Remember about four months ago, when NAR Chief “Economist” Lawrence Yun said this?
You may even say Seattle is underpriced if you believe Seattle is becoming a superstar city. Seattle is underpriced in relation to other West Coast markets.
Well, it seems he has changed his tune ever so slightly. Here’s a more recent quote, from a Forbes article on Monday (emphasis mine):
Yun described the trend [of declining home prices] as a “positive” noting that the areas with recovering planned sales also have high rates of foreclosure. In contrast, sales in areas such as Austin, Nashville and Seattle, where home prices peaked a year ago and continue to hang on, there is no market recovery in sight. Yun said: “Buyers are simply unable able to afford these higher prices.”
Wow. That’s quite a turnaround. I wonder what changed Mr. Yun’s mind?
(Maurna Desmond, Forbes.com, 06.09.2008)