5 Turning Points in Real Estate Within the Past 10 Years
Posted by Tom Crimmins Realty on
Let's reflect on the up's and down's of the real estate market in the past ten years. These five points have made a massive impact today in the Staten Island real estate market:
Market Collapse & The Great Recession
In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble "the most significant risk to our economy," becoming a massive part of the Great Recession. Washington Mutual declared bankruptcy and the domino effect was larger than ever as housing prices dropped drastically. As a result - home values depreciated and homeowners lost their savings and investment, forcing millions of foreclosures.
Federal Takeover of Fannie and Freddie
Fannie Mae and Freddie Mac were taken control over by the federal government…
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