The financial crisis of 2007 was one of them. Some people are wondering if the US housing market is going through something similar now — but is it a fair comparison?
House prices in the US rose 17.1% between December 2020 and December 2021. It’s a terrifying figure for anyone currently saving for a house, and it’s also a rate that far surpassed inflation.
Look no further to see suggestions that 2022 could be the beginning of the next big financial crisis. The stock market isn’t holding up well, with the S&P seemingly falling further every day.
During the recovery period after the 2007 crisis, most households have been paying off their debt, meaning they were in relatively good financial situations when the pandemic came around.