Business Services Industry
Views split on whether real estate's the real deal. (Special Report).(question of possible real estate investment bubble examined)(Industry Overview)
Crain's Cleveland Business, November, 2002 by Clowes, Mike
Byline: MIKE CLOWES The collapse in stock prices during the past 21/2 years and the rise in house prices have encouraged some to look to real estate as an investment. But is it too late to invest in real estate, either by buying a bigger home or investing in real estate investment trusts? In other words, is the real estate bubble real, and if so, is it about to burst? The opinions on that issue vary.
Stephen S. Roach, chief economist at Morgan Stanley in New York, concluded that the property bubble is real. He cited The Economist, which reported that U.S. house prices have increased 27%, inflation adjusted, since 1997, the sharpest five-year increase since 1945. He also cited a study by the Center for Economic Policy Research in Washington, D.C.,...
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