Changes

Real estate generally is subject to [[property tax]], and although it is possible (and not uncommon) to sell real estate [[FSBO|without using a real estate agent]], the majority of real estate transactions (especially those involving homes) are handled via real estate agents.

Real estate generally is subject to [[property tax]], and although it is possible (and not uncommon) to sell real estate [[FSBO|without using a real estate agent]], the majority of real estate transactions (especially those involving homes) are handled via real estate agents.

== History of the United States housing market ==

== History of the United States residential housing market ==

According to Investopedia: "For the majority of U.S. history—or at least as far back as reliable information goes—housing prices have increased only slightly more than the level of inflation in the economy. Only during the period between 1990 and 2006, known as the Great Moderation, did housing returns exceed those of the stock market."<ref>[https://www.investopedia.com/ask/answers/052015/which-has-performed-better-historically-stock-market-or-real-estate.asp Has Real Estate or the Stock Market Performed Better Historically?]</ref>

According to Investopedia: "For the majority of U.S. history—or at least as far back as reliable information goes—housing prices have increased only slightly more than the level of inflation in the economy. Only during the period between 1990 and 2006, known as the Great Moderation, did housing returns exceed those of the stock market."<ref>[https://www.investopedia.com/ask/answers/052015/which-has-performed-better-historically-stock-market-or-real-estate.asp Has Real Estate or the Stock Market Performed Better Historically?]</ref>

[[File:Historical chart of USA house prices.png|thumbnail|1200px|center|Historical chart of USA house prices]]

[[File:Historical chart of USA house prices.png|thumbnail|1200px|center|Historical chart of USA home prices]]

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=== Crash of 2008===

=== Crash of 2008===