It’s has been 10 years since the real estate market crashed as of last Aug 2018. Many who are seeing the crash first time like me was worried about the future. What’s going to happen? But as they always says, what’s goes down has to come up. I did bravely invest in one property for just $48k and regretted didn’t have enough to buy more. I sold that property last year for double the value and made almost 100% profit on it.
I found this Washington Post article looking back 10 years later: How the housing market has changed since the crash. It was posted in my usual Mymoneyblog.com. Here is the infographics from the article.
Quick snapshots from article:
When the housing bubble burst a decade ago, property values dropped by as much as 60 percent in some areas. Millions of Americans lost their homes to foreclosure. Nationally, the median price of existing homes today is $269,600 — up 44 percent in the past six years.
Pre-crash, buyers saw a good-faith estimate of their loan costs and, at the closing, a Truth-in-Lending statement and a HUD-1 statement that showed the financial terms of their purchase. Yet many buyers found the entire purchase process mysterious and often didn’t understand their loan terms.
Post-crash, reforms by the CFPB under the “Know Before You Owe” umbrella meant to create greater transparency include a three-page Loan Estimate that shows whether buyers face a balloon payment or a possible increase in their mortgage rate as well as a Closing Disclosure that combines the former closing documents into one more user-friendly version.
Good read, check out the full article at Washingtonpost.com
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