Lunch with Dr. Lawrence Yun in Park City, Utah
We had lunch last week with Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®. Dr. Yun was relatively bullish for the near-term future of resort real estate market conditions in the Park City & Deer Valley areas.
Dr. Lawrence Yun-NAR Chief Economist & Erik Asarian-Branch Broker Keller Williams
One might suspect the Grand Poobah of REALTORS® might spin the data into a good news story, but he had the facts to back up his assertions.
Key factors in his case for continued market recovery included:
- Massive reduction in available properties for sale compared to a couple of years ago
- Anemic number of new housing starts in Summit County, Utah
- Affordability (low interest rates combined with significant price drops) at an all-time high
- Local loan delinquency rages much lower than national average
Not many new housing starts
If you are interested in reviewing his complete Park City presentation, you can Download Dr. Yun's Park City Presentation Here
Dr. Yun's presentation made us feel like we're getting decent mileage from our annual REALTOR dues and political lobbying contributions. Among other action items on his agenda this year, he re-iterated the essential nature of keeping some level of government guarantee of conforming loans, and vowed to fight to preserve the mortgage interest deduction.
Ronald Reagan
"We will preserve the part of the American dream which the mortgage-interest deduction symbolizes."
Lawrence Yun Bio
Lawrence Yun is Chief Economist and Senior Vice President of Research for the National Association of REALTORS® Research department . He directs research activity for the association and regularly provides commentary on real estate market trends for its 1 million REALTOR® members. Dr. Yun creates NAR's real estate market forecasts and participates in many economic forecasting panels, including Blue Chip and the Harvard University Industrial Economist Council. He appears regularly on financial news outlets and is a frequent speaker at real estate conferences throughout the United States. In 2008, USA Today listed him among the top 10 economic forecasters in the country.