Here’s another thing I don’t quite understand.
My house was built in 1983. It was initially purchased for $103,000.
15 years later, it had increased in value by $28,000.
In the last year, between 2003 and 2004, it increased in value by $61,000. In one year, it’s value increased by more than double the amount it increased in FIFTEEN years. It’s now worth $128,000 more than it was when I bought it in 1998.
Yeah, this is a financial windfall for me. But I have to ask: is this sort of thing good for the economy? Is this another bubble that’s going to burst and leave us all with mortgages that are for more than the worth of the house?
And this incredible rise in housing prices is making it more and more difficult for people to afford a home, even with a job. Where are people getting the money to move into million dollar houses, and why don’t I have a job like that?
Ah, the thoughts that whiz through your mind when you’re looking at your real estate assessment.