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https://en.wikipedia.org/wiki/Subprime_mortgage_crisis
My local area was hit bad about a year later than everyone else. But once it hit, houses were close to 1/2 the price of what they were going a year earlier + unemployment was up to about 20%. It was VERY bad and I remember trying to get a job in the middle of it. I got lucky and got something around an hour away while quite a it of my social group moved away.