| Housing prices in the United States crested in 2007, following nearly a decade of unprecedented increases fueled by a perfect storm of easy credit conditions, sub-prime lending, predatory lending and fraudulent underwriting practices.
When the housing bubble burst, the consequences were far reaching, affecting home values, home supply retail outlets, home builders, foreclosures and the mortgage, credit, hedge fund and foreign bank markets. The burst has been blamed for causing the worst financial crisis in the United States since the 1930s' Great Depression..............................................Full Article: Source
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