Why I think The Chief Economist of the National Association of Realtors Let Us Down

Written by Joe Balestriere

Dr. Lawrence Yun visited Norwalk CT on May 22, last Wednesday, and gave the Realtors of this area some insight into what the National Association of Realtors (NAR) and their economists were thinking about the state of the market and economy at large. Dr. Yun is the Chief Economist for NAR, a lobby organization for Realtors. In essence, he is the main spokesperson for the state of the real estate market across the country.

Here, I have summarized the presentation for our followers, or those who are curious about the state of the market, and that of the market in Connecticut. I have also given his conclusions, as well as my own conclusions at the end of this (long) blog post.

Cutting to the conclusion, Dr. Yun has indicated that he doesn’t believe the real estate market will take a serious hit and doesn’t predict an economic recession, especially as hard-hitting as the 2008 recession. I believe that this analysis was done in a vacuum and doesn't factor larger current events that will affect these conclusions.

Here is the presentation from my notes, with some of the slides as aids. Note that my commentary is in GREEN.

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