Should have a (2007) in the description. :)
The publication year is 2021, which is the typical way a story is tagged. I have to wonder why 2007 and not 1913 or 1929? Throwing out a date does not imply a specific context or add to the discussion.
In 2007 people were panic buying houses because they thought that if they didn't buy right now, they'd never be able to afford to buy a house.
“The last time U.S. housing saw such rampant price growth was in 2005, and the market corrected itself, infamously, in 2008. But the underlying reality today is different. Back then, a geyser of subprime adjustable-rate mortgages sputtered out as borrowers defaulted. (According to Bloomberg News, 60 percent of mortgages during the bubble years were adjustable rate; fewer than 0.1 percent of mortgages are now.) The current boom is better compared to a river, one fed by streams that have long been visible on the horizon: high demand, low supply and a dysfunctional economy in which wages are stagnant while restrictive zoning and poor public policy have turned housing into an artificially scarce commodity. Historically low 30-year fixed mortgage interest rates, hovering between 2.68 and 3.08 for the last year, are narrowing the riverbed, quickening the current.”