Realtor, Barbara Corcoran, who has been fired from 4 jobs before entering into a career in real estate gets called brilliant by Donny Deutsch. (early 2007 interview)
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Fast forward: 2 years later, Barbara Corcoran appears on Larry King Live, June 24th 2008, pumping the housing market and calling a bottom!
KING: Barbara, how do you view it?
CORCORAN: Well, I'm seeing this foreclosure mess as a beginning of a turn. And perhaps I sound a little too optimistic, but it's great when a lot of foreclosures hit the market, because it drags prices down not only for those foreclosures, but for every neighboring house around there. And that usually drags other buyers into the market and that begins the action that spells a recovery.
KING: So you say this is good?
CORCORAN: I think it's great. I don't think we're at the bottom. Everybody always wants to sharp shoot the real estate market. You just can't do it. The best can you do is buy at the bottom or within the bottom, so to speak. And I believe right now, with all the bad news out there, it's not going to get anymore bottom than this.
:) lol!
Friday, July 4, 2008
Never trust Realtors
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2 comments:
She is saying that housing price declines "usually drags other buyers into the market and that begins the action that spells a recovery."
What she is failing to see is that given the supply & demand curves from econ 101, this just moves you along the curve, stabilizing at a lower point of equilibrium. Lower, I mean in terms of price and quantity, meaning that the conditions we have seen in the boom years are not likely to return for a very long time. A recovery? Depends on how you look at it I guess, but I wouldn't go house shopping in a bubble (or previously bubble) market right now...
JDF
whore - except she screwed you AND gets the money!
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