Nature does not work with an end in view

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[A]verage quality-adjusted single-family house prices, corrected for overall inflation, have risen a paltry 1.1% at a compound annual rate since 1972. […] Since 1972, 30-year fixed-rate mortgage rates in real terms have averaged 4.1%, meaning it has cost the homeowner 3% per year to own a house before taxes, maintenance, utilities and insurance. That’s a real negative return.

{ Bloomberg | Continue reading }

photo { Frank Lloyd Wright at the Guggenheim Museum during construction, photographed by Sam Falk, 1957 | NY Times }