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Propaganda Works: Home buyers remain optimistic about appreciation

Amazing ... people still think house prices will go up 10% per year ... from David Streitfeld at the NY Times: Housing Fades as a Means to Build Wealth, Analysts Say In an annual survey conducted by the economists Robert J. Shiller and Karl E. Case, hundreds of new owners in four communities — Alameda County near San Francisco, Boston, Orange County south of Los Angeles, and Milwaukee — once again said they believed prices would rise about 10 percent a year for the next decade. With minor swings in sentiment, the latest results reflect what new buyers always seem to feel. At the boom’s peak in 2005, they said prices would go up. When the market was sliding in 2008, they still said prices would go up. “People think it’s a law of nature,” said Mr. Shiller, who teaches at Yale.

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