Word: illiquid
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Dates: during 1970-1979
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Land is also a notoriously illiquid investment: a seller can wait months, even years, to find a buyer at the price he demands. Meanwhile, interest payments and local taxes on the land continue. Eli Broad of Los Angeles, a major home builder, says that undeveloped land has to appreciate 20% a year to cover carrying costs. On balance, it rarely does...