History says home real estate is a bad investment

CBS News reports:

For the period 1890-2005, inflation-adjusted home prices rose just 103 percent, or less than 1 percent a year. One can only imagine how many fewer investors would have piled into the residential home market if they were aware of the historical evidence. As Spanish philosopher George Santayana famously remarked: "Those who cannot remember the past are condemned to repeat it."