Define &quot;real value&quot;. Prices are driven my many-to-many auctions, and each market (housing) interacts with its supplements (transportation, food, energy, finance,...). The value varies from person to person, and much of the value is parasitic: I derive value from getting paid by my job, and my home, transport, etc enable me to do that job. If I make $100K&#x2F;yr, is my home providing $10k&#x2F;yr of value? Or $40k&#x2F;yr? If I get a raise, is my home more valuable because it supports my higher income? Or is my transportation more valuable? Or is my food more valuable, as it keeps me healthy?