is gonna be a bit direct, so sorry HP'ers, but it is deserved, and it is our responsibility:


Shall I go on? Ok.

Lawrence Yun, you go to work every day and do evil. You help ruin lives. Your parents are likely ashamed of you. Your college professors wonder where they went wrong.

Just stop. Be a man. Quit the NAR tomorrow. Come clean. You'll make MILLIONS by doing the right thing, turning against the evildoers at the NAR, versus the thousands you're making today on their leash. You'll be the star of the 2008 Senate Hearings (instead of "I'll take the fifth"). You'll do your family proud. You'll regain your humanity. You'll do good.

Or not.

Seriously, Lawrence, life is too short to be a stooge, a pawn, a hack, a conman, a liar. Life is too short to be the paid shill of the most evil and disrespected organization in America today. Life is too short to spin lies for realtors. Life is too short to be Lawrence Yun. I truly want you to see the evil you're doing in your life, and step away from the dark side. Seriously, Lawrence. Join the forces of good. Send me a note. Quit your job. Be a man.

Meanwhile, HP'ers, here's the latest evil-doing from the man himself, care of Diana's blog at CNBC, followed by his lies to the media earlier today. God, I hope this person finds truth, reason and a sense of purpose. What hell it must be to be Lawrence Yun. Please join me in sending your personal messages to Lawrence Yun, and his masters at the NAR.

Lawrence Yun: "I'm glad we are living in a free society where we have the right for the bloggers to blog and have fun at it. So it's great that people can blog.

In terms of the forecast, we have revised down our forecast based upon all the fresh information that arrives in the latest month and as a result we think it's responsible to modify the forecast incorporating new information.

We have revised down our forecast by, I believe, by 8 straight months according to some bloggers. I have never kept track of it. I just try to make the most accurate forecasts, but because of this information I have been tracking the blue chip forecast on the housing starts, they don't have a forecast for the home sales, but on the blue chip which is comprised of Goldman Sachs and Merrill Lynch and many others, and they have revised down their housing forecasts for 20 straight months.

The fact that NAR is getting a lot of publicity, that's all good for us that people are paying attention to what we are saying, but just factual information, I think everyone from Merrill Lynch, Goldman Sachs they are revising down their housing market forecast."

And here's the infuriating lies and disinformation Lawrence Yun was forced to put out by the NAR earlier today:

As bleak as the data are, the fundamentals of the market don't support a further decline in sales, according to NAR chief economist Lawrence Yun, who said low mortgage rates and job growth should keep sales from falling. While the subprime mortgage market has disappeared, the Federal Housing Administration is picking up its lending.

"I don't anticipate any further major sales declines," Yun said. However, the NAR didn't anticipate the sales declines of the past two years, and it's been predicting a bottom nearly every month since early 2006.

If sales do continue to fall because of negative market psychology aided by "sensationalized" news reporting, "it would be a major concern" and "would raise the risk of an economic recession," Yun said.


LaTechDude said...

"I don't anticipate any further major sales declines"

sales volume's are difficult to forcast. prices will obviously trend down for years, but steep job loses could boost sales as more owners are forced to sell or mark down to what the market will bear as well as more lenders being forced to get rid of properties at huge discounts to maintain cashflow.

to me it appears that these low sales volume are due to sellers not needing to sell, and the disconnect between asking prices and the true market price.

Cow_tipping said...

See I told ya, That Liareah was such a pessimist. Good The NAR hired This New guy, he's such an optimist. Asian are reaaly smart. Confucius say, Market hit bottom and white man buy house.
See how good it is.

Anonymous said...

Every month he's wrong so he's either corrupt or incompetent either way he's unemployable in the future

Anonymous said...

From a realtor blog:

Lawrence Yun gets the Nod
November 8, 2007 by Stefan Swanepoel

The Chief Economist position in NAR has gone to Lawrence Yun. He has been with NAR since 2000, most recently as vice president and senior economist.

Yun has worked for the US Department of Veterans Affairs and the US Department of Education. While a research associate at the University of Maryland, Yun developed the graduate economics curriculum for and taught free market economics in the former Soviet Union. He also taught economics at the graduate level at the University of Maryland, where he received his Ph.D. in economics in 1995. He received a B.S. degree in mechanical engineering from Purdue University in 1987.

Congrats Yun. We look forward to your predictions!

deDesertknight said...

We are ALREADY in a full blown recession!

Anonymous said...

Quit Lawrence!

Anonymous said...

If sales do continue to fall because of negative market psychology aided by "sensationalized" news reporting, "it would be a major concern" and "would raise the risk of an economic recession," Yun said.


You're going to be dragged before Congress to explain your role in single-handedly causing housing prices to decline. LOL

BTW, the word is "eCONomist"

Anonymous said...

Why isn't the media tearing him to shreds?

Anonymous said...

The fundamental of 10.8 months of housing inventory is not a good thing Mr. Yun!

The fundamental of tighter lending standards is not a good thing Mr. Yun!

Mr. Yun you would be better off not saying anything because you are misleading good folks into making the financial mistake of their life by not publishing accurate reliable and honest analysis of the housing market.

At least you should admit that the median income can not afford to live in the median priced home in most cities and therefore home prices have to fall so people can afford to buy.

Why don't you care about your customer the home buyer? You seem only concerned with pumping sales to earn your commissions.

Anonymous said...

When we take into account the knowledge which we have available to us today, the following rule applies: whenever a powerful combination of national governments can arrive at a suitable agreement to change a failed financial-monetary system, a solution for any modern financial crisis can be found.

Anonymous said...

REALTORS and the NAR hate their customers good point!

Anonymous said...

Careful Greg Swann could be the new Chief Economist after Yun

Princess Mononoke said...

Thank you Keith for expressing my anger, concern and disbelief!

Lawrence Yun and the NAR owe it to the people (clients), who they are supposed to represent, to be honest and show some integrity!

They don't even have an OUNCE of integrity! And this is the example they put forth to their disciples!

Yun's education and experience are unquestionable. He has to know objectively and subjectively that he's misleading the public. His master requires him to manipulate the numbers!

Anonymous said...

Standing up against the NAR is like standing against the Nazis and Hitler

Anonymous said...

He must be hard up for money or behind on his mortgage and can't quit

I feel sorry for him

Anonymous said...

The crooks are getting creative, seeking new ways to get bailouts, by buying city commissioners:

Miami's former building boom -- nowadays beset by sluggish condo sales, panicked investors and worries that market conditions may get worse before they get better -- has become Miami's building bargain, one city commissioner says.

And Commissioner Marc Sarnoff says the best thing for government to do is just what any savvy shopper would: buy, buy, buy.

The commissioner says if prices dip as low as $175 per square foot, government should purchase condo units and partially subsidize them for teachers, police officers and the like.

Under Sarnoff's plan, condo buyers who qualify for government incentives -- likely workers earning between roughly $28,000 and $65,000 -- could receive down payment assistance or help with paying their condo maintenance fees.

''If the marketplace presents an opportunity -- the city, the county, the state should react to that opportunity,'' Sarnoff said.

Man, this country has become a den of thieves and con artists.

Anonymous said...

Life is too short to be the paid shill of the most evil and disrespected organization in America today

I think you might be slightly exaggerating with this statement. I can think of many other organizations in America that are more evil and disrespected:

The Council on Foreign Relations
Central Intelligence Agency
The Department of Homeland Security
The Department of Defense
Fox News
The Bush Administration

The list goes on and on....

Anonymous said...

I have some cheap chinese made rope that would look good around his idiotic neck.

Paul E. Math said...

Funny how he doesn't know how many months in a row that he's been wrong but he knows exactly how many months Goldman Sachs has been wrong. He never checks his own accuracy but he sure does check the accuracy of others. Says a lot about a man. Says he's a complete sh!it-head.

hulk hogan down and out said...

Biggest bullshitter yet.I heard chip n dales is hireing for their new tour, hung low.

What is the forecast for this week anyway?They call a bottom every week it seems.They are all full of shit.

Anonymous said...

The proper term for Keith is "domestic terrorist".

Undermining faith in the dollar and the economy.

Support America, dammit! If you're not with us, you're against us.

Anonymous said...

Keith, Your rant should be directed at economists in general. But isn't that really an indictment of our whole monetary system? And if the monetary system is to blame then isn't that a criticism of the entire American way of life? Well, I for one am not going to sit here and listen to you badmouth the United States of America. Gentlemen!

Anonymous said...

Hey, cow_tipping, we miss you over at HBB where you used to post.
-- az_lender

TheManfromhollywood said...

I have never kept track of it. I just try to make the most accurate forecasts,

Do you use tarot cards or sheep livers? History is still the best predictor of the future, that's why we keep track of it. I liked that story called "The man from Rio", I suggest that each month if the Nar forecast is off by one digit Mr. Yun should lose a finger.

Anonymous said...



Fielding Mellish said...

Obviously the NAR always wants to put the best spin on the market. This guy Yun probably actually believes that a strong job market and low rates will cause people to buy homes. That's because he's not on the phone everyday talking to homeowners who owe 20% more than their house is worth. We loan geeks can see the coming waves of foreclosures. They're as certain as waiting for a fast train to hit a car that's stuck on the tracks. The train cannot be stopped. What Yun doesn't fully grasp is that as long as prices are dropping (and they have a lot more to go), people who COULD buy will hold off as long as they can. And in most cases, that's pretty damn long. said...

He and the rest of the NAR shills should be charged and arrested for racketeering, because when you get down to the nuts & bolts of it, that's all the NAR is - a racketeering organization.

Anonymous said...

"I don't anticipate any further major sales declines"

Technically correct I suppose, since yet another "major" sales decline would require negative numbers.

Lost Cause said...

How is your new boss Gaylord?

Anonymous said...

Yet another example of Blame The Messenger™.
Soon enough he'll tell us it was a conspiracy against realtors.

Paul E. Math said...

Anon 11:16, regarding Miami commissioner's plan to buy up condos - fahqing outrageous!

Every corrupt swivel servant has great ideas for what to do with somebody else's money, huh?

If the city government just stays out of it then prices will drop and teachers, firemen and police officers will once again be able to afford decent homes all by themselves. But no, this pr!ck wants to make them into charity cases so he can be worshipped as a humanitarian and altruist. Meanwhile it's not his money he's spending and he's probably taking kick-backs from condo developers. And he probably owns property himself.

Anonymous said... said...
He and the rest of the NAR shills should be charged and arrested for racketeering, because when you get down to the nuts & bolts of it, that's all the NAR is - a racketeering organization.

November 29, 2007 6:31 AM

Who is gonna charge them? According to you our constitution forbids any involvement with the free markets.

So again I ask, who is responsible for "all of the people"? Who is responsible for the "general welfare" of the population?

Is it Ayn Rands magic markets,or is it Milton Friedman's version of the same kind of nonsense?

Should we all get a quija board and ask that money be dropped from the sky?

C'mon Frank, youre an "expert", can you please tell us who is the ultimate authority assigned to run this show?

Anonymous said...

If he was really Japanese, he'd have the respect to kill himself rather than disrespect his family's name.

AmazingRuss said...

Lawrence is filling the shoes of Bagdad Bob admirably.

Anonymous said...

Yun reminds me "of a farmer with terminal cancer borrowing money on next year's crop"...

Anonymous said...

Anonymous said...
If he was really Japanese, he'd have the respect to kill himself rather than disrespect his family's name.

November 29, 2007 2:10 PM

Japan has been experiencing 50,000 death by suicide the last 10 years. How many suicides are tied to the collapsing economy?

DaveO said...

Yun always mentions fundamentals such as a good job market and low interest rates. What about the more important fundamentals such as house prices and incomes, and the relationship between the two? He never mentions those!

cpio said...

Most Realtors HATE the NAR.
We have no choice. If we do not pay NAR $450 in dues every year, they kick us out of the MLS and close down our office.

NAR and racketeering seem to be in the same sentence. So don't think we, the real estate agents support the NAR.

I have never received any service from NAR.