There's no constitutional right to higher prices. Since 1978, 21 regional markets have tanked
Yes, you can lose money in residential real estate. In 1986, Kenneth and Betsy Levenson bought a house in Austin, Tex., for $116,000. Four months later, Kenneth's employer went bankrupt and he and Betsy ended up moving to Houston. It took three more years before the couple sold their Austin home -- and then they settled for $87,000, or $29,000 less than they paid.
The Levensons' travails stemmed from the collapse of oil prices, which led to a deep recession in Texas and adjoining states. Austin home prices tumbled 24%, on average, from 1986 to 1990. In several major metropolitan areas in Texas, average home prices didn't regain their former peaks for ten years or more
November 06, 2005
When Bubbles Burst
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