Housing Bubble Burst Quotes

There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren't among them.

We've learned our lesson with finance because they made a huge goddamn explosion that almost shut down the world. But the thing I realized is that there might never be an explosion on the scale of the financial crisis happening with big data.

Housing was ground zero for the Great Recession. Between early 2006 and Obama's inauguration in 2009, average house prices fell by a third across the country. In certain areas, including cities as diverse as Akron, Orlando and Las Vegas, house prices fell by more than half.

People were buying two, three and four houses to be sold on and rented out. Then the money ran out. To this day you see a lot of what we call ghost estates around Ireland, which have not been finished.

Following an extended boom in housing, the demand for homes began to weaken in mid-2005. By the middle of 2006, sales of both new and existing homes had fallen about 15 percent below their peak levels. Homebuilders responded to the fall in demand by sharply curtailing construction.

I think that people have great anger over what happened in 2008 in terms of the economy.

We just went through the biggest housing bubble in history and now housing prices are starting to go up again. I don’t know what to make of that.

I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.

I would say the biggest single cause was we had an incredible residential real estate bubble.

In fact, Donald [Trump] was one of the people who rooted for the housing crisis.