Why are home prices so high?

“The American dream of owning a house may be vanishing,” the U.S. Government Accountability Office said in a research report, “because of higher housing prices and a decline in housing affordability.”

“Many young, middle-income, and first-time home buyers can no longer afford to buy an existing house.”

The GAO released this dire news on May 11, 1978. The median selling price of a house “hit an all-time high of $44,300” in 1976, the GAO glumly reported.

Hal Bundrick | Yahoo Finance

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