Now I feel sympathetic for Generation X.

They carry 70% more debt than the baby boomers did at that point in their lives because of the cost of housing…. Almost all of that is housing debt.”

But some old advice is new again.

You’re better off renting unless you’re going to be in a home for at least five years because of the costs of getting in and out,” he told attendees.

“The reason this cycle went up so high and flattened so quickly is more speculative buying than I’ve seen in my 35 years in the business,” Terwilliger said. “It’s unfortunate so many people bought intending to flip.”

It will take time to regain equilibrium, he said. “There’s a lot of pain going on in the investment community.”