Housing Bust
The current housing downturn isn't over and is "much much worse" than past downturns, says Barbara Corcoran, who built The Corcoran Group into
a multi-billion firm during the real estate busts of the mid-1970s, 1980s and early 1990s. This downturn is "grossly different" than those past
cycles because homeowners are much more willing to "walk away" from homes, says Corcoran, who sold her namesake firm in 2001 for a reported $66
million and is now an author and widely cited real estate guru.
I realize that this is only adding to the gloomy economic forecasts, but the housing market is a strong indicator of the current economy.
This month housing sales went down 4.7% and have seen record declines in the past few months. People are timid to buy or sell because the market is
in such big trouble.
Anyone selling or buying a house right now, and if so, can you add any insight into this?
[edit on 9-7-2008 by TruthWithin]
