Peter Mohylsky (PMI. Destin)

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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Seems to me like they all started happening in sync. I think it was the Wall Street meltdown that started the downward slide.

Aug 30, 2019 06:44 AM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

People using their artificially overvalued homes as ATMs came first.

Aug 30, 2019 08:22 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

It is a matter of causation. The impact and timing varied by geolocation.

Aug 30, 2019 07:52 AM
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

What came first???? - going away from the gold standard or any other form of having our money backed by something more than a promise. If our system was backed by something - the natural and basic laws of economics would be fairly easy to deal with - this fiat systems is much too easy for those with something less than the greater good in mind to manipulate.

Aug 30, 2019 07:09 AM
Ryan Huggins - Thousand Oaks, CA - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Here's how I saw it:  Shite loans and lending to those unqualified was the first thing.  Then the recession started, then the slowdown, then people were left with homes they couldn't afford and adjustable rate mortgages that were coming due (often with balloon payments) in less than a year.  Many walked away, which caused the banks to have issues, which cause the mortgage backed securities on wall street to tank, which lead to the rest of wall street having issues, which lead to the recession which turned into an unacknowledged depression.

Aug 30, 2019 07:51 AM
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

1, 3, 2


The recession was CAUSED by the housing issues, not the other way around (housing usually does great, relative to other investments, in recessions)


In the past, foreclosures weren't that big a deal because banks could recoup losses through home sales.  With 100% financing products, there was no equity to recoup.  And there was a glut of supply and no demand.  A recipe for disaster.  Check out the months of supply VS demand then VS now:


Housing Supply



Aug 30, 2019 10:16 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

1. The Wall Street to Banking meltdown hit San Diego-the affect felt like almost over night. We were not in a recession yet and the market went hot to cold suddenly.

Aug 30, 2019 06:53 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Depends on who you are talking to.

Aug 30, 2019 08:56 AM
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

I noticed #3 first, anything above 400K in my area was not selling. Listings dead in the water.

Then #1 imploding our entire monetary system. People that should be in jail from this still aren't.

#2 (ironic) because of #3 and #1.

Aug 30, 2019 08:10 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

A domino effect.

Aug 30, 2019 07:10 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Unchecked actions first by individuals & then collectively like a lynch  mob

Aug 30, 2019 06:54 AM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

The crazy easy money came first.  Then the house of cards came tumbling down.

Aug 30, 2019 11:59 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

all the S_ _ T hit the fan at one time....

Aug 30, 2019 08:47 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

No clue Peter Mohylsky BECAUSE North Dakota did not participate. While the rest of the USA was in the dumpster our oil boom happened and people were flocking here for employment.

Aug 30, 2019 08:43 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Each is an unfortunate occurrence.

Aug 30, 2019 08:09 AM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

1 Subprime mortgage.

Aug 30, 2019 07:33 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Government policies to fundamental change the US to a more socialist way started. Wall street, banks and business stopped spending money. Health care became unaffordable for many who had great insurance before. Gas prices went up taking most of a families extra income. Unemployment started to rise quickly. Banks stopped lending. When buyers cant buy, sellers cant sell and prices started to drop. Sellers, mostly who had 80/20 loans and nothing to lose as they put 0 down, walked away from their homesnow worth way under what they owed. Foreclosures lead to more foreclosures. The government bailed out banks slowing down foreclosures and extending the pain. 

Aug 31, 2019 05:18 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

One, three, two. The practice of securitizing loans created too much greed and many responsible were never punished.

Aug 31, 2019 04:43 AM
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Peter, have you seen The Big Short?

great explanation of the melt down, the products and players that caused it.

Plus an exceptional all-star cast - Christian Bale, Steve Carell, Ryan Gosling, Brad Pitt

Aug 30, 2019 04:04 PM
Roy Kelley
Retired - Gaithersburg, MD

We have to cope with any situation.

Aug 30, 2019 02:04 PM
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

mortgage banking.  reos came first, cheap houses came, builders put out of business because so many reos, builders business loss spead to rest of economy and recission happened.

Aug 30, 2019 10:10 AM
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

A slow-down first - then the mortgage/banking melt-down, followed by a total recession.

Recessions happen - that last one was a doozie BECAUSE of the vast amount of bad paper that was sold by the banks...and if you want to get down to the nuts & bolts of it, the freedom that ANY American had to own a home. Banks gave that to them, thanks to a president who insisted that EVERYONE has the God-given right to own a home...and we should all make that happen. BIG mistake...and so the spiral began! 

Aug 31, 2019 06:25 AM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ

It all started with Wall street and selling off huge packages of what they knew were bad BAD loans.....the rest is history.

Aug 30, 2019 02:21 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
St. George Utah Area Residential Sales Agent

Seems like everything happened simultaneously!

Aug 30, 2019 01:05 PM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Let's hope we are NOT heading in the same direction again.

Aug 30, 2019 09:58 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

It was a bad memory.

Sep 19, 2019 02:13 PM
John Juarez
The Medford Real Estate Team - Fremont, CA

You seem to imply that "this time" will have some sort of similarity to "The last time". I would strongly disagree! The real estate market is due...overdue...for a correction. It will be part of the normal cycle of ups and downs in the market. It will in no way resemble the depression of roughly 2008-2012.

Sep 02, 2019 01:12 PM
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

What came first? Bank of America influencing MOODY's to give AAA rating to investment instruments they KNEW were toxic. They KNEW these toxic assets would be off-loaded to the taxpayer. They in essence created counterfeit money and left the last holder with the liability.  And the other banks piled on because it was clear no one was looking and the money to be made incomprehensible.

A banking system based on counterfeit value leads to your #1.

And no big bank crook went to jail. And banks continue to augment their #1 money maker.....penalties and fees.


Sep 02, 2019 06:06 AM
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

#3, Peter Mohylsky 

Sep 01, 2019 04:53 PM
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

Good question and I am enjoying the answers

Sep 01, 2019 09:20 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

definately it was bad loan being made and LOTS of them.

Aug 31, 2019 03:40 PM
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

Katrina was the shock that started it all.

Aug 31, 2019 06:54 AM