Posts filed under “Financial Press”

USA’s Top Forecaster: NAR Chief Economist Lawrence Yun

I am slack jawed and dumb-founded. I am nearly speechless.

Here’s why: According to a National Association of Realtors press release, the NAR Chief Economist was named among top forecasters for accuracy by USA Today.

Note:  I found this press release on the NAR site, but I was unable to independently confirm it via Google or USA Today.

Apparently, I am not the only one who is perplexed by this. LawrenceYunWatch, the successor site to DavidLereahWatch, is even more miffed than I:

USA Today certainly did not do its homework. Have they read
the
Lawrence Yun
Watch
?

In September 2005 Yun predicted
"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. "

As we know prices have declined significantly in the DC area since Yun’s
wrong prediction. According to the
S&P
Case Shiller Index
, since September 2005 DC area prices have fallen
8.4%.Do not trust Lawrence Yun.

Yun even recently admitted that "It is also fine for people to
point the finger at me.
In a fast changing market conditions, I
too have been off on my forecast."

The general public and media need to be aware of his spins,
predictions that have proven very wrong, and his
contradictory
statements
. Mr Yun is a paid spinner who has lost his credibility. The
USA Today should be ashamed of its shoddy work.

Can anyone find any mention of this beyond a press release? I am stymied . . . 

(Updated — thanks!)

>

Sources:

Economist expects Fed to cut rates at least a half-point
Barbara Hagenbaugh and Barbara Hansen,
USA TODAY, March 17, 2008
http://www.usatoday.com/money/economy/2008-03-16-top-economist_N.htm

NAR Chief Economist Named Among Top Forecasters for Accuracy
WASHINGTON, March 17, 2008
http://www.realtor.org/press_room/news_releases/2008/nar_chief_economist_top_forecaster.html

Ridiculous: USA Today Names Lawrence Yun as Top Economic Forecaster
Tuesday, March 18, 2008
http://lawrenceyunwatch.blogspot.com/2008/03/ridiculous-usa-today-names-lawrence-yun.html

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