Victoria Heller writes: > [Mork] But if a person owns a house and can hold ONTO it, suddenly > it > appreciates like nobody's business. > > [Heller] Not really. Adjusted for inflation, house prices are the > same as they were seventeen years ago. A book was just published, > "The Coming Crash in the Housing Market" by John Talbot - check it > out > at Amazon.com. The scary part is that homeowners have been using > their homes like VISA cards. Mortgage debt is at an all time high, > and home equity is at an all time low. (More proof that tax policy > influences behavior.)
I'm not sure where you -- or the author you quote -- are getting your data. But in the Twin Cities, home prices have escalated over the past several years at a rate much higher than the inflationary rate. As a RealtorR it's not unusual for me to see 100% or higher increases in values for homes that sold back in the mid-1980s. According to one data base, (http://www.westegg.com/inflation/) inflation from 1985 to 2002 has caused a $1.00 worth of goods to now cost $1.60. Per MLS data for the Twin Cities, homes that sold back only 10 years ago sell for 85% more than their comparable prices today ... in your community (North Oaks) the gain is 118% in just the past 10 years. In comparison, the inflationary increase during the past ten years was only 27%. Rick Mons Shoreview TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
