Today, the National Association of Realtors (NAR) reported that home sales were down in January compared to January 2010.

Meanwhile, chief economist Lawrence Yun appears to be changing his tune a bit by portraying the recent housing market in more realistic terms, well at least compared to some of his past statements:

“While home buyers over the past two years have been exceptionally successful with historically low default rates, there is still an elevated level of shadow inventory of distressed homes from past lending mistakes that need to go through the system, … We should not expect the recovery to be in a straight upward path – it will zig-zag at times.”

Call Now