Wednesday, January 27, 2010

Top Fed Official: Housing Is a Terrible Investment

Homeowners have been told for years that their abode represents the best investment they’ll ever make.

Karen Pence, head of the Federal Reserve’s household and real estate finance research group, begs to differ.

At a recent economic meeting she offered five reasons why homes are a miserable investment, The Wall Street Journal reports.

And Pence has her money where her mouth is: she’s been a renter for years, though her husband’s need for more space may drive her to homeownership. (more)

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