But when it comes to the US housing market, an epic collapse is underway. And we're just getting started.
Builders Giving Up On The Sinking Market
In California, where developers have been racing to turn farmers' fields into subdivisions, they're now walking away, leaving houses partially built.
Those who have already moved in wondering what will hit next.
“I'm concerned that once the weather starts getting bad, there's tile piled on the roof that could just fly off,” homeowner Marius Gieske told CBS News correspondent John Blackstone.
Dunmore Homes had building projects in a dozen California communities from Bakersfield to Yuba City. Now it’s halted work everywhere, giving up on a fast-falling market.
“We couldn't sell a moving target,” said John Slaughter, vice president of construction and operations for Dunsmoor Homes. “What we wanted to do is stop.”
That moving target, collapsing house prices, has already cut $1.2 trillion from the value of American homes. And the losses are mounting, going to $4 trillion by one estimate, by the end of next year.