Why didn't someone tell me that housing prices can drop?

Question

I mean, weren't they supposed to go up for ever and ever and ever. Shouldn't my crackhouse be worth a million dollars in 30 years?

Answer 1

I didn't get that memo either.

Answer 2

Even if the market didn't burst, sometimes homes can continue to decrease. This can be especially true if you bought into a neighborhood that was going downhill. Location is everything. Also, easy cheap fixes to your home, such as new paint, tile, or countertops can add huge  $ to your value. This slump will pass, and a good chunck of markets are still doing pretty well. We are from the Midwest and all the cities around us have not had any decrease in demand and our foreclosure rates are way below national average

Answer 3

I carefully examined the Constitution and the Bible. I couldn't find that guarantee anywhere.