The following is one of the most hilarious pieces of literature I have ever read.

It's written by Lawrence Yun, Senior Economist for the National Association of Realtors. Yun took over for pariah David Lehreah, earlier this year.

They both drink from the same well, apparently.

The Signs Align

Predictions are always risky, but I’m going out on a limb to say existing-home sales will improve markedly by the fourth quarter. Here’s why ...

Yun goes on to explain that there's pent up demand, rising rents, and something he calls "better mortgage quality". I have no idea what that even means.

Now, the chances of the national real estate market improving at all, this year, are pretty slim, don't you think? I mean, it's already September ... there's only four months left in the year for this miracle to happen.

(Having said that, he might be able to get away with this - it is possible that things will quiet down, and that, in numbers, and on a national basis, the fourth quarter is better than previous quarters, or last year's fourth quarter. But that will be cold comfort to the people in Ohio and parts of Michigan who have been out of a job and unable to sell their homes, for nine months. Plus, a one-or-two percent improvement in the numbers wouldn't be considered "markedly", would it?)

He finishes up by saying the following:

So keep your eyes on the horizon. There are forces at play that will turn the market around, and buyers who make the commitment now could be smiling next year.

Er, okay.

More: Front Lines: Economy - By Lawrence Yun, Realtor.org