A home can easily be an asset that doesn't appreciate. Having negative equity in a home or losing a home because of over extending yourself are real possibilities. Most of us who lived through 2008 and the housing bubble are only too aware of how fickle the real estate market can be.
Where I worked a number of people who lost their jobs in California when a major manufacturer shut down transferred to our workplace, also had a terrible situation when they had to sell their home for a loss. As people flee places in our country for various reasons their real estate prices are affected. In places like Detroit and Chicago you can buy homes for a $1.
On a local level I was a mechanic in industry and now supplement my income by correcting wiring and plumbing in homes for a realtor.
In our sister city there was a construction of a new school and redistricting of the area, which made certain areas not as desirable to live. These property values fell considerably. Rezoning in an area also can negatively affect property values. Other factors that affect real estate could be a neighborhood dynamics change as the homeowners age, properties in the area transition to rentals and far too many other factors to mention.
I suspect you already knew the many factors affecting real estate not appreciating and just wanted to yank the chains of people who foster the idea of financial responsibility
Where I worked a number of people who lost their jobs in California when a major manufacturer shut down transferred to our workplace, also had a terrible situation when they had to sell their home for a loss. As people flee places in our country for various reasons their real estate prices are affected. In places like Detroit and Chicago you can buy homes for a $1.
On a local level I was a mechanic in industry and now supplement my income by correcting wiring and plumbing in homes for a realtor.
In our sister city there was a construction of a new school and redistricting of the area, which made certain areas not as desirable to live. These property values fell considerably. Rezoning in an area also can negatively affect property values. Other factors that affect real estate could be a neighborhood dynamics change as the homeowners age, properties in the area transition to rentals and far too many other factors to mention.
I suspect you already knew the many factors affecting real estate not appreciating and just wanted to yank the chains of people who foster the idea of financial responsibility