Housing: New Game, New Rules?

"If it did nothing else, the last decade should have disciplined some of our enthusiasm for betting the house, literally, on long-term trends deduced from short-term experiences. Remember that little hiccup in the world economy when pretty much everybody bought into assumptions about ever-rising home values?"

"So where do I get off saying this: For the next 15 to 20 years we’re going to experience the most dramatic changes in American neighborhoods since the post-WWII era?"

"It helps that it’s not me making that argument. There’s a growing chorus of analysts smarter and more experienced in the housing economy than I am predicting a seismic shift – and worrying more than a little whether communities can meet the challenges."