The financial crisis of 2007 and 2008 caused turbulence in many ways in the United States, including the housing market. In fact, it has been argued that this event caused even greater disruption in the U.S. housing market following the Great Depression (Garber, 2016). This situation would eventually cause an increase in renters and a decrease in homeowners as the years go by. As a result, the demand for buying and selling properties would decrease, affecting not only homeowners but also real estate operators. Lenders have also become quite secretive about providing future home loans, as the number of foreclosed properties has started to grow exponentially. It was a devastating event that affected people's jobs, investments, finances and pensions and, as such, the property market certainly experienced this notion. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay During the real estate bubble, bankers, home buyers, and even Wallstreet believed it was safe to purchase property and then apply for a mortgage in the process. Those with low credit ratings and financial instability were given loans that, in all honesty, they could not afford (Tanneeru, n.d.). These were known as subprime mortgage loans, which carried very high interest rates as they took a risk in lending to such customers (Tanneeru, n.d.). During this process, Wall Street bought and sold these mortgages to investors, without realizing that the collapse of the housing bubble was imminent (Tanneeru, n.d.). Eventually, the bubble would burst due to rising mortgage interest rates, declining home values, and people losing their means of income (Tanneeru, n.d.). As many rushed to sell their properties, including homeowners and banks, the market was flooded with unsellable homes and unpaid mortgages (Tanneeru, n.d.). This would then create the financial and market crisis that would impact the United States in 2008. Therefore, below are examples that show how the crisis affected and changed many aspects of the real estate industry. Implementations of the law stated that people could no longer obtain such loans, without definitive proof of employment, and as such, those who were self-employed, received greater scrutiny than those with other means of employment. Due to this situation, they had difficulty obtaining these loans and thus were unable to refinance their properties. This has led to a huge loss in the value of their homes and their net worth. As home values ​​increased rather rapidly in the early 2000s, homeowners began using their home's equity to renovate their properties, purchase vehicles, and pay off other debts. As property values ​​began to decline and homeowners were unable to repay these second loans, the value of their home was now valued at less than what they owed in terms of repayment. This would then lead lenders to change the amount of credit they would allow for extension or remove those program options indefinitely. Since this situation, many changes have occurred that will not only impact future buyers, but also lenders and sellers in the real estate market. WELL. One of the biggest issues that emerged from the crash was the need to raise the amount of money needed.