Special HP guest post from David, my partner in crime over at LawrenceYunWatch. And no, this is not an April Fool's joke. It's the real deal. And The USAToday is now the biggest joke in print media.
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The USA Today named Lawrence Yun, the chief economist at the National Association of Realtors as its fifth top economic forecaster.
The National Association of Realtors(R) Chief Economist Lawrence Yun has been named among the top 10 economic forecasters by USA Today. Yun is ranked fifth on the list and is responsible for NAR's real estate statistics and economic forecasting. The annual list recognizes accuracy in forecasting.
I'm honored to be recognized among some of the best economists in the country," said Yun. "The economy and housing industry are facing many challenging issues at this time, which makes this an interesting and stimulating position
USA Today certainly did not do its homework. Have they read the Lawrence Yun Watch?
In September 2005 Yun predicted "The chance of a housing price decline in the DC area is close to zero, in my view. I anticipate that prices in DC will outpace the national average price growth. DC prices will rise at close to a 7 to 10 % rate of appreciation. "
As we know prices have declined significantly in the DC area since Yun's wrong prediction. According to the S&P Case Shiller Index, since September 2005 DC area prices have fallen 8.4%.Do not trust Lawrence Yun.
Yun even recently admitted that "It is also fine for people to point the finger at me. In a fast changing market conditions, I too have been off on my forecast."
The general public and media need to be aware of his spins, predictions that have proven very wrong, and his contradictory statements. Mr Yun is a paid spinner who has lost his credibility. The USA Today should be ashamed of its shoddy work.