Nature does not work with an end in view
[A]verage quality-adjusted single-family house prices, corrected for overall inflation, have risen a paltry 1.1% at a compound annual rate since 1972. […] Since 1972, 30-year fixed-rate mortgage rates in real terms have averaged 4.1%, meaning it has cost the homeowner 3% per year to own a house before taxes, maintenance, utilities and insurance. That’s a real negative return.
photo { Frank Lloyd Wright at the Guggenheim Museum during construction, photographed by Sam Falk, 1957 | NY Times }
