Thursday, August 30, 2007

Some Housing Dumbness Explained

The Freakanomics boys had a good piece in June on "cash-back mortages" and how they increase official selling prices while dropping the homeowner's equity to zero or less. I dislike these guys' usual explanations of human behavior, but read this about the heart of middle-class dumbness, the faith in the ever-rising value of one's home.

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