The study is published in the Financial Analysts Journal: March-April. In the main, it emphasizes the importance of looking at housing market values - the rampaging elephant of family assets - as multiple markets, with some in much better shape than others.
The housing market is huge. Putting it in perspective, for 2007 Standard & Poor’s estimated the value of US residential real estate totaled $22.5 trillion, at the close of the year. That compared to a $19.9 trillion domestic equities market and a $29.7 trillion bond market.
Authors Sum Up True Condition of Housing Markets
According to Baracha and Hirschey, professors of finance at East Carolina University and the University of Kansas, respectively, "Despite stunning drops in a handful of important regional housing markets, it is important . . . to recognize that the housing market remains strong throughout much of the United States."
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