NRHA Deputy Director Bill Brewer
We’ve all lived through the Great Recession, the crash hurt a lot of people – especially homeowners. People saw the equity in their homes vanish almost overnight, leaving them with much more debt on their home than it was worth. The crash also cost a lot of people their jobs. Suddenly homeowners were unable to make their house payments. Hundreds of thousands of homeowners were in default, so many loans failed that very large banks were beginning to fail. The government went into debt in order to stabilize the markets. Eventually, the crash bottomed out and slowly, the economy has recovered.
Unfortunately, the crash left many with a bitter taste for investing in homeownership. This unfortunate side effect slowed the recovery and will have an adverse effect on many as they move toward retirement. Why is homeownership still the American Dream? Read
the full article by NRHA Deputy Director Bill Brewer here.