Most Americans buy homes, not farmland. In that respect, the UK's "Safe as Houses" is worth a read.
Summarising many studies on the matter, across countries and over long time horizons, houses appreciate at the cost of inflation. Short-term swings are primarily driven by credit; a bet on house prices rising is a leveraged bet on credit quantity increasing, i.e. rates falling.
Summarising many studies on the matter, across countries and over long time horizons, houses appreciate at the cost of inflation. Short-term swings are primarily driven by credit; a bet on house prices rising is a leveraged bet on credit quantity increasing, i.e. rates falling.
[1] http://www.newyorker.com/magazine/2006/10/30/safe-as-houses