I am a bit taken aback by the army of real estate marketing gurus and top line real estate agents that are openly talking about the weak housing market as part of their public image.
It does seem to give the real estate brokerage industry more credibility but I have a hard time processing this new market acceptance, perhaps because the hard sell was on prime time for so long. Heck, even Lawrence Yun of NAR has injected less rosy projections into the converation than his predecessor David Lereah would have ever dreamed of.
In fact Doom & Gloom has proved very lucrative for some as of late (they’re all in Davos): Nouriel Roubini (Dr. Doom), Robert Shiller (Irrational Exuberance), Nassim Taleb and others. And I say good for them!
It’s been completely fascinating to witness the seemingly overnight global change in the financial investment perspective. I am not clear on whether this is a long term change or simply an immediate reaction to everyone’s smaller paycheck.