[kylehotchkiss]

Housing built with pine 2x4s really _should_ depreciate especially in termite/earthquake regions like CA, but doesn't seem like that'll ever happen.

[BirdieNZ]

It does depreciate, usually. It's the land underneath that appreciates in value.

Occasionally if you get unusual spikes in building materials and labour costs then the house itself can appreciate in value because it costs more to replace it, but that's rare enough.