"Housing is already too expenssive to be much of an investment , at least in those places where you would be willing to live . (You have even missed the real-estate booms in the UK Spain Australia , New Zealand and other countries where prices have accelerated beyond theit historical average rates of increase ) US housing prices have been rising faster than the rate of inflation for more than eight years ; home-equity values may be inflated by as much as 20 30 per cent . In New York and Southern California , housing prices have doubled in the past five years . A massive speculative bubble in the US Housing market seems to be floating from coast to coast , and when it burst (as bubbles always do ) some seriouse pain is in store for millions of Americans who have been borrowing against their home equity at record rates...." Jim Rogers wrote in Hot Commodities, How Anyone Can Invest Profitably In the World's Best Market
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