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10 Years Later: How the housing market has changed since the crash

Retirement Public Policy

By Michele Lerner, The Washington Post

Flashback to fall 2008 and you'll remember the free fall the U.S. economy experienced. At the heart of it was the collapse of the housing market.

If you were house hunting before the crash, you could choose between an array of loan products to keep your payments low such as an interest-only loan, a "choose-your-own-payment" loan, a balloon payment loan or an adjustable-rate mortgage (ARM) with an extremely high cap. If your credit score was low, you didn't have money for a down payment or your income was erratic, you could get around all those obstacles with a no-documentation loan, sometimes for as much as 125 percent of the home value.

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