From the course: Economic Indicators

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Housing overall

Housing overall

From the course: Economic Indicators

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Housing overall

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- When housing was rocking in the mid-2000s, I bought my first home, it was a condo. One day, I came home from work, and a lady was sitting in the parking lot in her car. And she shouted out to me, hey, do you live here? I told her I did, and then she asked me how long I'd lived there, it'd been about a year. She wanted to know how much my home price had risen. I told her I had no idea, and it was true. She was shocked, she asked me, how can you not know what your home is worth? I told her I bought it because the monthly payment was low, she thought I was crazy. I had actually bought a home to live in it, and I was only concerned with the monthly affordability of my mortgage payment, which included both principal and interest. Even though I only thought of my home in terms of its affordability on a monthly basis, most people care a lot about the value of their home, because it's their biggest asset. For many people, a mortgage is a way to get a tax deduction, and it's a way to force…

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