Freddie Mac CEO: High-End Housing Bubble In Some Markets

Newsday reports :

Prices for luxury homes in hot housing markets such as Boston's will likely decline over the next few years, the head of home mortgage buyer Freddie Mac said Thursday.

But while appreciation should slow for more affordable homes, Chairman and Chief Executive Richard F. Syron told local business leaders, he expects no nationwide decline in home prices.

Syron said the recent spike in high-end housing prices in places such as metropolitan Boston, New York City and in California constitute a bubble that will soon burst.

It makes you wonder when Syron's job is to promote "nothing can ever go wrong in being long real estate".