It has been several years since the United States housing market fell apart. It has been years since Americans have been forced to live very differently.

How did this happen?

I found this graphic, over on a VA Loans mortgage site that shows clearly real estate market collapse was years in the making. The crash was founded upon years and years of unfair lending practices. Banks, mortgage companies and other lending institutions began lending too much money to many Americans.

But, the lending companies certainly aren’t the only ones to blame. Americans, in general, became greedy. Many thousands began living above their means. These individuals and families began to live almost solely off of credit. The idea or theory that items could be purchased now and paid for later crippled almost every American’s minds.

American society became selfish and greedy. Rather than purchasing homes that they could afford, Americans quickly sought homes that stretched them financially in every possible way. It took years for the market to fall apart. But, once it did, the aftermath was catastrophic.

The United States has been left to fend for itself. It has been left to pick up the pieces of a fallen real estate market. However, there is good news.

Since the crash, several pieces of legislation has been put into place. This legislation now protects the American home owner, and in reality, it protects mortgage companies. Predatory lending practices are prohibited. Lending practices are now fair and the real estate market is protected.

It will still take several years to rebuild the market. But, as an American consumer, we can feel assured that our best interests are now being considered.

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