The real estate market landscape has been changing dramatically in the near-decade since the biggest recession in recent history. You’d be hard-pressed to find someone who wasn’t affected by the crash of the housing market in those years.
Even if they weren’t directly affected, they knew someone who was. They had foreclosure signs in their neighborhoods, they knew who was underwater on their mortgages. They had neighbors and friends and family who were affected.
While the nation licked their collection wounds, home buying confidence was obviously not stellar. People were afraid, and understandably so.
For years after the peak of the recession, foreclosures were still far too common, continuing to discourage homebuyers from taking the leap, thus further slowing recovery.