DECEMBER 2007 – PRESENT DAY (13+ months)
The late 2000s recession was started by the collapse of the housing market. Suddenly, it seemed like nobody could sell real estate. This put many real estate companies in jeopardy, and some even went out of business. Then, bank collapses caused a sort of public panic.
These occurred both in Europe and in the U.S. Also, the amount of available credit spiraled downward, making it almost impossible for anybody to get a loan. This recession was especially hard on auto-makers. Thousand upon thousands of workers from major automotive factories were laid off from decreased auto sales.
Mortgage firms were certainly not immune to huge disaster. In fact, many mortgage associates and lenders lost their jobs as well as the recession dragged on. As consumer confidence continues to plunge, things continue to get worse. Many have called this recession the worst since World War 2.