"By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity"

This quote by Ron Chernow is referring to the real estate market in the late 1980s. At this time, people were beginning to understand that the worth of their homes was not guaranteed to increase in time. Rather, the worth of their homes might fluctuate just like any other product in the market. This was a significant shift in the method individuals thought about their houses, as they had actually previously presumed that the value of their houses would constantly increase. This realization triggered individuals to end up being more cautious when it concerned buying property, as they were now conscious that the worth of their houses could reduce just as quickly as it might increase. This quote works as a tip that the real estate market is much like any other market, which the value of homes can go up and down depending on the current market conditions.