> The logical, real-world value of a house should depreciate over time as the structure gets older and needs more repairs This is true, but the cost of buildin

> The logical, real-world value of a house should depreciate over time as the structure gets older and needs more repairs This is true, but the cost of building a new house is also rising. So at some point buying existing housing is cheaper than building a new house. That should put a floor on the depreciating value you speak of.