Spokesman "Economist" for NAR YUN Real Estate has bottomed and below fair value
Started by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
Discussion about
http://realestatetoday.blogs.heraldtribune.com/10292/nar-economist-upbeat-about-market/ Home prices have fallen below fundamental levels, and the ratio of mortgage payment vs. income is “very favorable for buyers,” said Yun. “By every measurement, it is a great time for buyers to enter the market.” Yun also stated that the ratio of home prices to income has also fallen “below the trend line,” that... [more]
http://realestatetoday.blogs.heraldtribune.com/10292/nar-economist-upbeat-about-market/
Home prices have fallen below fundamental levels, and the ratio of mortgage payment vs. income is “very favorable for buyers,” said Yun. “By every measurement, it is a great time for buyers to enter the market.”
Yun also stated that the ratio of home prices to income has also fallen “below the trend line,” that is, below what would have been expected had we not had a real estate bubble four years ago. But with consumer pessimism continuing as potential buyers believe that prices will decline further, will that “lead to further price falls?” he asks.
Yun said real-estate appraisals have become an issue as the government has ruled that appraisers must be from outside the community. “Appraisers are driving farther and spending less time on the appraisal project,” he said. They are “making quick calculations. They don’t know the schools or the community. This process is bringing about unintended negative consequences.” Lower price valuations are prompting the buyers to want to renegotiate the agreed-upon price.
This is not just a problem for buyers. Homeowners are finding it difficult to refinance mortgages because the appraisals are so low.
Highlights of Yun’s speech:
– There are a greater number of all-cash purchases because prices are so low.
– Housing affordability is at an all-time high, because of low interest rates and low prices, but not necessarily at the high end of the market. Prices for expensive houses have dropped, but buyers are getting no help on financing. “Jumbo” mortgages (above, $435,000 in the Sarasota area) still have high interest rates.
– Pending sales are stronger than they normally would be at this time of year. The $8,000 tax credit is a strong factor in that.
– Buyers want to get back into the market, but it is taking much longer to get to closing.
– The market appears to have bottomed out in first quarter of 2008 and then bounced along the bottom and is now recovering.
[less]
Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
Paraphrasing Jonathan Miller:
Yun, NAR Chief Economist, is quite adept at cherry picking the data to show it in the best light (that’s his job).
Ignored comment.
Unhide
Response by ynotie29
almost 17 years ago
Posts: 83
Member since: May 2009
Where?...in South Florida maybe, but certainly no "all-time high of affordability" in Manhattan. (Yet?)
Ignored comment.
Unhide
Response by sidelinesitter
almost 17 years ago
Posts: 1596
Member since: Mar 2009
Title: "NAR economist upbeat about market"
Translation: Lawrence Yun opened his mouth
Alternate translation: Lawrence Yun need his paycheck; kids gotta eat
Ignored comment.
Unhide
Response by sidelinesitter
almost 17 years ago
Posts: 1596
Member since: Mar 2009
and while I'm at it, what makes this newsworthy in the first place? I mean, the sun came up this morning and no one wrote an article about that. NAR economist shilling for the industry is as predictable.
Ignored comment.
Unhide
Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007
today's sun is actually a much more interesting topic. trying desperately to get the teenager ready and out the door.
Ignored comment.
Unhide
Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
Remember, these are the morons who put out COMMERCIALS saying "now is a great time to buy" right before the nation dropped 15%.
This is the SAME MORON who called it backward before..
Good clip. Cramer has a better track record than NAR economists.
Ignored comment.
Unhide
Response by tobytoby
almost 17 years ago
Posts: 168
Member since: May 2009
Sunny Yunny, can't believe people pay attention to this idiot. Give me a break.
Ignored comment.
Unhide
Response by steveF
almost 17 years ago
Posts: 2319
Member since: Mar 2008
Ya know, just as Johnathan Miller promotes his appraisal business. Yun of course promotes his. I get a little annoyed when J Miller is always on the ready to bad mouth whoever is the leading economist of the NAR. Sure Yun has an agenda but so does Miller. I could say why have an appraisal business to begin with? I could say that these guys just get in the way of true market value. I could say that the appraisal business is is just another racket to get your money. When people become buyers they become geniuses. They know, to the dime, whether or not they are getting current market value. They don't need some "expert" to tell them what they know already. So take it easy J. Miller b/c we all have an agenda, just like you.
Ignored comment.
Unhide
Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
Seems to be there are elements out there attempting to jaw-bone the apraisers to making richer valuations. These parties have nothing at stake in the lender being made whole in the event of a default. Let's be clear, the builders objective is to sell houses, the brokers objective is to generate a commission check. When I see ads that paint the neighborhood broker as a friend, Albert Schweitzer or advocate of the poor, I want to puke.
Ignored comment.
Unhide
Response by columbiacounty
almost 17 years ago
Posts: 12708
Member since: Jan 2009
exactly the way i feel when i see your endless run on postings.
Ignored comment.
Unhide
Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
> So take it easy J. Miller b/c we all have an agenda, just like you.
Difference being Yun and SteveF have been caught lying.
Miller certainly has an agenda, but its not to move the market up or down...
Paraphrasing Jonathan Miller:
Yun, NAR Chief Economist, is quite adept at cherry picking the data to show it in the best light (that’s his job).
Where?...in South Florida maybe, but certainly no "all-time high of affordability" in Manhattan. (Yet?)
Title: "NAR economist upbeat about market"
Translation: Lawrence Yun opened his mouth
Alternate translation: Lawrence Yun need his paycheck; kids gotta eat
and while I'm at it, what makes this newsworthy in the first place? I mean, the sun came up this morning and no one wrote an article about that. NAR economist shilling for the industry is as predictable.
today's sun is actually a much more interesting topic. trying desperately to get the teenager ready and out the door.
Remember, these are the morons who put out COMMERCIALS saying "now is a great time to buy" right before the nation dropped 15%.
This is the SAME MORON who called it backward before..
http://lawrenceyunwatch.blogspot.com/2008/07/glenn-beck-mocks-yun-lereah.html
Good clip. Cramer has a better track record than NAR economists.
Sunny Yunny, can't believe people pay attention to this idiot. Give me a break.
Ya know, just as Johnathan Miller promotes his appraisal business. Yun of course promotes his. I get a little annoyed when J Miller is always on the ready to bad mouth whoever is the leading economist of the NAR. Sure Yun has an agenda but so does Miller. I could say why have an appraisal business to begin with? I could say that these guys just get in the way of true market value. I could say that the appraisal business is is just another racket to get your money. When people become buyers they become geniuses. They know, to the dime, whether or not they are getting current market value. They don't need some "expert" to tell them what they know already. So take it easy J. Miller b/c we all have an agenda, just like you.
Seems to be there are elements out there attempting to jaw-bone the apraisers to making richer valuations. These parties have nothing at stake in the lender being made whole in the event of a default. Let's be clear, the builders objective is to sell houses, the brokers objective is to generate a commission check. When I see ads that paint the neighborhood broker as a friend, Albert Schweitzer or advocate of the poor, I want to puke.
exactly the way i feel when i see your endless run on postings.
> So take it easy J. Miller b/c we all have an agenda, just like you.
Difference being Yun and SteveF have been caught lying.
Miller certainly has an agenda, but its not to move the market up or down...
unlike the liars...