In 2008, the real estate landscape was on the brink of a monumental change. The Great Recession officially started in December 2007, and the housing industry was on the front lines of the longest economic slump since World War II. Homeowners who had bought at the peak of the housing bubble found themselves underwater on their loans, owing more than their homes were worth on the market, and those risky loans partnered with a rash of foreclosures caused upheaval on the secondary mortgage market, tanking investors and banks left and right.

Today, as home prices have risen back up to pre-crisis levels, the question on a lot of minds is, "What's changed since 2008?" Economic recessions happen regularly, and it's natural to wonder when the next one will…

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