Wednesday, July 9, 2008

Barbara Corcoran: The American Dream Ends

Why This Housing Bust Is the Worst Ever
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.

Watch today's video, where she describes what will happen deep into 2009.

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