“The mortgage market is totally locked down, unlike it was before with all the subprime loans,” they said. The roller coaster was back on the track. They were preparing to either sit on them or slowly flip them when the market came back. Smaller investors, those that were not beholden to Wall Street or any board of directors, were buying up properties in the DC area. All things considered-and for as bad as everything got with subprime loans, Wall Street taking a dive, and entire subdivisions filled with foreclosures-things started looking up by 20. We all know how the rest of that story played out – it was a catastrophe for many people who lost everything. One day in 2007, the phones stopped ringing.
If you’ll be living in DC, you need to know what areas may be prone to inflated home prices and what areas are usually a safer buy. It was ingrained in us from the powers that be that “DC is recession proof” and there wasn’t, nor would there ever be a “ DC Housing Bubble.” I am not new to this rodeo I remember 2007 like it was yesterday. To understand the housing situation today, let’s go back a little bit. For about two weeks or so, people waited on edge to see what was going to happen with the housing market. What we didn’t realize was that wasn’t going to happen. When COVID first hit, all of us thought that the real estate market-as well as every other industry-was going to take a dive. Washington DC Housing Bubble: Learning from the Past By examining the housing bubble of 2007, we’ll learn how you can best protect yourself and your investments. Are you thinking of purchasing real estate but aren’t sure if there is a Washington DC Housing Bubble? Let’s review four ways to identify if you might be purchasing real estate inside of a real estate bubble.
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