> By contrast, real home prices should decline with time, except to the extent that households shell out some money and plow back some of their incomes into mai

> By contrast, real home prices should decline with time, except to the extent that households shell out some money and plow back some of their incomes into maintenance and improvements, because homes wear out and go out of style. But the majority of the value of homes in expensive cities (i.e. SF, New York) is actually the real estate it sits on.