And inflation in the 70s was brutal and, at least where I was (California) the increase in real estate prices didn't keep up because of 16% mortgage rates (yes, kids, 16%.)coupled with wage and price controls that controlled wage increases but didn't seem to control prices put a real damper on the market.
Unless you were nimble you could get hosed pretty bad. I do remember scarfing up a load of 90 day T-Bills at (I think) 18% and some high interest CD's at some very iffy S&L's that fortunately didn't go belly up, but if one was starting a marginally captalized business 99 out of 100 were doomed out of the gate.
Yep, the market was viewed with skeptisism and fear. A fool's game. We recently found a bunch of International Harvester stock owned by my Grandfather during that time. He was using it as a bookmark. Got it as a bonus when he worked there. I also remember the housing market when we first came out of school. I'm in California, too. It was more of the house owning YOU than you owning the house. Now I see the elderly with their homes paid off barely making ends meet, and their homes are falling apart with no money to fix them. Sad really.