Researchers at the Wharton School reckon that people in negative equity are only half as likely to move as those who are not. In all these ways, high home ownership may prolong and deepen a recession.
The problem remains of how to weigh the economic costs against the social benefits of home ownership. There can be no easy judgment about this but the recent rise and fall of house prices suggests both that the costs are greater and the benefits smaller than once thought.
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Article : http://www.economist.com/finance/displaystory.cfm?story_id=13491933 |
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