Yes if we were in hindsight when prices were low $650 so we would see a profit. Long term at least we feel we have something tangible. Even though stocks have out performed gold. Other metals have done well and much less expensive. Copper and less glitzy metals we use every day seem more stable. Gold is volatile. All of it a crap shoot I guess.
We would come out of this much sooner if Americans were not spenders but more savers like China and Japan during their difficult financial times..our wants are far above our needs-we all are guilty.
Those "under" on their homes who have seen their interest rates higher, but are just getting by will worry about that in a couple years. They can't refi as homes are still below what is owed (Calif friend). So we have not seen the end of this mortgage problem. No end in sight.
Yes, much more subtle that you let on... One, now for the market to succeed quickly, you need most Americans to stop saving and invest - counter to what you are saying. Of course if we were already savers, we would have that same amount to invest now.
As to housing... It is much more complicated that you are saying. The situation today keeps house owner in place - no moving for jobs, lose of equity means loss of credit, etc. They can’t sell, can’t move, can’t buy, and are simply stuck in the current situation. Only those that prepared for a 2-3 year jobless situation can withstand the problems.
Most will be forced to either lose their homes and move for jobs or stay and be in poverty or barely making it depending upon their situation. Since this is a long term problem, most will eventually break (sell at a huge loss or just leave) because they simply have to for survival.
I see no short term recovery for many and that means that the market whatever it does in the short term still faces long term problems.