One of the classic lines about real estate is that it will always rise in value because they aren't making any more of it. But it's not an argument that holds up for long. Real estate booms and busts have been part of the American financial landscape since the early 1800s, when a 50-acre farm was considered "cozy." And they're not making asbestos insulation any more, either, and it's not getting one bit more valuable.
The market for residential real estate, however, has been fairly good. The S&P Case/Shiller home price indices have gained about 12% in the past 12 months, buoyed by relatively low prices and mortgage rates.
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