Sunday, December 25, 2011

When exactly was the BEGINNING of the housing bubble pop? ----> August 2005 !

People do not know this, but the housing bubble popped long before people realized that it had happened! As is usual, the common man / people on the street are the LAST to know. Here is some info from NAR (National Association of Realtors):

NAR chief economist David Lereah's explanation, "What Happened", from the 2006 NAR Leadership Conference

  • Boom ended in August 2005
  • Mortgage rates rose almost one point
  • Affordability conditions deteriorated
  • Speculative investors pulled out
  • Homebuyer confidence plunged
  • Resort buyers went to sidelines
  • Trade-up buyers went to sidelines
  • First-time buyers priced out of market

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