Â Last night, my girlfriend's father was saying (and he owns a realty business) that housing prices in urban markets have never receded in the last 40 years, regardless of what happened with the economy, wars, pestilence, disease, famine, what have you. Â heh heh. Â He was again trying to get us into real estate, saying urban properties especially are bullet-proof ways to grow capital, no matter what. Â He made some valid points.
What??.. I just read this, and this doesn't pass the smell test. So, he's saying that even with white flight from the city, that housing prices didn't drop? Or, that the prices in NYC in the 70s didn't drop when the whole city verged on bankruptcy or that the prices in Detroit weren't affected by the trobules of the american autobile industry??