It’s safe to say that many people have been disillusioned by the recession. The sense of job security and stability evaporated for many with the massive layoffs in the workplace and the spiraling depreciation of assets in real estate and investments. Despite the bad times, many Americans still had faith that real estate prices would bounce back up and finding a bargain of a real estate deal via foreclosure sales or otherwise would put them back on the fast track to ride the next wave. That’s very wishful thinking says The New York Times. “More than likely, that era is gone for good.”
According to analysts interviewed for the piece, Americans have largely come to understand the relationship between housing and wealthbuilding as iron clad, when that is not necessarily the case.