NEW YORK (CBSNewYork) – This week we’ll mark the 10th anniversary of the U.S. housing bubble.
It left people all over the country in difficult situations, trying to manage homes they couldn’t sell and mortgages they couldn’t pay.
From mortgage fraud to skyrocketing foreclosures, it was a time that many thought they’d never escape.
A lot has changed since then.
Real estate expert Long Doan stopped by the CBS2 studios to discuss it.
“New York, just like most parts of the country, has recovered nicely,” Doan said. “The average foreclosure rate in the country, historically, is about 0.5 percent. That’s about one in every 2,000 homes that forecloses typically. But during the crisis, some parts of the country, like Florida, was at 12 percent. That’s one in every eight homes in the neighborhood being foreclosed.”
Doan says irresponsible lending was a prime contributor to the collapse.
“There are good laws that are out there. Hopefully we’ll all learn from it,” Doan said.
You can see his full interview in the video above.