The housing bubble is back. It actually never went away. Now lets go back in time, and trace in easy terms what happened.
Now, in certain areas of the country, a lot of homes got built. A closer look at those builders is warranted, as a lot of additional things happened to cause them to build those homes at warp speed. The loans were facilitated in a way to get people to sign those mortgage contracts fast, easy and cheap. It did not matter if they could pay for them, it did not matter if they were American citizens, had verifiable income, or would live in them very long. Just so those loans went through.
I have been following this story for 4 years, just on the housing side, and it is horrible for the people that are left in these neighborhoods as they now owe twice as much for their homes as what they are worth, because the people that sweetly sold them their “dream homes” never mentioned that half or more of their neighbors, would not be around long.