Did you happen to catch American Public Media’s Marketplace show this morning? If you’re an open house-obsessed, real estate-blog-reading, foreclosure-watching junkie, you may have wanted to skip tuning in. Because according to reporter Chris Farrell, the fun of real estate is over.
In arguing against extending the tax credit for first-time homebuyers, because he believes the market is stabilizing, Farrell says: "This is what I really think is going to happen over the next coming years: The real estate market is going to become the most boring market imaginable."
Host: "Why boring?"
Farrell: "Prices aren’t going to go up much. They aren’t going to go down much. No one’s going to get excited about real estate, and I think that’s a good thing. Look, the (tax credit) injection worked. Let’s not continue it."
This prediction wouldn’t sound as scary if the head of the Case-Shiller hadn’t basically said the same exact thing a few weeks ago. But curse you, Marketplace! Curse you, trend-chasing Farrell, just trying to make a professional name for yourself with some horrible "2012"-like prediction involving our … uhm … full-time job.
Reposted with permission from Curbed.com. Click here to view original post.
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