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The housing crisis is the "name" or "expression" we've given to the economic fail of our housing market. When someone says they were by the housing crisis, it means that they were victim or felt the effect of the significant reduction in housing prices. For instances, for most homeowners on the West Coast and in many pockets around the country they are upside down by over 50% of their original loan value. Meaning they owe the bank $500,000.00 but their house is only worth $250,000.00 now. So they owe a significantly great deal more than their house is worth. This has caused many people to make the decision to walk away from their homes and buy new ones...after realizing that they could purchase a house for double the size now at half the price. There are laws against this now (I believe, consult with an attorney for more information). Other people have been financially because they are feeling the effect of being in an ARM that adjusts, a loan or a neg am loan (for instance) where the minimum payment options have gone away, forcing their mortgage payments to go up.
Unfortunately, many unscrupulous mortgage professionals (realtors, loan officers, brokers) convinced people to get into loans that weren't ultimately good for them...by convincing them that by the time their loan progresses (adjusted, reset) they'd be able to refinance into a better loan...and guaranteeing them that they'd never feel the effects of a loan. As we now know, all of those people, literally hundreds of thousands of people, got stuck in those bad loans, incapable of refinancing because of the housing market decline, which caused an even more significant crash.
For more information regarding the housing crisis, you can contact me (Kristy Sinsara) at the Consumer Advocacy Group at (702) 478-5369.
www.consumersforchange.org
Kristy Sinsara
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∙ 14y ago
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What was the housing crisis 1940?
As a result of government incentives and strong demand, both single and multi-family housing starts boomed--skyrocketing from 139,000 in 1944 to 1.9 million by 1950.
Which event was characterized by a decline in new home construction and housing prices and an increase in mortgage delinquencies and foreclosures?
subprime mortgage crisis
What event was characterized by a decline in new home construction and housing prices and an increase in mortgage delinquencies and foreclosures?
the answer is subprime mortgage crisis. (A+)
Why did the financial crisis occur in 2008?
why financial crisis occur why financial crisis occur
What are the Recommendations of a crisis management When do you utilize reactive crisis management What role does PR play in reactive crisis management?
3.2GHz processor
What was the largest crisis of Bush?
The Housing Crisis.
Did president Bush cause the housing crisis?
No.
Who was disproportionately affected by the US housing crisis?
women
What is the resent crisis in economics?
Recent crisis is the outcome of housing bubble in the market, which got busted in 2007-08
What has the author S S Duncan written?
S. S. Duncan has written: 'The housing crisis and the structure of the housing market' -- subject(s): Housing
What are the release dates for Twins - 2005 Housing Crisis 1-16?
Twins - 2005 Housing Crisis 1-16 was released on: USA: 17 February 2006 Australia: 27 November 2008
Did George W. Bush sign a treaty to ease the US housing crisis?
I am assuming he did
Did the housing crisis greatly affect realtors?
Realtors lose money when the housing market is weak.Many real estate brokers lost their jobs as there were not enough sales for all of them.
What has the author Anne Ruden written?
Anne Ruden has written: 'The impact of the global financial crisis on housing finance'
What was the housing crisis 1940?
As a result of government incentives and strong demand, both single and multi-family housing starts boomed--skyrocketing from 139,000 in 1944 to 1.9 million by 1950.
What will baby boomers spend their money on?
They blew it all on housing and caused the crisis. Any money left will be spent on healthcare.
What were the key components of the urban crisis?
Key components were intensification of poverty, deterioration of older housing stock, and persistent racial segregation.
