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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (34544)	7/29/2005 8:27:59 PM
From: Tommaso	Read Replies (2) \| Respond to of 116555

>>>"We've never had a decline in housing prices on a nationwide basis," he said<<< Ignorance rules! I grew up in a house that was selling, in 1947, for much less than it cost to build in 1927. It may have recovered its original dollar value by 1957, but there had been considerable inflation by then. Probably it was back to its 1927 price by 1960, measured in constant dollars. My parents got it and a smaller detached groundskeeper's house for $23,000. Last time that property changed hands it was about a million. I cannot document it, but I am sure there were episodes in the United States between 1866 and 1900 when property values dropped. "Never" for that guy means the last fifty years, and even that is not at all true in certain markets.