Introduction

“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly and one by one.”

—Charles MacKay, Extraordinary Popular Delusions and the Madness of Crowds, 1852

All of us think we know real estate, and we have all been involved with it in one way or another since our arrival in the hospital delivery room. That building, our earliest impression of the world, is real estate; the residence we were taken home to, whether a single-family house or an apartment, is real estate; the malls and neighborhood centers where we shop, the factories and office buildings where we work, the hotels and resorts where we vacation, even the acres of undeveloped land we have walked across ...

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