2011 NAR convention
This morning at the National Association of Realtors (NAR) annual conference, the Economic Issues and Residential Real Estate Trends Forum was held outlining the current state of affairs and what the near future holds.
NAR Chief Economist Dr. Lawrence Yun gave a presentation called “Economic and Housing Market Outlook” and Dr. Richard Peach, Senior Vice President of the Macroeconomic and Monetary Studies Function at the Federal Reserve Bank of New York presented a “U.S. Macro Overview.”
Because there were questions and confusion by non-attendees listening in via Twitter about information coming out about the presentation, the National Association of Realtors Research department has released to AGBeat the full presentation (no audio):
Deidre Woollard
November 12, 2011 at 3:43 pm
I was at this presentation. I think what Dr Yun was pointing out was the ways that the media presents some of the data is simplified. There appears to be a great contradiction between what the numbers indicate and the way consumers are responding, it's a hard trend to parse. What I found particularly notable is the lower numbers of first time homebuyers in 2011 and the dramatic drop in the formation of new households. Dr. Yun referred to the lower number of new household formation as a coiled spring which seems to hold some promise for the future.