During the mid-1980s and again between 1995 and 2006, ho
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During the mid-1980s and again between 1995 and 2006, house values and rents rose sharply in California and in the north
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During the mid-1980s and again between 1995 and 2006, house values and rents rose sharply in California and in the northeastern United States. But starting in 2006, prices began to fall. Homeowners, who have higher incomes on average than renters, benefit from house-price increases and are protected from housing-cost increases. Falling house prices, on the other hand, make housing more affordable but inflict pain on homeowners. Renters experience rising rents and falling standards of living if incomes do not keep up with rents. Using the Statistical Abstract of the United States, other data sources, www.census.gov, www.ofheo.gov, or http://macromarkets.com, look up residential rent, home prices, and income levels for your area. What has happened in the last 10 years? Do you think the performance of the housing market in recent years has increased or decreased inequality in your area? Explain
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