SamuelRSmith on 13 September 2008
| akuma587 said: Ironically, the housing market collapse was because there wasn't enough government regulation. Many of the lending practices in the last few years were questionable at best. A ton of people were approved who could not afford a house. The free market spun out of control on its own enthusiasm until it all came crashing down, kind of like the DotCom bubble. |
A simple fix, early on, could have been to have changed the way the people who actually sell these houses are paid. These guys were being paid on commission, they were paid for selling a house, they weren't being paid if they didn't sell the house. Of course, you would think that the estate agents would be careful, but I don't think they realised exactly what they were doing.
I think the estate agents believed they were a far smaller piece of the puzzle than they actually were.
