The Pros And Cons Of The Foreclosure Crisis

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Background:

Great Activist Mahatma Gandhi once said:
"Earth provides enough to satisfy every man's need, but not every man's greed". US subprime crisis also known as Financial Crisis of 2008 started back in late 2007 and flourished till 2009. It was a consequence of United States housing bubble that peaked in 2006 and started to decline in 2007-08 and reached very low by 2012. It has been said that on 30th December 2008 the Case-Shiller home price index (Exhibit 1) showed its largest price drop. This credit crisis leads to the great subprime crisis from 2007-2009 resulted from bursting of the housing bubble.
This crisis was better known as subprime mortgage crisis due to the household credit financed by financial institutions, especially
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Poverty too had risen dramatically in all the suburbs, which, as per the Brookings Institution in Washington D.C, became home to almost a third of the nations poor. The phenomenon is also worst in and around the Midwestern cities such as Michigan, Grand Rapids, and Youngstown, Ohio, but that exists nationwide. Even Poverty rates are actually rising much more quickly in suburbs than cities.

2. Ongoing Mess due to Foreclosure:
The wave of the foreclosures that had accompanied this economic meltdown (SPM) was just the beginning. People had been losing their houses ever since then, and there's no end in the sight. The Federal Reserve also estimates the total of 2.25 million foreclosures in year 2010 (SLC), with the similar numbers that followed in year 2011 & 2012. Besides putting the people in position of to find somewhere else to live, Fed point out that the foreclosures can even damage the prospects of the comfortable retirement as such a home is every time the main asset for the millions of all Americans.
3. Chronically Unemployment on the higher
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