Housing and economy blogger Jonathan J. Miller notes that the current narrative of the housing bust has several issues.
First off, housing prices didn’t fall much in the meltdown – it was the price of land that imploded. He further says that in advanced economies, rising land values have been behind as much as 80 percent of the real estate price gains since 1950, and that most of the increase in U.S. housing prices during the past four decades was due to rising value of land.
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