Year 2007 during the peak of the peak of the housing market, thus giving me considerable amount of profit. Some of my neighbors who also owned 7-bedroom house were asking me why I was selling my house at the time when houses in our subdivision were leading to high demand and had steep price growth. I just told them that I think the housing bubble may burst anytime in addition to my choice of downsizing our monthly expenses. My family and I moved to our 3-bedroom house which is also located in the same neighborhood. Most of my neighbors who owned 7-bedroom house had chosen to default on their mortgage loans rather than paying more for the homes that drastically dropped in value when the bubble bursts which resulted in foreclosure or short sale.
For the last two years leading up to the coronavirus pandemic, most financial experts expected and speculated that the next bursting of the real estate bubble will take place anytime soon in Year 2022. We’ve all heard plenty about the uncertain economy, and though speculation on the future of the economy is running rampant everywhere, no one can predict with certainty what will happen next in the housing market. Over the last decade, the global economic downturn that began in December 2007 has influenced the current real estate environment more than any other. This period of economic turmoil was referred to as the Great Recession when many people faced unprecedented challenges.
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