False. If your local governing agency (whether private or public) fails to maintain the local parks, schools, and roads, the value of your house will fall. Houses are securities according to the Howey test.

No they aren’t.

“The respondent companies are offering something more than fee simple interests in land…they are offering an opportunity to contribute money and to share in the profits of a large citrus fruit enterprise.”

https://recaldelaw.com/do-security-regulations-cover-real-es...

Yes, the courts don’t support the SEC interpretation of the Howey test, and the SEC has repeatedly lost in court. Your point is?

My point was 3 words. Which one do you not understand?

Something can both pass the Howey test and be considered a security by the SEC, but simultaneously fail to be a security in court.

By not passing the Howey test. Which they don’t, according to the only people whose opinion matters.

The SEC doesn’t get a vote.

Yes, so the SEC guidance is irrelevant, and is just fear mongering to get people to pay fines they don’t actually need to pay.

That is correct.

My HOA would argue otherwise. It exists specifically to prevent housing prices from falling due to certain local factors.