Your equity was always imaginary
Posted March 12, 2008 - 05:13 by Philip Brewer
You used to hear the term "land rich, cash poor" for people who owned valuable land but didn't have quite enough money to make ends meet. It's an expression that dates back to the days when property was the only kind of real wealth there was. It's kind of fallen out of fashion of late. But as property values keep falling, it's worth thinking about the ways in which land is wealth.
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