Illusory increases in home values?
Author and journalist James Surowiecki wrote a brief article on historical home prices, in which he asserts that the much-lauded trend of appreciation is the product of bad data analysis.
[I]f you control for inflation and quality…real home prices barely budged between the eighteen-nineties and the nineteen-nineties.
Surowieki is the author of The Wisdom of Crowds, a fantastic treatise on “why the many are smarter than the few and how collective wisdom shapes business, economies, societies and nations.”