Three Chronologies and the Genesis of the 2007–2010 Crisis
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The real price of housing decreased 15 per cent in the United States over the years following the end of the Second World War to the end of the sixties (see Baker, 2007). Increased access to housing was part of the tremendous spurt of prosperity experienced in the United States at that time, a spurt that made the idealism and ‘rejection of materialist values’ of the countercultural movement possible. Part of this prosperity was homeownership, because independence of any landlord was seen as freedom from subservience. Financially, this meant the virtual elimination of the cost of shelter once a home was paid for — homeownership is almost always preferable to renting from the financial viewpoint, although there have been occasions isolated in time and location in which renting is cheaper than ownership.