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Surreal Estate: How far will house prices fall?
Many Happy Returns
Is Your House an Investment?
Houses are a liquid, very hard to sell and have high transaction costs when you do. They live on one street with one set of neighbors in one currency in one period of time. Their returns, their long-term returns, what we care about if we're talking about investments are generally lower than equity. So personally, I don't really think that a house is an investment. That's not the way I see it. Not the house you live in. If you have buy to let, a completely different story, then it is an Investment. But leverage when the market goes down? Not so fun.
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