Americans can't wait to buy houses
April 23 , 2014
A recent poll shows that Americans considered real estate even if they're going through a financial crisis. The calculations are baffling since home prices have increased over the last one century and "Americans still think it's financially savvy to dump all their savings into a single, large, highly illiquid asset," the Washington Post notes.
Homeownership is considered part of the American dream, according to which "owning their own roof, walls, and fireplace" is necessary.
They tend to forget that houses continue to deteriorate even if technology makes building new ones a cheaper process. "Meaning your worn, old-fashioned home is competing with new, relatively inexpensive ones."