The pandemic sparked a housing boom – but it’s different from the last one
the The residential real estate market is in its biggest tear since 2006, just before the housing bubble burst and triggered a global recession. But in almost every way, today’s market is the opposite of the previous boom.
Anthony Lamacchia, a broker and owner of a real estate company near Boston, joined the industry in 2004. Home buyers switched to larger, more expensive homes in barely a year, he said. Many buyers paid small or no down payments. When house prices stopped rising, the market collapsed. In 2009, Mr. Lamacchia was working with customers desperately trying to dispose of the houses he had just helped them buy.