@Icecream17-That’s true. I know that the real estate market also experienced its share of the bandwagon effect.
During the peak of the real estate market in 2005 many people became real estate agents and mortgage brokers because at the time these people were making money hand over fist.
In addition, people started to see the real estate market as lucrative and many bought homes in hopes of flipping them in order to make a fast profit.
The demand became so great for homes that people waited for hours in line just to be able to purchase a new construction property.
These properties had the highest demand and developments were often sold out in minutes. Now since the crash of the real estate market many builders have had to discount the sale price and offer attracting financing options in order to get people to buy.