Ladies and Gentlemen, I give you the wise words of Lawrence Yun, newly appointed "Senior Economist" of the National Association of Realtors

Tar and feathers anyone?

I was going to go (kinda) nice on the little guy. No more. Lawrence Yun is a discredited hack, spewing baldfaced lies for an evil organization, and perhaps even more pathetic (is that possible) than the discredited hack that came before him, our friend The Corrupt David Lereah.

Lawrence Yun and the National Association of Realtors are today the laughingstock of America. But sadly, nobody is laughing.

Here's the latest from Yun. And keep up to date with his BS over at http://lawrenceyunwatch.blogspot.com

Consumers are hearing a lot in the media about the correction in housing, and they’re understandably concerned about whether now is a good time to get into the housing market.

To a great extent, we can thank steady media coverage of the real estate market “correction” for unfounded consumer concerns.

If there’s a correction in markets today, it’s in home sales volume and housing starts, not in home prices.

Even a relatively large price decline, such as the 12 percent drop we saw in Sarasota, Fla., cannot reasonably be called a correction when that market had a 150 percent price increase during the boom.

Why don't the monkeys who are paid to understand basic economics understand basic economics?

Why do housing "analysts" and the Fed continue to be "shocked" and "surprised" by the length, severity and breadth of the housing crash?

Are they truly that dumb?

I also love when I read in the MSM that "nobody" anticipated this decline. Uh, ever read HP or any of the other bubble blogs? Or read The Economist?

I understand when realtors, mortgage brokers, homedebtors and shoe shine guys don't understand this stuff. Especially considering the pathetic state of the American education system and dumbing down of the MSM. But come on, you're telling me The Federal Reserve doesn't get it? IF that's true, that's pretty scary.

Maybe we should send a copy of Manias, Panics and Crashes to all of 'em. You'd figure in economics class (assuming to become an "analyst" you have to go to college) they'd cover this stuff.

After the biggest bubble and financial mania in the history of humanity, you'd think they'd understand that it's a long, long way back down.

Fed sees housing correction dragging on

The correction in the US housing market will “probably persist longer than previously anticipated”, Federal Reserve policymakers judged at their last meeting, according to minutes released on Wednesday.

The minutes show that Fed officials meeting on May 9 were concerned by the decline in new home sales and the rise in the inventory of unsold homes relative to the rate of turnover.

Most of the members of the Federal Open Market Committee felt that weak residential investment would “continue to weigh heavily on economic activity through most of this year” – longer than expected.

The NAR and their local chapters are run by monkeys

Just watch the video.

This is how they (try to) teach ethics to their no-skill, no-ethics, no-morals, no-education, no-worth sea of ramen eaters.



Thanks to housingdoom for the link