The ongoing demand for well-educated workers continued. Housing prices in urban areas continued to increase so that a modest home that in the 1960s cost $25,000, cost half a million dollars or more in urban areas by 2005. More people commuted longer hours to afford a home in more rural areas while earning larger salaries in the urban areas. Speculators bought houses they never intended to live in, expecting to make a huge profit in a matter of months, then rolling it over by buying more properties. Mortgage companies were compliant, as everyone assumed the prices would keep rising. The bubble burst in 2007-8 as housing prices began to crash and the boom years ended. Hundreds of billions in property values vanished and foreclosures soared as many financial institutions and investors were badly hurt.