I recently saw an article which stated that for homeowners “their houses are like piggy banks.” But if you own your house, an increase in its value doesn’t seem to help you in any real way, since to realize that gain you’d have to sell it. But then you’d have to buy or rent another place to live, which would also cost more. It seems like the only concrete effect of a rising housing market for most homeowners is an increase in their insurance costs. Am I missing something?
In: 1833
It’s a generational money grab. Banks like it because they make more money on higher value loans. The media narrative is more influenced by those groups.
If I hear one more story from some old guy about how cheaply he bought his $million house I’ll barf.
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