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What was the result of the housing market crashing?

the housing market crashed about 6 months ago. but i don't really see a change. Well I have noticed that houses are dirt cheap and there are no buyers. And i don't even know why that's happening.

Public Comments

1. ARM (Adjusted Rate Mortgage) mortgages were the beginning. Unfortunately these people for whatever reason did not refinance into a fixed loan within a few years. My initial mortgage was an ARM. I refinanced within 2 years to a fixed rate and am soooo happy I did. That is the only way you can budget your money. I like knowing what I will be paying each month, no surprises.
2. You obviously haven't been paying attention to business. Several Investment banks have gone bust. There is a credit crises in which most lending has come to a halt. The government has instituted an $850 billion bailout program that your grandkids will be paying for. The governemnt has bailed out Insurance companies and banks to the tune of billions of dollars. Auto companies are now begging for a bailout. The stock market is down about 20 percent and all kinds of people have lost their shirts. etc. etc. The "why" would take a long time to explain but basically a lot of people who never should have gotten mortages got them and are now defaulting. That has caused major problems on Wall St.