I was asked about the market during the last (significant) recession of 1982 and this is what I remember most…
…that there was very little debt, a lot of the real estate was paid for, so to get it sold, we used the contract for deed instrument most of the time and with amazing results.
people didn’t have a lot of need for the things of today, therefore, household income was less and folks were quite satisfied with warm homes and plenty of good food to eat.
there was no such thing as a second mortgage
people did not shop with credit cards
home equity loans did not exist
stores were closed on Sunday, consumerism was far less elevated
there were more gravel roads, taxes and government spending were less
we had less TV, CNN did not exist
houses were smaller, easier to heat, less taxes
the welfare department had a smaller staff
you needed a down payment to buy a house
if you screwed up your credit, you had to wait till it was clear before getting a mortgage. No Exceptions
that’s what I most remember
I remember if you had good credit, you could go buy a car, write a check and let your banker know how much to put in your checking account.
Also if you had money in the bank you could get loans for 1-1 1/4% over what they were paying you for interest on your money.
No internet for the world library and real estate info at your fingertips.
They had construction loans no problem if you had savings in the bank.
No bottled water, people would think you were crazy if you bought bottled back then.
Interest rates were high but life seemed so much better!