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The housing crash, however, did not happen overnight. A number of factors contributed to the housing crash resulting extensive foreclosures and plummeting housing prices to their all time low. One of the main cause for the housing crash lies in the fact that banks and financial institutions were lending mortgages at 5 to 10 times the annual incomes of people, which was way above the safe value of 3 to 4 times. These financial powerhouses used aggressive terms and conditions but did very little scrutiny while providing mortgages. This led to an easy cash flow in the market which fueled the housing prices as well. The US economic meltdown also played a major role in the housing market crash world over. Foreign investors who had invested in the real estate market in US had to declare bankruptcy owing to massive loss. The housing crash is expected to cost the banking system a whooping $2 trillion dollars.
Read More: http://www.housingnewslive.com/housing-market-crash-in-us.php
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