Great NAR Quotes (in chronological order):
By Daniel at 5 January, 2010, 12:07 pm
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08/2005: “All of the doom and gloom forecasts of a housing debacle are not only irresponsible, but also downright wrong.” David Lereah, National Association of Realtors
08/2005: “If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years. It’s as if you had 500,000 dollar bills stuffed in your mattress.” David Lareah, NAR Chief Economist.
09/2005: “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. ” Lawrence Yun, NAR.
04/2006: “We can expect a historically strong housing market moving forward, earmarked by generally balanced conditions across the country and fairly stable levels of home sales with some month-to-month fluctuations.”, NAR
07/2006: “Right now we are on course for a soft-landing in housing.”, NAR
10/2006: “The worst is behind us, as far as a market correction. This is likely the trough for sales. When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market.”, NAR.
12/2006: “At least the bottom appears to have already occurred. It looks like figures will be improving.”, NAR.
01/2007: “It appears we have established a bottom” David Lereah, NAR Chief Economist.
07/2007: “Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year.”, NAR
11/2007: “I don’t anticipate any further major sales declines,” Yun said. However, the NAR didn’t anticipate the sales declines of the past two years, and it’s been predicting a bottom nearly every month since early 2006. (from Marketwatch)
02/2008: Reuters reports that “The NAR’s chief economist, Lawrence Yun, said the market is ’scratching the bottom,’ with sales holding at a deflated rate of around 5 million units for the past several months.”
02/2008, “’There is no chance of a large price decline in Rockford,’ Lawrence Yun told a crowd of more than 400 at Cliffbreakers, 700 W. Riverside Blvd. ‘There is not a price bubble in Rockford.’”, BusinessRockford.com (see July, 2009 news report below)
07/2008: “There are signs of pent up demand …. I think we are very near to the end of the housing downturn,” Yun said.
12/2008: “I would not have done anything different. But I was a public spokesman writing about housing having a good future.” Ex-NAR Chief Economist Lareah.
04/2009: “We are close to the bottom, says Lawrence Yun, chief economist for the National Association of Realtors. Once home sales begin to rise that could boost home buying confidence and get others off the sidelines.”
04/2009: The “worst may be over” in parts of the West, said Lawrence Yun, NAR Chief Economist.
07/2009: Follow up from 2/08 quote above: BusinessRockford.com - “The local housing market showed few signs of rebounding in the first half of 2009, with sales of single-family homes and condominiums falling nearly 20 percent and median sale prices falling in all but two of the Rock River Valley’s largest municipalities ….. In Rockford, the median prices of the 61104 ZIP code (downtown Rockford east of the river) are down 52.3 percent from the first six months of 2008, dropping from $64,950 to just $31,000.”
- bbbear
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