Word: ups
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Dates: during 1980-1989
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Until recently, Newton's First Law was that home prices could only go up. Now residents of that Boston suburb -- and homeowners nationwide -- are having apples dropped on their heads. Suddenly a lot of people are talking about home prices going down. And I don't mean just in Houston...
-- WHEN HOUSE PRICES FALL, chimes the Economist. "Two generations of Britons have grown up treating houses as the perfect investment. But a fundamental change is afoot. The engine of demography that helped drive houses up is now going in reverse."
The difference is most dramatic at the top. Homes in Connecticut that shot up to $2 million may now fetch only $1.3 million. It's not so bad in the real world -- three-bedroom homes in my sunny but unfashionable Miami neighborhood that rose from $65,000 to $85,000...
The banks and the Government already own an awful lot of homes -- 250,000 would be a rough estimate -- which alone is reason to expect prices to be weak. The Resolution Trust Corp., set up to sell off the holdings of hundreds of failed S&Ls, is pledged to avoid...
If prices come down and people feel poorer, consumer spending could slow a bit. Other factors may keep the economy humming, but one thing that's bound to slow is the turnover of houses. People are stubborn when it comes to selling their homes at less than they were counting...