RealtyTrac's latest figures showed that there were 861,664 foreclosures in 2008. The US housing market is providing mixed signals regarding whether a recovery really is beginning to take place. There remains serious doubts over whether President Obama's Homeowner Affordability and Stability Plan really is helping the subprime mortgage crisis.
Obama's "glimmers of hope" prognosis may have been slightly premature. However, Tu Packard, senior economist at Moody's Economy.com, stated: "The plan was an important step in stabilising asset prices".
Why Did the Subprime Mortgage Market Collapse?
The subprime mortgage crisis occurred as a direct result of atrocious lending decisions. No single party can be held responsible for the collapse of the US housing market, but some of the principle reasons are alluded to below:
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