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by Gibbon1
3 hours ago
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I think housing isn't an ordinary durable good the way economists think. If there was a shortage of toasters you couldn't make money by churning toasters like you can if there is a shortage of housing. But you could make money importing toasters. With housing when there is a shortage the effective way to make money is by using access to cheap credit to bid prices higher. So a housing price spiral is a result of a properly functioning market. |
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