As I understand, private property in America is perceived as the very basis of individual freedom. We tend to consider it as a potential cause of social inequality and alienation.
I don't know if I would call it "individual freedom," but rather, "materialistic goals." In America, you are judged by the clothes you have on your back, the car you drive, the neighborhood you live in, and the restaurants you eat at(plus a zillion other items). If I said I lived in East Lansing, drove an import vehicle, shopped online for my clothes, and ate at Dusty's Wine Cellar, people would classify me as a Liberal Democratic Snob. But if I lived in south Lansing, drove a GM truck, bought my clothes at Wal Mart and ate out at Pizza Hut, people around me would see me as a Patriotic Republican whatever. I know for a fact here in Lansing, if you drive an import vehicle, you are partly responsible for the job losses(automotive industry) in this state. There is definitely an alienation between the people who live on one side of the town compared to the other.
Real estate is the ultimate sign of wealth in this country I believe. A big ass house on a huge plot of land. But what if your house just happens to be in a town on the water where the state/city wants to build a new shopping center? Eminent domain. The gov't can take away what [seems to be] is rightfully yours.