At the tail end of 2007, America rang in a recession alongside the new year. This economic downturn officially lasted until June of 2009...though many negative effects having continued to linger well into 2015. As it’s been one of the most significant economic crises in the United States in the last century, many now call it “The Great Recession.”
As real estate investors, it’s vital to pay attention to the economic climate—not just in our local markets, but in the U.S. as a whole.
We still struggle with the aftershocks of the recession. Its causes, recovery, and future are intrinsically tied to the real estate market, unlike that of recessions past. Especially as so much is hinging on the housing market, now more than ever, we should strive to understand how it happened and where we need to go from here.