FIRE—finance, insurance, real estate named were the watchwords of urban development in late twentieth century America as the spaces of the city themselves became central commodities and motors of growth. Real estate as a focus of speculation for both individuals and corporations underpins both prosperity and debt.

For most individuals, housing is their primary investment and often, via the mortgage, their primary debt. Federal programs for buyers and developers as well as deductions on mortgage interest for income taxes have made this a central financial operation of the middle class (see public housing). At the same time, given American mobility the home is an investment middle-class homes should accrue value, whether pioneers of gentrification or suburban enclaves. Threats of loss of value, in turn, have spurred white flight.

Yet real estate also represents a major national and international market in which large developers negotiate with cities, states and federal governments for breaks that will presumably be offset by jobs or other revenue increases, and newspapers cover trends and projects in detail. As an investment, in fact, real estate has also attracted money from pension funds, healthcare corporations and other economic sectors. Red-hot markets, in turn, have posed problems for other land uses, whether environmental controls, preservation, planning or even basic questions of the location of schools and services.

Perhaps it is indicative of the centrality of real estate to urban and exurban planning— and American discourses of profit and success—that Donald Trump, known primarily for real-estate development in New York (and Atlantic City casinos) has been discussed as a potential presidential candidate for the Reform Party.