The key driver of household net worth is to be found in the depreciated value of an owned residential property, plus the underlying parcel of land. In residential markets where the demand for residential property is stable or increasing, existing property owners experience the capitalization of an imputed rental income stream associated with the land held. Of course, the value of land can quickly disappear during a prolonged recessionary downturn (although land prices have a history of fairly quick recovery except in communities where unemployment remains high even as the general economy is pulled out of recession. What any economist who is committed to understanding the causes of "business" cycles needs to study is the cyclical nature of land markets. Land markets are driven by speculation and speculation is exacerbated when credit is cheap and readily available. Economists who have studied land markets find a cycle that averages 18-21 years. There is always a correction and sometimes a serious and prolonged crash (as occurred in 2008).