RE Pumping Crybaby Doesn't Like the Numbers
Just when you think he can't get any more conflicted, NAR chief economic stooge, Lawrence Yun, cries about what the numbers are saying about home price declines.
Not surprise, the manure he's spreading doesn't add up, either. What is a surprise is that the article gives information refuting his oft-repeated, threadbare excuse, but doesn't smack him in the face with it.
"If there are a lot more homes sold on the low end and fewer on the high end, the median price is bound to drop dramatically," NAR Chief Economist Lawrence Yun said. "In normal times, a median price would reflect typical homeowner equity changes, but these are not normal times. The jumbo (mortgage) market is frozen and the buying activity is more concentrated in lower-value homes."
Uh huh. Nice try, Larry. The low-end is getting completely killed in price terms. The median is falling not because of volume, but because of values.
In the high-priced San Francisco area in February, for example, homes priced below $512,000 fell 32% in value from a year ago, while homes priced from $512,000 to $750,000 fell 21% in value and those over $750,000 fell 6%.
"The homes that had the biggest run-up and biggest run-down more often than not are the least-expensive homes," said Blitzer, S&P's managing director of portfolio services.
Pull the other one, Larry. We're onto you.