Add the real estate industry hiding the truth about housing.
Reader comment on: Stimulus at Work
Submitted by Lyle (United States), Dec 23, 2009 10:35
The numbers show that from 1890 to 1980 housing in the US just about kept up with inflation in costs. In this time the US became a more mobile society. Now if you look at the full cost of owning a home it's more than just mortgage, taxes and insurance, there is repair and upgrades, as well as the stiff transaction cost of real estate (typically 10%+ on the round trip, counting commission, title insurance, mortgage fees, lawyer fees, title company fees, fact checking fees (taxes flood...) appraisal fees and in some states taxes). But has anyone ever heard the real estate industry say it's not a good time to buy? Of course not, they would starve!!
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