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It's Official: We're Hot and Hip

Washington, D.C., ties with Seattle to lead the Wall Street Journal's new list of 10 cities that will be "the hottest, hippest destinations for highly mobile, educated workers in their twenties when the economy gets going again." The pronouncement, made by a panel of six economists and academic experts, was revealed in Sue Shellenbarger's Work and Family column.

Well, of course, hotness and hipness is nothing new to those of us who've long made Washington our home. The panelists cite the availability of government and tech jobs, plus the multitude of museums and live-music venues. Oh, and we bask in some reflected coolness from President Obama, according to the column.

Wishful Thinking About The Tax Credit

New York City real estate pro Barbara Corcoran caught my ear Tuesday morning with a couple of things she said on NBC's Today Show. First, she said time has basically run out already for first-time buyers who hope to close by Nov. 30 and claim the $8,000 tax credit. While I agree with her point that buyers who rush into a deal could negotiate badly and end up blowing more money than they gain through the credit, local agents have told me there's still some time, probably until mid-October, left to get under contract and have a reasonable hope of closing before the deadline.

Then Corcoran assured the Today Show audience that Congress was practically certain to extend the program because it's so beneficial to home buyers. I'll just make two points: I've been in Washington long enough to know that you can NEVER predict with any reasonable degree of certainty what Congress will do. And I think Corcoran has confused her desired outcome with the likely outcome. She is, after all, a member of the real estate industry, which is lobbying hard for an extension. The Post's Dina ElBoghdady had a more dispassionate take on the subject in the Sept. 25 newspaper.

Will Congress extend the program? I don't know. Should you rush into a home sale just to claim $8,000? Certainly not. Should you give up on trying to get in under the deadline? Probably not.

By Elizabeth Razzi  |  September 30, 2009; 9:00 AM ET
Categories:  Buying , Department of Hopeful News , Funny , New construction , The economy , The market  
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WSJ "hot and hip" list = oxymoron. :-)

Posted by: laura33 | September 30, 2009 10:32 AM | Report abuse

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