Notwithstanding the late gains in the year, 2008 has still been a year marked by large declines in real estate stock values.

The 2008 year was characterized by significant changes in the world economic landscape. The severity and extent of the year’s economic events defied the majority of market commentator’s expectations. The year will be remembered for sub-prime, the financial crisis, deteriorating economic
fundamentals and a global recessionary outlook. More specifically it will be remembered for the collapse of a number of global financial institutions including Bear Sterns, Lehman Brothers, and the rescue packages implemented for AIG, Hypo Real Estate, Freddie Mac and Fannie Mae

As the year drew to a close further government interventionist strategies were introduced. These included large government funded bail out plans and co-ordinated interest rate cuts to stave off further financial crises