Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its ownPending home sales up modestly in March Apr 28, 2011
Some markets have made a rapid turnaround, going from soft activity to contract signings rising by more than 30 percent from a year ago, including areas such as Hartford, Conn.; Indianapolis; Minneapolis; Houston and SeattlePending home sales rose in May Jun 29, 2011
Modest gains in the labor market and the improving economy are creating a favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditionsPending home sales rise Jan 27, 2011
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 systemPending home sales decline slightly Feb 28, 2011
Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax creditPending U.S. home sales rise slightly Mar 28, 2011
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.
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 and Mancur Olson.