Tom Toles' editorial cartoon on Nov. 19 left a distinct impression that buying a home has become a bad investment.
Fortunately, nothing could be further from the truth.
While the rapid increases in housing prices we have seen for the last several years have started to slow down, the increase in median prices in the Buffalo area continues to outpace the rise in the consumer price index.
Much attention has been focused on the media centers of this country, such as Boston, New York and Los Angeles, where median prices have decreased in the past year. This however is a natural correction of the fact that the price increases in the previous three years have been in the double-digit range.
If there is a problem with housing prices in this country, it is that they are increasing too quickly.
The good news is that Buffalo still offers some of the most affordable housing of any major metropolitan area in our country.
Executive Vice President
Greater Buffalo Association of Realtors