If a prognosticator expects us to listen to their fortune telling predictions, they should be held to their past predictions.
Over at the Bubble Meter, he uncovered a quote from NVAR's website where Lawrence Yun in 2005 said that there was "close to zero" chance for a price decline in DC.
Why do I bring this up?
1) I question whether Yun or NAR could be held liable for such claims. If a JP Morgan analyst said something like this about a stock, there would be a class action lawsuit against them if they were not only wrong, but so far off.
2) I still maintain that NAR (and Realtors) should get out of the prediction business, it hurts all Realtor credibility.
Also recently I saw a quote where Yun admitted to some losses for people that bought in 2005 in some of the hottest markets, but that they were only losing about 1-2%. Meanwhile I went to a community yesterday that was full of new construction homes purchased for $700,000. There are now 5 foreclosures starting at $450,000, and not one has sold!
1% losses? Yeah right.
- Written by Frank Borges LL0SA Broker FranklyRealty.com
Related past post: NAR launches "Buy Now/Sell Now" Campaign. No Joke