Question
According to the Federal Reserve, from 1970 to 2021, the amount of housing debt (one to four family owner occupied) in the United States rose
According to the Federal Reserve, from 1970 to 2021, the amount of housing debt (one to four family owner occupied) in the United States rose from $292 billion to over $11.7 trillion (over 5100%). During this same time, U.S. population grew from 205 million to 333 million (an increase of only 62%).
The breakdown of housing debt since 1970:
1970 1980 1990 2000 2008 Q2 2021 Q2
$292 billion $1.3 trillion $2.6 trillion $5.1 trillion $11.0 trillion $11.7 trillion
- What economic, political, and social factors led to the explosive growth in US mortgage debt between 1970 and 2008? Be specific and use examples.
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Frank Hodge
9th edition
290-1259222138, 1259222136, 978-1259222139
