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Tuesday, October 31, 2006

Sensible Perspective On Housing

With everyone talking about the housing crash and its likely effects, the scene in general tends to be less optimistic. This is a key topic that get discussed in the corriodors of my meet in Seoul today. (More interesting things got discussed inside the room – more on that later). James Surowiecki thinks that owning an house in the US is not such a bad proposition at all and suggests that this pricing movements will hurt people who were fooled into reckless speculation by assurances that investing in houses offered risk-free rewards. For most people, however, a decline in prices needn’t be so painful. If you’re planning to sell your home and buy another one, an over-all decline in housing prices leaves you no poorer than before. And, if you’re staying in your home, a drop in value can actually make things easier by lowering property taxes and insurance costs. Look at the bright side: at least you’ve got a roof over your head. The lesson we’re supposed to take from this is that a home remains as solid and safe an investment as ever despite developments like these.

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