#great-recession

#great-recession

Since the beginning of the COVID-19 pandemic, home prices in the United States have climbed twice as fast as incomes. Now, millions of Americans are effectively priced out of the market. Surging home prices are due in large part to a historic housing shortage, estimated to be as high as 4.7 million units. While the ongoing housing affordability crisis has grown especially pronounced in the last five years, the causes of the supply shortage can be traced back nearly two decades.

The CFPB was formed after the Great Recession to protect consumers from financial institutions, highlighting its essential role in safeguarding against fraud and abuse.