National Association of Realtors
"Housing Shortage . . .For How Long?"
A recovery in housing demand along with a cumulative impact of underproduction of new homes has suddenly brought about an inventory shortage. Home prices have naturally responded with near double-digit rates of appreciation. How long will it last and is the fast rising home prices necessarily good for the country?
Lawrence Yun is Chief Economist and Senior Vice President of Research at the National Association of Realtors. He oversees the production of existing home sales statistics and the popular Home Buyer and Home Seller survey reports. He regularly appears on CNBC, BBC, Bloomberg TV, and is often quoted in the media. Yun is also a frequent speaker at Real Estate conferences throughout the United States. In March 2008, USA Today listed him among the top 10 economic forecasters in the country. At the time, when most economists were calling for another major declines in the housing market, Yun predicted that the housing market could stabilize with home buyer tax credit. Four years later, that rebound has yet to materialize according to some analysts, though actual data show home sales, housing starts, and Case-Shiller home prices either showing modest increases from 2009 or showing essentially no meaningful change.
Yun has been with NAR since 2000. Prior to that, he worked as an economic consultant to the U.S. Department of Veterans Affairs and the U.S. Department of Education. While a research associate at the University of Maryland from 1995 to 1998 with the funding from the United States Agency for International Development, Yun helped develop a graduate economics curriculum and lectured at several universities in the former Soviet Union as that country transitioned from communism to a market-based economy. Yun was born in South Korea. He attended primary and secondary schools in South Carolina. He received his Mechanical Engineering degree from Purdue University. He received his Ph.D. in Economics from the University of Maryland, studying under Professors Dennis Mueller andMancur Olson.
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