it's only happened once in the UK since the war. dd
-----Original Message----- From: PEN-L list [mailto:[EMAIL PROTECTED] Behalf Of Michael Pollak Sent: 23 July 2004 03:12 To: [EMAIL PROTECTED] Subject: Housing prices I recently read that nominal housing prices have never declined in the US since WWII. Real prices have declined three times, durind the mid and late seventies and the early 90s, but nominal prices never. Is that really true? It makes it look as if people who think they're ever-rising, rather than being delusive, have quite a track record -- you have to be a wonk to have noticed any falls ever, and even those have been short and fleeting. If it is true, is there any non-bubble-headed explanation for it? And how come it's true here but not in the UK? Michael
