AI Summary

The U.S. housing bubble of the early 2000s pushed home prices higher before the market collapsed in 2007–08, sparking a foreclosure crisis and a deep recession. A common explanation attributes the boom to lenders suddenly offering very small down‑payment options. W. Ben McCartney, an assistant professor at the University of Virginia’s McIntire School of Commerce, reviewed 25 years of mortgage data and uncovered a different narrative.

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