Harvard’s Shorenstein Center on Media, Politics and Public Policy
When it comes to housing, the past 10 years has been anything but relaxing for millions of U.S. residents. The 2002-2006 run-up in real-estate prices was as dizzying for homeowners as it was appalling for would-be buyers. Then came the subprime crash, Great Recession and a massive asset melt-down — median household wealth dropped 47% from 2007 to 2010, much of that in real estate losses. Unemployment more than doubled, going from 4.4% in October 2006 to a high of 10% four years later. Skilled jobs continued to disappear, cutting incomes and pushing many once middle-class Americans into lower-tier jobs, leaving less money for basic needs such as housing.
