It is really weird. My home is a wood-frame house >100 years old. Although some aspects are better than new construction, it seems weird that the underwriting is basically the same as a new property given the term of the loan I just refinanced. Even insurance is almost the same!

I can travel a mile down the road and due to a "bad" neighborhood, many properties are literally negative value. They sit till they burn because demolition is more costly than the value of the land.

Markets don't price risk well. Housing markets definitely don't price capital investments or liabilities more than 5 years out well.