"Americans now know that housing prices can go down and they can go down by 10, 20, 30, and in some cases, 40 or 50 percent. We know they can go down. But five years ago, we thought they could only go up"

This quote by Bill Gross is describing the housing market crash of 2008. Before the crash, numerous Americans thought that real estate prices might just increase, which the market was a safe financial investment. Nevertheless, the crash revealed that real estate costs can go down considerably, which the market is not as steady as many people believed. The quote is stressing the reality that 5 years back, individuals were not familiar with the potential for real estate prices to drop, which the crash was a shock to lots of. This quote acts as a pointer that the real estate market is unforeseeable, and that individuals should beware when purchasing it.