“Optimism about housing values also led to a boom in home construction. Eventually, the number of new houses exceeded the number of people willing to buy them. And with supply exceeding demand, housing prices fell, and this created a problem.” -- President George W. Bush, explaining the origins if the housing meltdown in his emergency address of September 24, 2008 The now deflated Housing Bubble had many causes. These include promiscuous lending practices, low interest rates, federal policy aimed at turning human credit hazards into homeowners, the baby boomers entering their prime earning years, and HGTV. The bursting of the...
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