During the last housing downturn in the early/mid 90’s, I don’t recall a massive anti-real estate sentiment here in SD. The issue confronting most folks was the local economy/job market. Of course this issue dove-tails into real estate, but I do not recall folks bashing real estate as a bad investment and therefore to be avoided. I think the general sentiment on real estate has always been to buy as soon as one can afford to do so. And there is a huge difference between not being able to afford a home versus not buying one even if it is affordable because you think the market is going down.
There is an incredible conditioned emotion of Americans to own their home. It is going to be interesting to if and how this powerful emotion will be increasingly subdued as the market evolves.
