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→Crash of 2008
Real estate generally is subject to [[property tax]], and although it is possible (and not uncommon) to sell real estate [[FSBO|without using a real estate agent]], the majority of real estate transactions (especially those involving homes) are handled via real estate agents.
Real estate generally is subject to [[property tax]], and although it is possible (and not uncommon) to sell real estate [[FSBO|without using a real estate agent]], the majority of real estate transactions (especially those involving homes) are handled via real estate agents.
==Crash of 2008==
== History of the United States housing market ==
According to Investopedia: "For the majority of U.S. history—or at least as far back as reliable information goes—housing prices have increased only slightly more than the level of inflation in the economy. Only during the period between 1990 and 2006, known as the Great Moderation, did housing returns exceed those of the stock market."<ref>[https://www.investopedia.com/ask/answers/052015/which-has-performed-better-historically-stock-market-or-real-estate.asp Has Real Estate or the Stock Market Performed Better Historically?]</ref>
=== Crash of 2008===
{{See also| Crash of 2008}}
{{See also| Crash of 2008}}
Negative economic news spread outward from financial institutions connected to [[Fannie Mae]] and the real estate boom to depress housing sales, construction, commercial real estate, automobiles, retail sales, state and local government, and virtually every other sector of the economy. Consumer confidence and spending plunged. Major banks and corporations went bankrupt.
Negative economic news spread outward from financial institutions connected to [[Fannie Mae]] and the real estate boom to depress housing sales, construction, commercial real estate, automobiles, retail sales, state and local government, and virtually every other sector of the economy. Consumer confidence and spending plunged. Major banks and corporations went bankrupt.