You would think Yun and the NAR have no understanding of the credit implosion happening all around them. You would think they still don't understand that the Great Housing Ponzi Scheme was just a fraud-propelled free-for-all that is now unwinding. You would think they don't know about the SIVs and CDOs and failing banks.
You would think.
Media coverage of housing trends faulted
Media coverage of housing trends often gives the impression that the market is worse off than it really is, according to the chief economist for the National Association of Realtors.
Lawrence Yun, in presentations Wednesday to Kansas City area real estate agents, said the media’s biggest mistake was too much reporting on nationwide real estate trends. National trends alone, he said, don’t apply to many parts of the country, and reporting of them usually lacks perspective.
A more accurate perspective, he suggested, was that this year’s down market was merely a blip in the long-term growth of housing prices in the area and elsewhere. He said anyone who has owned a home for more than a couple of years has seen good housing appreciation overall.