Simon Johnson, in May 2009:
The conventional wisdom among the elite is still that the current slump "cannot be as bad as the Great Depression."
This view is wrong.
Pete Flint, of Trulia:
There was a time when owning a home was a symbol you had made it. Now it's O.K. not to own.
Adam Lyons, a manager at IBM:
I don't think we're ever going to see the prosperity our parents did.
Housing is locked in a downward spiral, industry analysts say, not only because so many people are blocked from the market, but because even those who are solvent are opting out.
The market's persistent weakness runs the risk of feeding on itself. Buyers are staying away despite the lowest interest rates and the highest affordability levels in many years, which in turn prompts others to hesitate.
No one wants to try to catch a falling knife.
Susan Lindsey, a San Diego software programmer, was once eagerly waiting for the housing market to crash.
With prices now down by a third, however, she is content to stay in her $2,500-a-month rental. She prefers to invest in gold, which she has been buying since 2003.
After jokingly asking "Time to buy gold, huh?", there was a pregnant pause. Then came the response: "Buy ammunition".
New Low in House Prices