"Workers whose entire occupations...are disappearing (think: auto workers) will need to start over and find a new career path. But the new skills they will need take a long time to acquire."
Reality: auto work was not highly skilled labor, and it just paid as if it was skilled due to union coercion. This turned out to be unsustainable. Former auto workers must now accept low skill pay.
"...some workers may need to move to new places in order to start a different career....Homeowners who are “underwater” ...may not be able to sell their house for enough money to enable them to buy a home in a new area."
Reality: you speculated on real estate and lost. You can not afford to own a home anymore. Rent.