OLD Media Moves

The Jim Cramer of real estate coverage

July 11, 2009

Jacob Bernstein of Women´s Wear Daily writes about Barbara Corcoran, who reports on the real estate market for the ¨Today¨ show and never has anything discouraging to say.

Bernstein writes, ¨In a world where the line between news and entertainment has become virtually nonexistent, Corcoran, 60, is a talking head whose job is to get people excited about spending their money. Two years ago, the former head of the Corcoran Group became a weekly contributor to the ´Today´ show, and her job since then has largely been as an on-air purveyor of real estate porn.

¨When the market was ascendant, Corcoran used booming housing prices as evidence that there was no better purchase than a home. Now the market has tanked and she’s still advising people to buy. The current argument: Don’t miss out on the deal of a lifetime. Like a Jim Cramer of real estate, it’s go, go, go all the time.

¨Economic forecasters say the prices of residential listings may still drop over the next year as foreclosures flood the market, but not Corcoran. She is a self-described eternal optimist and self-described eternal optimists do not advise you to stockpile your cash and wait for the economic fog to lift. “I already think the market is improving vastly,” Corcoran had said a few weeks earlier, during a visit to her Upper East Side offices. “I think by the fall, people will acknowledge things have changed.”¨

Read more here.

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