Real estate appreciation doesn't add up
Homeowner stunned by value of home bought in 1949
By Inman News, Friday, January 30, 2004.Inman News®
Dear Real Estate Ethicist,
My home is not worth as much as my children, my neighbors and my Realtor say it is: $989,775! My deceased husband Charlie and I paid $13,000 for it in 1949 when he returned from the war. And all we did was put in a new kitchen, four new paint jobs, some new wiring and lots of love, you must be kidding me? This is wrong. –House Rich Guilt
Dear House Rich Guilt,
Indeed, home-price appreciation in some housing markets does not add up. The Federal Reserve released a study last week that showed real estate is the biggest contributor of wealth in the United States. If you are truly disturbed, give me a call. I will help you out with the largess. –Real Estate Ethicist
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