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This paper argues that the relentless logic of commodification has served to undermine a key element of the social cement of contemporary capitalism: home ownership. In addressing this issue, the paper explores the development of the post war ‘social project’ of home ownership with particular reference to mature home ownership societies such as the USA, Japan, Britain and Australia. The paper then outlines the new fault lines and fractures which have emerged in post-crisis home ownership systems and the way in which a more vigorous, financialised private landlordism has emerged from the debris of the subprime meltdown. A key argument is that in a new and more intensified process of housing commodification, the social project promise of home ownership for a previous generation has shifted to a promise of private landlordism for current generations. In summary, the social project of Keynesian-embedded liberalism has been undermined by the economic project of neoliberalism. [ABSTRACT FROM PUBLISHER]

Japan's condominium sector expanded rapidly along with post-war urbanisation and high-speed economic growth. However, the bursting of the bubble economy in the 1990s undermined land and housing markets. Capital losses on condominiums have been disproportionate, especially in cases of older, smaller or non-centrally located condominiums. This analysis incorporates socio-cultural elements in explaining emerging patterns of fragmentation among homeowners and property values. It illustrates relationships between the meaning of housing commodities and the context of indigenous production and consumption processes in urban Japan. The paper specifically draws upon data from interviews with Japanese homeowners to illustrate the significance of values and perceptions in the modern condominium sector and their relationship to changing socioeconomic conditions. [ABSTRACT FROM PUBLISHER]