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Paper Topic:

The Housing Market - a complete collapse


The Housing Market- A Complete Collapse






The Housing Market

The collapse of the housing market in United States has had devastating effects in most of the world economies . The pronunciation of the housing price booms followed by its immediate decline has actually had disastrous effects in many world economies . The collapse in the housing market has contributed to loss of home and unemployment due to its effect in the financial market . This has been the case because

the homeowners are not in position to make their payments and also the burst of the housing bubble . The housing market shift has exposed a system where by many people in United States have financed their houses with a very large debt level . Before discussing in details about the effects of the collapse of housing market , it is good to look first the main cause of this collapse (Angel , 2006 ,

. 209

The most affected states in United States are the Michigan , California Colorado , Florida , southwest markets , and northeast corridor . The housing price rose in the year 2005 , and later in 2006 began to go down This continued until in the year 2008 when a severe drop in the prices of the houses was reported . This has been a history as it had never occurred there before . The raising up rates of foreclosure between 2006 and 2007 among the owners of homes in United States resulted to crisis in the year 2008 for...

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