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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