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rwallace comments on Misleading the witness - Less Wrong
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Given a million-dollar windfall, buying a house at today's depressed prices would be one of the best investments you could make. (An additional benefit would be to make the money less liquid, thereby cutting down the temptation to spend it frivolously.)
Perhaps, but owning a house would be a terrible time investment for me the way my life is working. I suppose I could hire a property manager and rent it out, though.
How sure are you that you know more than the market on this one? What information do you have that (still) rich property speculators don't have?
Housing markets aren't even theoretically efficient. Too big, diffuse, illiquid, etc.
ok, but are you arguing that Matt's skepticism is unwarranted? are you heavily invested in realestate?
Don't forget bad zoning regulations: http://www.heartland.org/publications/environment%20climate/article/10635/Landuse_Regulation_Makes_Housing_less_Affordable_Harvard_Study_Finds.html