The Washington Post had a piece on the prospects for the housing market in the DC area that relied exclusively on "experts" who were unable to see the housing bubble. Most notably, the piece included a quote from Nicolas Retsinas, the head of Harvard University's Joint Center for Housing Studies, who encouraged moderate income families to buy homes even when the bubble was already seriously inflated. At the time he assured readers that, "when house prices deflate, they do so slowly." It might be useful to find sources who are not known primarily for having been wrong about the housing market.
--Dean Baker
