For the Past 60 years, economists, Wall Street Analysts, and other supposed financial experts have predicted the end of Real Estate Appreciation. Take a quick trip through their far-off-the-mark forecast from years gone by:
- "The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline." (Time, December 1, 1947)
- "Houses cost too much for the mass market. Today's average price is around $8,000... out of reach for two-thirds of all buyers." (Science Digest, April 1948)
- "The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs $28,000." (Business Week, September 4, 1969)
- "The era of easy profits in real estate may be drawing to a close," (Money, January 1961)
- "Most economists agree... [a home] will become little more than a roof and a tax deduction, certainly not the lucrative investment it was through much of the 1980s." (Money, April 1986)
- "The baby boomers are all housed now. They are being followed by the baby bust. By 2005, real housing prices will sit 40 percent below where they are today." (Harvard economist Gregory Mankiw, "The Baby Boom, the Baby Bust, and the Coming Collapse of Housing Prices," Journal of Regional Economics, Fall 1989)
- "A home is where the bad investment is... (San Francisco Examiner, November 17, 1996)
- "But the real question is, how will [housing prices] look longer term? As I've said in the past, I do not think that housing values will be higher live to ten years from now." (Yale economist Robert Shiller, quoted in Newsweek, January 27, 2005)
I love the media - Don't you.
Adam Brett
RE/MAX NOC
Fullerton, CA
714.496.8116
800.977.ADAM
realtoradam@gmail.com
www.realtoradam.com
http://activerain.com/realtoradam
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