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"Thought everything that could be said about housing had already been said? Think again. The Smiths offer a perspective on home buying that is fresh, sensible, and very much needed these days." Alan Blinder, Gordon S. Rentschler Professor of Economics and Public Affairs at Princeton University
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"This book couldn’t be timelier. With hundreds of thousands of Americans expected to lose their homes because they took out mortgages beyond their ability to pay, it is clear that home buyers need assistance—beyond the reassurance of the mortgage broker trying to close the deal and get his commission. This book, written in an easily accessible manner, provides that assistance; it lays out the economics of buying, owning, and financing a home." Joseph Stiglitz, Columbia University, 2001 Nobel Prize in Economics
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"The purchase of a home is the most significant investment decision confronting nearly all adults. Yet sound advice, untainted by the self-interest of real estate and mortgage brokers, is extremely scarce. In Houseonomics, the Smiths provide simple and understandable answers to the vexing questions surrounding home ownership, making it a valuable resource for anyone serious about their financial future." Bryan White, Managing Director, BlackRock
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"Houseonomics offers great insights about how to think about home ownership. Its approach is innovative, but the analysis is grounded in common sense. A useful primer for what is the most important investment most people make in their lives." Paul Efron, Advisory Director [or Retired Partner], Goldman Sachs & Co.
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"This book is a common sense response to those who question the value of homeownership. The Smiths validate the argument that homeownership is normally a key component of lifelong wealth building. They present a practical guide to basic financial analysis for those planning on owning a home or who currently own a home." Doug Duncan, Chief Economist, Mortgage Bankers Association
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"There is a lot of wisdom in Gary and Margaret Smith’s Houseonomics regarding the biggest investment that most people ever make. Anyone considering buying or selling or refinancing a house, determining their net worth or their financial preparedness for retirement should read this book. Reading it would be time well spent for recent college graduates, newly weds, those contemplating moving to a new location and those still renting an apartment. It is so well written that reading it is a joy and yet almost everyone can gain valuable knowledge in the process. The time you take to read this book will be a smart investment indeed. Having taught economics at Stanford for 35 years, I can only wish that more authors were as knowledgeable as the Smiths and wrote this well." John B. Shoven, Charles R. Schwab Professor at Stanford University, Co-author with George P. Shultz, Putting Our House in Order: A Guide to Social Security and Health Care Reform
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"The 'Home Dividend' is a powerful concept and, indeed, an engine for prosperity." Ed Yardeni, President, Yardeni Research
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"The Smiths have done their homework, and with their new book you can do yours too—on what, for most families, is the most important investment people ever make. Their careful analysis takes account of important elements of the housing decision that even most so-called professional advisers overlook. And their writing is clear and easy to understand. Their book should help millions of American families." Benjamin M. Friedman, William Joseph Maier Professor of Political Economy, Harvard University, Author, The Moral Consequences of Economic Growth
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"Houseonomics provides the most intuitive framework for understanding the power of real estate investing. It is a great toolkit for first-time homeowners and seasoned real estate investors." Matt Thompson, Director of Business Development, Sony Pictures Television International
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"Recent studies show that more than 98% of all homeowners had gains in the purchase of their home if they have owned it over 5 years. The numbers drop measurably for those who have owned for less than 2 years. Houseonomics is among the first books to inform current and future homeowners that owning a home should never be seen as a short term speculative investment but rather a sound long term one. This is a simple to read but powerful reminder of the benefits of homeownership along with useful tips on how to navigate through the process of buying and selling." Steve Murray, Editor, REAL Trends, Co-Author, The Consumer Tsunami
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"Houseonomics is packed with insights for anyone who owns a home or is thinking about buying a home. The “Home Dividend” is an original and invaluable way of thinking about homes. Houseonomics opened my eyes; it will open yours too. " Chris Dialynas, Managing Director, Pacific Investment Management Company (PIMCO)
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"The Smiths take a common sense approach to the housing market which is something that has been sorely missing. Houseonomics is not just fun and informative for the first time home buyer, but for industry professionals as well ." Andrew Sloves, Senior Managing Director, Bear Stearns
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"Housenomics is essential reading for anyone considering purchasing a home. It explains why owning a home is the best investment most Americans will ever make, and clearly lays out in everyday language and easy to follow numerical examples all of the financial principles associated with the purchase and sale of residential real estate. The book answers questions such as how to pick the best mortgage, how much money one saves by owning rather than renting, whether remodeling is a good economic investment, how tax breaks, leverage and compounding work together to make homeowners rich, and how to decide if a vacation home can be a good investment. World class economists Margaret and Gary Smith give readers the knowledge and confidence to ignore tainted advice from real estate agents or mortgage brokers, and instead make informed decisions that are in their best interest." Mike Schimmel, Managing Director, Kayne Anderson Capital Advisors, L.P.
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"No one explains the economics of the rent vs. buy decision as clearly as the Smiths. If you are looking to purchase a home, consider Houseonomics your “House Buying 101.” A must read." Jeff H Ellis, CFA, Portfolio Analyst, Western Asset Management
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"Few investors treat housing with this level of thoughtfulness and depth. Houseonomics offers an invaluable perspective on housing as an asset, with returns that can be calculated and evaluated when considering home ownership and long term personal portfolio management." Kristin Horne, Principal, TPG Capital
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"When it comes to houses, Americans suffer from a collective bipolar disease. In our manic state, we rush out in droves to buy houses before someone else does. In our depressive state, we hide our eyes when passing a For Sale sign. This book is the therapy we need. Not another book offering get-rich-quick in real estate advice. Not another book proclaiming the imminence of the second coming of the Great Depression. This book charts the right path between housing mania and housing depression, offering wise advice for everyone thinking of make one of life's biggest and scariest decisions - buying that first new home." Ed Leamer, Director of the UCLA Anderson Forecast
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"The Smiths have written a “just in time” book which will greatly help demystify the disinformation that is rampant about housing and real estate. Their academic backgrounds plus the wisdom of their advice on ownership of property puts them in a unique position to be of great value to the American as well as foreign consumer. This is a “must have” book in my opinion." Frank Pecarich, investor, author, and management consultant
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"Finally there is book that takes a rational and logical look at most people’s biggest investment; their home. Houseonomics gives homeowners the tools to make decisions based on facts and not speculation." Charles S. Mizrahi, Managing Partner, CGM Partners, author, Getting Started in Value Investing
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"The Smiths’ meticulous research supports a completely different approach to building wealth through real estate. Houseonomics won't make people an instant millionaires, but it will provide readers with the opportunity for a comfortable retirement. Hosueonomics shows that treating a house first and foremost as a place to live is actually the soundest long term investment. It’s a dose of common sense and financial planning that is much needed in today's housing market." Matthew Haines, Founder of PropertyShark.com
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"Homebuying can mean stressful encounters with The Industry: the lenders, agents and lawyers who may not speak what you and I would call English. This book breaks down the Big Decision into small words and digestible concepts. They key is what the Smiths call the “home dividend” – an argument for homeowning and how it can serve your interests, not The Industry’s." Scott Tong, Correspondent, Marketplace public radio
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"In recent years, Americans have bought and sold homes like they buy and sell stocks: as speculative bets on future resale values. Houseonomics brilliantly reeducates readers on the real source of wealth creation from home ownership- namely, the steady savings of rent and taxes that build valuable home equity over time." Joe Matt, Analyst, Capital Research & Management Company
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"Houseonomics helps everyone to systematically and simply understand what is needed to maximize potential profit in finding and owning a home and also have more fun while doing it." Bruce Gordon Hut, CFA, Founder, Kegani Pacific Investment Management Limited
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"The concept of your house as a multi-faceted financial vehicle, central to most people’s lives, is fascinating. And the examples of how people make bad decisions because they don’t understand the time value of money – total payments error -- are important and compelling." Greg Karp, award-winning personal finance columnist, author, Living Rich by Spending Smart
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