The short and simple answer is that all time, record breaking levels
of 1) consumer borrowing and spending combined with 2) irresponsible,
immoral, unethical, excessively greedy, and illegal lending practices
between 1998 and 2004 led to the development of all time record breaking
levels of payment delinquencies, in all consumer debt categories (not
just real estate), starting in late 2004 and early 2005. These payment
delinquencies started a massive, negative, domino, ripple sequence of
events that led to the development of many and very serious financial
problems in the U.S. real estate market and overall economy.
these financial problems represent America’s financial crisis and because these
problems are catastrophic America’s financial crisis can now officially be
classified as the Second Great Depression.