It seems that being surprised by the economy is a requirement for an economist to be a source for the Washington Post. The first sentence of a Post article on January existing home sales and GDP revisions told readers that: "Sales of previously owned houses unexpectedly slumped in January." The main surprised economist featured in the article was Lawrence Yun, the chief economist of the National Association of Realtors.
Of course economists who follow the housing market more closely were not surprised. The plunge in mortgage applications following the initial expiration of the first time homebuyers tax credit in November indicated that sales of new and existing homes was likely to fall.
The American Prospect is nonprofit, reader-funded journalism—and we need your help.
Our reporters dig deep, hold power to account, and explain how policy shapes people’s lives. If you value independent journalism that goes beyond the headlines, now’s the time to support it.
Here’s how you can help: • Donate to power fearless reporting
• Subscribe to get our print magazine 6x/year.
