Does Lawrence Yun, the NAR chief economist, have a clue? He might just yet. Yun called the new report on the glut of unsold homes ‘uncomfortably high’ in a resignation that the housing market just isn’t in very good shape no matter which way you cut it.
His comment was in response to the finding that unsold home inventory has risen to a 23-year high even as home prices have declined across the country. The inventory now represents nearly a year’s worth of single-family homes on the market.
More on the unsold home inventory on the market:
The inventory of unsold homes jumped 10.5% to 4.55 million, an “uncomfortably high” level, said Lawrence Yun, chief economist for the real estate trade group.Inventories represented an 11.2 month supply at the April sales pace, the highest since the records began in 1999.The inventory figures are not seasonally adjusted. Typically, inventories rise about 7% in April, as the spring and summer sales season kicks into high gear.For single-family homes alone, the inventory rose to 10.7 months’ supply, the highest since 1985. For condos, the inventory of 14.2 months is the highest ever.Sales of single-family homes fell 0.5% in April to a 4.34 million annual pace, down 16% in the past year and 32% from the peak. Condo sales dropped 5.2% in April to a 550,000 annual pace.
Yun let’s us know he’s still a paid shill at the end of the day as he waxes euphemistically about the recovery of several hammered markets, including San Diego:
Several markets that have seen price declines of 20% or so are turning around, Yun said, pointing to San Diego, Detroit and Fort Myers, Fla.
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{ 5 comments… read them below or add one }
“Several markets that have seen price declines of 20% or so are turning around, Yun said, pointing to San Diego, Detroit and Fort Myers, Fla.”
Dream on Lawrence!
that's what i said!!
ok..goes back to my stomping grounds..house in 05 sold $950K..foreclosure in 08 sold at $500k..somehow I think that is just a TAD BIT MORE than 20%..for the Florida Market…and by the way..repeat performance are now being done daily..I think he needs to correct that to an ADDITIONAL drop of 20%…
Problem with Lawrence and all the rest of the NAR group is that their expectations every month since 07 has been that every next quarter will be better..at a certain point repeating the same nonsense ,as the numbers keep showing things getting worse, o makes them look irresponsible , stupid and out of touch with reality….
it's amazing to me that they can continue to ignore the facts while hoping
for better days. it's one thing to look for positives, it's another to put
your head in the sand and talk out your behind…
well said ann!
oh wow.
another good post morgan.