Never in the history of our nation has there been a collapse of the housing industry like the one that began in 2007. Not even in the depths of the Great Depression did we experience such devastation and deflation of value in residential real estate. It has been an unparalleled catastrophe that has mired the national economy in a serious recession with an uncertain, prolonged recovery.
In The Great American Housing Fiasco, real estate veteran Hugh Morton gives a unique view from the trenches of what actually caused the current economic calamity and the many missteps that have made it so unnecessarily worse. The author reveals how well-intended but misguided housing initiatives started in the 1990s during the Clinton Administration was the true genesis of our problems. In an easy, reader-friendly style, he gives an unbiased revelation of the many culprits who helped to create and prolong the current economic nightmare.
The author further explains how the interaction between lenders, regulators and appraisers created a deflationary spiral that has eroded trillions of dollars of household wealth. Most importantly, he gives many solid, common sense ideas on how to revive the housing industry and achieve a sustainable recovery.