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Housing prices peaked in 2007 and have since declined to about 2003 price levels. What were the conditions whi?

Housing prices peaked in 2007 and have since declined to about 2003 price levels. What were the conditions which caused this to occur? How did these conditions affect supply, demand and the pricing for housing?

Public Comments

1. Banks were willing to loan to buyers with bad credit. Banks were willing to loan to someone who had no down payment. Everything depended on home prices increasing every year. Builders built too many houses. The economy went into a downturn with the bankruptcy of big companies like Lehman Bros and GM.
2. Bankers will do anything to make a buck. Doesn't matter who gets hurt in the process!