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The '''housing boom''' of the early 2000s turned into a burst bubble, thanks to shortsighted economic policies.
The '''housing boom''' of the early 2000s turned into a burst [[housing bubble|bubble]], thanks to shortsighted economic policies.
:Buyers bought houses they couldn't afford, believing they could refinance in the future and benefit from the ongoing appreciation. Lenders assumed that even if everything else went wrong, properties could still be sold for more than they cost and the loan could be repaid.
:Buyers bought houses they couldn't afford, believing they could refinance in the future and benefit from the ongoing appreciation. Lenders assumed that even if everything else went wrong, properties could still be sold for more than they cost and the loan could be repaid.