Housing Bubble in 2008:

The housing bubble was a period of time in the United States where home prices increased faster than the rate of inflation. This caused many people to lose money when the bubble burst.

The housing bubble began in the early 2000s and lasted until 2007. At its peak, the housing bubble was worth $13 trillion. It burst in 2007, causing a lot of people to lose money.

The housing bubble was caused by a few things. First, there was an increase in demand for homes. This was because there were more people moving to the United States and more people were getting married. Second, there was an increase in the number of home loans.

The housing market it's beginning to look a lot like 2008:

Based on Black Knight, a mortgage technology and data provider, showed an analysis on Friday that finds the typical American household would now have to spend 31% of their monthly income to make a mortgage payment on the average-priced U.S. home. That's up from 29% just one week earlier, and up from 24% in December. Black Knight's mortgage-payment-to-income ratio-which averaged 19.9% during the 2010s decade-hasn't topped 31% since September 2007, according to Fortune.com.

What's going on, you may ask? It seems that more and more millennials and first-time homebuyers are purchasing more homes than ever before and what is available. While taking advantage of the low mortgage rates. Because of this demand and lack of inventory, this is causing prices of homes go up. Currently, my family and I are searching for a starter home and have found that the inventory is very low and prices are way high. Houses that were valued at $350,000 before the COVID19 pandemic hit, now are priced at $500,000. This is a 42.86% increase in 2 years.

Is the Housing Market going to get better?

We sure hope so! The fact that mortgage rates are going higher and higher, maybe the best way to calm this market down. In addition, increasing the housing inventory will help with the number of home buyers as there are far too many people chasing too few homes. Though currently, we are seeing prices change and realtors are showing fewer and fewer houses, the issue is still at hand. However, we will need to wait sometime, it could be a few weeks or even months before we can see the housing market actually softening.