7,500 residents to evacuate their homes. more than a decade after the great recession officially ended, we are still feeling the huge impact it had on the nation's real estate market. remember, the recession began when the housing bubble burst in 2007. took some time before the recession set in but rising home prices had helped fuel this bubble. a large number of people who bought homes in the early and mid-2000s were unable to afford them under normal lending rules. so banks offered something called sub-prime mortgages for people whose credit was sub-prime. not as good as prime. that often required no down payment but had interest rates that started low and then rose over time. well, that was all fine until home prices started falling. people who had sub prime mortgages saw interest rates go up and when they realized that their mortgage was larger than what their home was worth, many people walked away leaving lenders with huge numbers of
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