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this post was submitted on 28 Aug 2023
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The 90s followed the extremely high interest rates, which were why housing was flat. People couldn't easily buy in, so demand was reduced.
But that just further corroborates the point: when housing was at its most affordable it was not considered a good investment.
It’s also important to note that housing remained flat even when interest rates went down, partially because of a healthy stock of non-market and market housing.