How the housing crisis have a direct or indirect impact on the economy?
Can someone explain in detail how the crisis of housing affects the economy. What, where and how?
For most people a home is the largest purchase / assets that will do or have. When housing prices are significantly reduced people lose their savings. these people have far less discretionary purchases that drives the economy. 3 / 4 of the U.S. economy is consumption. Less purchases in nearly every sector of the economy means that companies lose billions of dollars, and are therefore devalued stock markets and forced the dismissal of banks People are stuck with bills of mortgage loans when people can not pay, while that large banks have survived by reducing half of its assets, small banks have failed. More layoffs ... The vicious cycle continues until the economy from the bottom up
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