“This economic crisis, while similar to the Great Depression, is also unique in the way that the housing market played a central role,” said Greg Rand, author of “Crash- Boom.” “It is true that this is a once-in-a-generation crisis. It is also true that this is a once-in-a-generation opportunity. It’s time to focus on the other side of the coin.”
Rand cited five reasons for doing so:
• The meltdown wasn’t of housing, but of Wall Street centered around a “predictable housing correction. Housing will save us in the long haul,” he said.
• Owning a piece is better in the long term than shares in Apple.
• Flipping houses is “a sucker’s bet,” while owning is about building wealth.
• Invest in a condo to build a college fund.
• Don’t zoom in and out, as the market changes hourly. Stick with it. —Gazette staff
This article appears in May 11-17, 2011.