Housing Has Been A great investment for several years―especially compared with stocks. According to Federal Reserve data, in 1999 the value of residential real estate owned by American households and nonprofits was 33% less than the stocks and mutual funds that they owned. Then home prices jumped, and stocks crashed. By the end of 2002, their real estate was worth 50% more than their stocks and funds. But plunging into a bigger house with a bigger mortgage will be a trickier move in 2004. Home prices are already high in many parts of the country and interest rates are rising, so price increases will likely be more modest. "Houses won't sell the first day they're listed," says Mike Sklarz, chief valuation officer for Fideli-ty National Financial Inc., a real estate services company in Jacksonville, Fla. "The hysteria isn't going to be as prevalent."
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机译：几年来，住房一直是一笔巨大的投资，尤其是与股票相比。根据美联储的数据，1999年美国家庭和非营利组织拥有的住宅房地产的价值比其拥有的股票和共同基金低33％。然后，房价猛涨，股票大跌。到2002年底，他们的房地产价值比股票和基金高出50％。但是，在2004年投入更大抵押贷款的大房子将是一个棘手的举动。在美国许多地区，房价已经很高，而且利率不断上升，因此房价上涨的幅度可能会较小。佛罗里达州杰克逊维尔的房地产服务公司Fideli-ty National Financial Inc.的首席估值官Mike Sklarz说：“房屋上市后第一天就不会出售。歇斯底里不会普遍存在。”
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