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From the dawn of the new millennium, there was a boom in prices internationally. The economy saw the 2000’s as a revamp from massive debts from the two previous decades. Mainly due to the rise of oil prices and the evolving twist in technology for something as simple as a cell phone to navigational systems. This burst in technology and constant demand for "improvement" caused consumers to spend money on frivolous things. This was the first sign of a recession in the near future.
Probably the most general sign of the economical crisis were the surging gas prices. By the year of 2008, oil rose pass the $100 a barrel bracket for the very first time in history. This caused gas to increase and demand to drastically decrease. By the end of 2008, oil prices plummeted to the lowest price since the early 2000’s, at about $1.98 per/gallon in most of the U.S.
Preceding oil prices, the housing market also took a global toll. This most likely occurred because of the form of monopoly taking place in our nation. Since buyers were most interested in single-family homes in suburban communities or condominium/loft-style living in urban areas (i.e. downtown), and real estate agencies began to build them without selling them. They saw the popularity and began multiplying profusely but not enough buyers were interested. This brought forth a large mass of foreclosures, bankruptcies, liquidations, and unsold property.
Then there were the crooked loan sharks. Devious mortgage companies were handing out loans to unfit buyers who would never be able to afford to pay them back. The background information was so corrupt to the point where social security numbers of the deceased were being used for people to obtain loans.