Lawrence Yun | |
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 | |
| Born | |
| Education | Purdue University (BS) University of Maryland, College Park (MA, PhD) |
Lawrence Yun is a Chief Economist and Senior Vice President of Research at the National Association of Realtors.
Lawrence Yun | |
|---|---|
| | |
| Born | |
| Education | Purdue University (BS) University of Maryland, College Park (MA, PhD) |
Lawrence Yun is a Chief Economist and Senior Vice President of Research at the National Association of Realtors.
Yun was born in Suncheon, South Jeolla Province, South Korea. While Yun was a child, his family moved to Columbia, South Carolina. [1]
In 1987, Yun earned a bachelor of science degree in Mechanical Engineering from Purdue University. In 1995, Yun earned a PhD degree in economics from University of Maryland, College Park. [2] [3]
In 1999, Yun was an economic consultant to the U.S. Dept. of Veterans Affairs and U.S. Dept. of Education. [1]
In 2000, Yun joined the National Association of Realtors (NAR) as a junior economist. In 2007, Yun became the chief economist and senior vice president of research at National Association of Realtors. [1] [2] Yun 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 Television, and is often quoted in the media. [4] [5] As was his predecessor David Lereah at the NAR, Yun has been criticized for his overly optimistic predictions on the housing market. [6]
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. [7] 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 appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States. Yun appears often as a guest on CSPAN’s Washington Journal and is a regular guest columnist on the Forbes online.
In March 2012, Yun testified as a chief economist before Congress' sub-committee hearing. [8]
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's wife is Alla. They have one son. Yun resides in Arlington, Virginia. [1] [2]
A multiple listing service is an organization with a suite of services that real estate brokers use to establish contractual offers of cooperation and compensation and accumulate and disseminate information to enable appraisals. A multiple listing service's database and software is used by real estate brokers in real estate, representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to work with a seller's broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.
The National Association of Realtors (NAR) is an American trade association for those who work in the real estate industry. As of December 2023, it had over 1.5 million members, making it the largest trade association in the United States including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. The organization holds a U.S. trademark over the term "Realtor". NAR also functions as a self-regulatory organization for real estate brokerage. The organization is headquartered in Chicago.
Real estate agents and real estate brokers are people who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency.
The 2000s United States housing bubble or house price boom or 2000shousing cycle was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a real estate bubble, it was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported the largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States.
A real-estate bubble or property bubble is a type of economic bubble that occurs periodically in local or global real estate markets, and it typically follows a land boom. A land boom is a rapid increase in the market price of real property such as housing until they reach unsustainable levels and then declines. This period, during the run-up to the crash, is also known as froth. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance, are answered differently by schools of economic thought, as detailed below.
For sale by owner (FSBO) is the process of selling real estate without the representation of a broker or agent. This is where the homeowner sells directly to a new homeowner. Homeowners may still employ the services of marketing, online listing companies, but can also market their own property.
David Lereah is an American business executive and author. Lereah served as the President of Reecon Advisors, Inc., a real estate advisory and information company located in the Washington, D.C., area, from 2008 to 2020. Lereah was previously an Executive Vice President at Move, Inc. and before that, Chief Economist for the National Association of Realtors (NAR). Lereah served as the NAR's spokesman on economic forecasts, interest rates, home sales, mortgage rates, as well as other policy issues and trends affecting the United States real estate industry. Lereah was also the Chief Economist for the Mortgage Bankers Association during the 1990s and has testified before Congress on economic and real estate matters.
Stefan J. M. Swanepoel, is an American business executive, author and real estate businessperson. He has served as president of two non-profit organizations and seven companies, including a New York-based global franchise network. He is most known as a business and trends author, having written more than 20 books and reports. His books have been listed on the New York Times and Wall Street Journal bestseller lists.
A real estate trend is any consistent pattern or change in the general direction of the real estate industry which, over the course of time, causes a statistically noticeable change. This phenomenon can be a result of the economy, a change in mortgage rates, consumer speculations, or other fundamental and non-fundamental reasons.
Robert James Shiller is an American economist, academic, and author. As of 2022, he served as a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center for Finance. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 1980, was vice president of the American Economic Association in 2005, its president-elect for 2016, and president of the Eastern Economic Association for 2006–2007. He is also the co‑founder and chief economist of the investment management firm MacroMarkets LLC.
United States housing prices experienced a major market correction after the housing bubble that peaked in early 2006. Prices of real estate then adjusted downwards in late 2006, causing a loss of market liquidity and subprime defaults.
Days on market is a measurement of the age of a real estate listing. The statistic is defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends.
HomeServices of America is the United States' largest residential real estate services company, based on closed transactions. The company provides real estate brokerage services, mortgage loan origination, franchising, title insurance/escrow and closing services, home warranties, property insurance, casualty insurance, and relocation services.
Observers and analysts have attributed the reasons for the 2001–2006 housing bubble and its 2007–10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates, relaxed standards for mortgage loans, and irrational exuberance" Politicians in both the Democratic and Republican political parties have been cited for "pushing to keep derivatives unregulated" and "with rare exceptions" giving Fannie Mae and Freddie Mac "unwavering support".
This article is a subordinate article to the subprime mortgage crisis. It covers some of the miscellaneous effects of the crisis in more detail, to preserve the flow of the main page.
Karl Edwin "Chip" Case was professor of economics emeritus at Wellesley College in Wellesley, Massachusetts, United States, where he held the Coman and Hepburn Chair in Economics and taught for 34 years. He was a senior fellow at the Joint Center for Housing Studies at Harvard University and was president of the Boston Economic Club 2011-12. Case was also a founding partner in the real estate research firm of Fiserv Case Shiller Weiss, Inc., which created the S&P Case Shiller Index of home prices. He served as a member of the Board of Directors of the Depositors Insurance Fund of Massachusetts. He was a member of the Standard and Poor’s Index Advisory Committee, the academic advisory board of the Federal Reserve Bank of Boston and the board of advisors of the Rappaport Institute for Greater Boston at Harvard University. He served as a member of the boards of directors of the Mortgage Guaranty Insurance Corporation (MGIC), Century Bank, The Lincoln Institute of Land Policy, and the American Real Estate and Urban Economics Association. He was also an associate editor of The Journal of Economic Perspectives and The Journal of Economics Education.
Real estate in China is developed and managed by public, private, and state-owned red chip enterprises.
A private transfer fee covenant is a legal instrument that is filed in the real property records, which imposes an assessment payable in connection with a series of future transfers of title to certain real property. The assessment can be for a fixed amount or a percentage of the sales price, and typically runs for a limited term. Unlike a transfer tax a private transfer fee assessment is payable to an identified third-party, often a community association, the real estate developer, and/or an environmental or charitable organization. According to the Coalition to Save Community Benefits, private transfer fee covenants of some kind encumber approximately eleven million homes in the United States. Although encumbering a statistically small percentage of the estimated 135 million homes nationwide, increased use of private transfer fee assessments, particularly by real estate developers beginning around 2007, when financing became difficult to obtain on commercially reasonable terms, lead to increased regulation at both the federal and state level.
NeighborCity was a residential real estate information and service company that rated real-estate agents in the United States, offering a way for buyers and sellers of homes to compare and evaluate agents. It was based in San Francisco.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops, minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, buildings or housing in general. In terms of law, real relates to land property and is different from personal property while estate means the "interest" a person has in that land property.