The New Normal is about accepting reality--and moving on. The fact is housing is not coming back soon so we need to quit basing national policy on an outdated concept. We (as a society) want people mobile, able to move to change jobs, take advantage of better opportunities and not be weighed down by debt and illiquid assets (like housing) that have very little chance of appreciating.
Maybe no housing rebound for a generation: Shiller - Chicago Tribune: "April 24, 2012|Reuters
NEW YORK (Reuters) - The Housing market is likely to remain weak and may take a generation or more to rebound, Yale economics professor Robert Shiller told Reuters Insider on Tuesday.
Shiller, the co-creator of the Standard & Poor's/Case-Shiller home price index, said a weak labor market, high gas prices and a general sense of unease among consumers was outweighing low mortgage rates and would likely keep a lid on prices for the foreseeable future. . . ."
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