Homeownership In The 1990's And Early 2000
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In the 1990’s and early 2000’s homeownership had increased. About 70% was the special number that it had increased in 2004. There was a huge amount of credit available and so people began to start credit expansion. The Americans were able to start credit with low interest rates. People were able to borrow large amount of money. This was why people were able to purchase houses. There was a housing price bubble which was more demand than supply. This led to an increase in interest rates and decreased demand. This caused the bubble to burst in 2007, many economists believe. This resulted in home values dropping dramatically. Mortgage rates increased and homeowner were no longer able to afford being homeowners. They had a very difficult time keeping