Quote:
Originally Posted by JustRalph
Bush took the blame for the 2008 housing crash even though Repubs were screaming for over a year before for hearings on mortgage fraud etc. It was posted here many times. Barney Frank screaming the housing market was strong. Dems calling Repubs liars and chicken littles.
Nobody saying a word now about Biden……..
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I lived in Southern California when the real estate crash of 2008 hit. I challenge any place to match that area's boom and bust real estate cycles.
I had a house I bought for $57k in 1980 get an $80k offer from a neighbor a year later, market tanked, sold it 4 years later for 64k. Bought a house for 85k in 1995, put 30k in it, in 2003 sold it for $265k. Bought a house for $390k in 2003, pre crash in 2007 it was valued at $675k. I only put $30k in it. Then the market crashed, in 2010 sold it for $250k.
The problem was in the the bust of 2008 the market was fueled by junk loans
to people who were banking on refinancing once they had the magic 20% equity, and also could drop mortgage insurance. People were also refinancing
and pulling money out to party like it was 1999. It created a false economy that crashed hard. I blame the banking industry and real estate agents telling people the boom was never going to end this time.
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