Is the Sky Falling?
March 13, 2007
This morning the news was full of doom and gloom about the housing market. I thought I would share with you a quick trip through market forecasts of the pasts that was put together by Dan Jacuzzi, a Sacramento real estate broker.
"The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline" (Time, December 1, 1947)
"The goal of owning a home seems to be getting beyond the reach of more Americans. The typical new house today costs $28,000." (Business Week, September 4, 1969)
"Most economists agree...(a home) will become a little more than a roof and a tax deduction, certainly not the lucrative investment it was through much of the 1980s." (Money, April 1986)
"The baby boomers are all housed now. They are being followed by the baby bust. By 2005, real estate housing prices will sit 40 percent below where they are today." (Harvard economist Gregory Mankiw, "The Baby Boom, the Baby Bust, and the Comng Collapse of Housing Prices." Journal of Regional Economics, Fall 1989. )
"A home is where the bad investment is." (San Francisco Examiner, November 17, 1996.
According to Dan Jacuzzi's research, in the past five years, California home prices have increased 110% and since 1980 over 551%. "While real estate values do not rise in a straight line, the trend is clear. ..."
After all, Will Rogers was right when he said, "Buy Land - They aren't making any more of it."
This morning the news was full of doom and gloom about the housing market. I thought I would share with you a quick trip through market forecasts of the pasts that was put together by Dan Jacuzzi, a Sacramento real estate broker.
"The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline" (Time, December 1, 1947)
"The goal of owning a home seems to be getting beyond the reach of more Americans. The typical new house today costs $28,000." (Business Week, September 4, 1969)
"Most economists agree...(a home) will become a little more than a roof and a tax deduction, certainly not the lucrative investment it was through much of the 1980s." (Money, April 1986)
"The baby boomers are all housed now. They are being followed by the baby bust. By 2005, real estate housing prices will sit 40 percent below where they are today." (Harvard economist Gregory Mankiw, "The Baby Boom, the Baby Bust, and the Comng Collapse of Housing Prices." Journal of Regional Economics, Fall 1989. )
"A home is where the bad investment is." (San Francisco Examiner, November 17, 1996.
According to Dan Jacuzzi's research, in the past five years, California home prices have increased 110% and since 1980 over 551%. "While real estate values do not rise in a straight line, the trend is clear. ..."
After all, Will Rogers was right when he said, "Buy Land - They aren't making any more of it."
posted by shirley harry at 10:03 AM
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