Is Lawrence Yun reading my blog?
It is always awkward to have an odious six-percenter as an ally, but you don't get to choose your allies...These are the ones I've got. Darn! Why is it that common logic always puts me side by side with some of the most odious parasites in this market (as you see, it only took my mentioning of stock equity as the source of purchasing power for Lawrence Yun to bring up that argument :)?
"But there is some encouraging news. Lawrence Yun, chief economist for the National Association of Realtors, or NAR, believes that home values may start recovering next year because significant demand has been accumulating. He says that prices actually continue to trend upward in the Northeast, Midwest, throughout the condo sector and in areas that are not dependent on jumbo loans. Running counter to the negative news, Yun says that in the past two years more than 4 million new jobs have been created, wages have been rising and that Americans accumulated $4 trillion in wealth through the stock market. He says that many people may have been priced out of the market but haven't yet entered due to a lack of confidence and a plethora of bad news. "Many people may just be wondering if it is better to buy later rather than now. Whether that is now or later, buyers are (and will be) able to re-enter the market at a more attractive price and a much larger selection of inventory," says Yun. "Mortgage rates are still favorable, and the Fed is likely to cut rates once more before the end of the year."