The housing market crash in 2008 was largely caused by lower interest rates. Because of these low rates set by the government, many people were able to purchase homes. However, many of these people were only able to buy the homes because of the lower interest rates. Because of this, many people that did not have the financial means to own a home, owned a home. Ultimately this bubble burst in 2008 when the economy could no longer keep up with the low interest rates.
Chapter 10 Response and Reply
Chapter 10 Response
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