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Recession Info Center
Recession Information: Housing Crisis
The housing crisis that began in 2006-2007 is viewed as the origin of the 2008 credit
crisis and the ongoing recession. The housing craze that took over the country
between 2002-2006 led to an unprecedented rise in the prices of homes across the
country. While traditionally, after counting for inflation housing prices rose on average
by about 0.7% per year, inflation-adjusted housing prices rose by 85 percent between
1997-2006. Multitude of factors contributed to this trend (see below). As home values
began to fall, the percentage of defaults and foreclosures rose sharply particularly.
The housing crisis that began in 2006-2007 is viewed as the origin of the 2008 credit
crisis and the ongoing recession. The housing craze that took over the country
between 2002-2006 led to an unprecedented rise in the prices of homes across the
country. While traditionally, after counting for inflation housing prices rose on average
by about 0.7% per year, inflation-adjusted housing prices rose by 85 percent between
1997-2006. Multitude of factors contributed to this trend (see below). As home values
began to fall, the percentage of defaults and foreclosures rose sharply particularly.
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