Now they tell us

You mean your home isn't an investment?  (Excuse me, your biggest investment?)

Yup, there it is in one of the Wall Street Journal's personal finance columns today, trying to calm the nerves of homeowners:

Moreover, homes aren't the great investments over time that many homeowners believe.

For all the ballyhoo of the early 2000s, the return on residential real estate has trailed stocks over time. According to research by Yale economist Robert Shiller, the average return on homes is about 3% a year, roughly on par with inflation. Stocks, on average, have historically performed more than twice as well.

These calculations focus on top-line gains — the difference between the purchase price and the sale price. While shares don't require much maintenance, a home is an entirely different matter. A new roof, property taxes, the cost of your mortgage and various repairs and improvements all chip away at the investment value of a home.

Funny, I didn't see this sort of thing in establishment media while the housing bubble was inflating.  No, it was, "Housing always goes up."

Sick irony this is published the same day the Fannie/Freddie bailout dominates the front page.

Not that stocks are any great shakes right now, the 300-point Dow spike at the market open today notwithstanding.

The Daily Reckoning