The financial crisis of 2007 and 2008 caused turmoil in many ways in the United States, including the real estate market. In fact, it has been claimed that this event caused an even greater disruption to the American housing market since the Great Depression (Garber, 2016). This situation would eventually lead to an increase in the number of renters and a decrease in the number of owners over the years. Due to this, the demand for buying and selling properties would collapse, affecting not only owners but also players in the real estate sector. Lenders also became quite guarded about granting future home loans, as the number of foreclosed properties began to grow exponentially. This is a devastating event that has affected people's employment, investments, finances and pensions and as such the property market has definitely experienced this notion. Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay During the housing bubble, bankers, home buyers, and even Wallstreet believed they could buy properties safely and had so need a mortgage in the process. Those who had poor credit scores as well as financial instability were given loans that they honestly could not afford (Tanneeru, n.d.). These were known as subprime mortgages, which included very high interest rates because they were taking a risk by lending to these customers (Tanneeru, n.d.). During this process, Wall Street was buying and selling these mortgages to investors, not realizing that the collapse of the housing bubble was imminent (Tanneeru, n.d.). Eventually, the bubble would burst due to rising mortgage interest rates, falling home values, and loss of people's livelihoods (Tanneeru, n.d.). As many people rushed to sell their properties, including landlords 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 affect the United States in 2008. As such, the examples below show how the crisis impacted and changed many aspects of the real estate state. Implementations of the law stipulated that people could no longer obtain such loans, without definitive proof of employment, and as such, those who were self-employed faced greater scrutiny than those who engaged in other means of employment. Due to this situation, they had difficulty obtaining these loans and therefore were unable to refinance their properties. This resulted in a huge loss in their home value and home equity. As home values ​​increased fairly quickly in the early 2000s, homeowners began using their home equity to renovate their properties, purchase vehicles, and pay other debts. When property values ​​began to decline and homeowners were unable to repay these second loans, their homes were now valued at less than what they owed in payments. This would then lead lenders to either change the amount of credit they would allow for the extension or eliminate these program options indefinitely. From this situation, many changes have occurred that will not only impact future buyers, but also lenders and sellers in the real estate market, because Well. Mon.