The credit crunch
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by: steebe
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Word Count: 168
The collapse of the housing market is much more widespread that many believe or even know about. The housing industry was one of the strongest and most sturdy industries in the United States.
From your local contractor, to real estate appraisers, to real estate agents, to banks and to regular people like you and me, this crisis has hit deep and hard. Many people, some legally and some illegally, were ultimately trying to live the American Dream of owning their own home. While this concept is very novel, often times it was also very unpractical. The result is people being foreclosed on and even those who can afford their payments now see their home values decreasing.
The primary investment for many people is their home and even this investment is quickly losing value. When you mix in the massive losses of people’s retirement accounts, you can see how this housing crisis has impacted almost every US citizen and many are now facing property repossession.
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When you mix in the massive losses of people’s retirement accounts, you can see how this housing crisis has impacted almost every US citizen and many are now facing property repossession.
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