Real estate is not immune to market conditions. If history of foreclosure is anything to go by, real estate, same as mere mortals are affected by constant ups and downs of economy. The US foreclosure story goes back to early 1930's. The Great Depression hit US with resounding crash of the Wall Street Crash in October, 1929. Sweeping like unstoppable wave it bowled over US economy, crushing employment, housing and bank markets. Coincident sand storm and draught season hitting US with vengeance added to misery of farmers. Resulting fallout marked the beginning of a decade of high unemployment, low profits, deflation, and yes Bank REO first recorded highs in US history.
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