{"id":21600,"date":"2012-09-28T10:00:45","date_gmt":"2012-09-28T17:00:45","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=21600"},"modified":"2012-09-28T10:19:51","modified_gmt":"2012-09-28T17:19:51","slug":"friday-flashback-lawrence-yun-seattle-is-underpriced","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2012\/09\/28\/friday-flashback-lawrence-yun-seattle-is-underpriced\/","title":{"rendered":"Friday Flashback: Lawrence Yun: “Seattle is Underpriced”"},"content":{"rendered":"

Wow, how could I forget this gem from November 2007? National Association of Realtors “Chief Economist” Lawrence Yun: Seattle a "superstar" market<\/a><\/p>\n

\"LawrenceSeattle is becoming a “superstar” market, where housing costs may never settle back into historical relationships to incomes, a national analyst declared on Tuesday.<\/p>\n

Speaking at the annual conference of the National Association of Realtors, association Chief Economist Lawrence Yun used comparisons of mortgage payments to incomes to put much of the nation in a positive light.<\/p>\n

“If anything, middle America appears to be under priced,” he said.
\n…
\nBut it’s also possible that some [coastal cities]<\/span> are joining the ranks of international cities like London, Paris, San Francisco and New York, where costs are less tied to incomes, he said. “Now I’m beginning to think: Miami, Seattle, are they becoming superstar markets?”<\/p>\n

Many wealthy baby boomers are moving to Miami, Yun said. “In Seattle, Microsoft millionaires are there.”<\/p>\n

While the Seattle area’s job market is still strong, Yun said the affordability crunch caused by rising home costs would slow sales and cause prices to plateau.<\/p>\n

“I feel that the Seattle market is very healthy in terms of the local job market conditions,” he said. “I don’t see any prolonged price declines.”<\/p><\/blockquote>\n

Lawrence Yun has since moved on to a successful career as a stand-up comedian. Wait, nope. He’s still the NAR’s primary mouthpiece<\/a>, despite having been completely and thoroughly discredited.<\/p>\n

“Going into 2008, I see it as a year of opportunity,” he said.<\/p>\n

Flashing an image of stampeding horses, Yun said: “It’s just a question of unleashing this pent up demand to the market.”<\/p>\n

Yun predicted prices would remain essentially flat in 2008, while sales would increase slightly.<\/p>\n

“We are hitting low right now,” he said.<\/p><\/blockquote>\n

Just a few months after these claims, he was at it again in February 2008: Economist: Seattle-area home prices manageable for typical workers<\/a><\/p>\n

Seattle-area home prices are manageable for typical workers, according to the chief economist for the National Association of Realtors.<\/p>\n

“You may even say Seattle is underpriced if you believe Seattle is becoming a superstar city,” Lawrence Yun told area brokers in Bellevue on Thursday. “Seattle is underpriced in relation to other West Coast markets.”<\/p><\/blockquote>\n

We took on both of these pieces when they were published. You can read Deejayoh’s response to the November 2007 nonsense<\/a> or my reaction to the February 2008 malarkey<\/a>.<\/p>\n

The purpose of our Friday Flashback series<\/a> is to remind people why it’s never a good idea to base your home purchase decisions on the word of someone with a vested financial interest in selling as many homes as possible for as much as possible, no matter what. If you’ve got a good example of local home salespeople or other industry shills on record making fools of themselves in the years before the bubble burst, shoot me an email<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

Wow, how could I forget this gem from November 2007? National Association of Realtors “Chief Economist” Lawrence Yun: Seattle a "superstar" market Seattle is becoming a “superstar” market, where housing costs may never settle back into historical relationships to incomes, a national analyst declared on Tuesday. Speaking at the annual conference of the National Association…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[90,660,467,638,126,214],"coauthors":[],"class_list":["post-21600","post","type-post","status-publish","format-standard","hentry","category-features","tag-seattle_is_special","tag-660","tag-467","tag-friday-flashback","tag-nar","tag-yun"],"yoast_head":"\nFriday Flashback: Lawrence Yun: "Seattle is Underpriced" \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2012\/09\/28\/friday-flashback-lawrence-yun-seattle-is-underpriced\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Friday Flashback: Lawrence Yun: "Seattle is Underpriced" \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Wow, how could I forget this gem from November 2007? 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