Twenty years ago the doors of MRIS opened to a world that seems barely recognizable from our point of view here in 2013.
Seinfeld was in the middle of its run to the top of the ratings and the Chicago Bulls were dominating the basketball court with their third consecutive championship win. Hollywood suits were happy with Jurassic Park and The Fugitive as two of the most popular movies, and Schindler’s List won Best Picture at the Oscars.
Wall Street was relatively peaceful with the Dow Jones at about 3,500—just on the cusp of its rapid rise to cross 10,000 by the end of the decade.
President Clinton entered office that January, and interest rates were between 6 and 7% making mortgage rates the lowest they had been for the past two decades. CNN claimed it was the best housing market in ten years, and the National Association of REALTORS® stated houses were more affordable than they had been in the 1970s.
What do you remember about the real estate market in 1993?