The 2008 Financial Crisis and Its Impact on the Housing Market

This chapter discusses the 2008 financial crisis, highlighting the largest drop in the history of the US stock market and the subsequent bank bailouts. It explores the impact of the crisis on middle-class wealth and the housing market, specifically the subprime mortgage crisis. The chapter also emphasizes the lack of focus on ensuring people can meet basic standards for homeownership, as wages have remained stagnant while housing prices have skyrocketed. It addresses the current state of the housing market, noting the severe deterioration in affordability due to rising interest rates and inflation.