Running Head : The Housing Crisis

During the early 2000 's, the United States housing market experienced growth at an unprecedented rate, leading to historical highs in home ownership. This surge in home buying was the result of multiple illusory financial circumstances which reduced the apparent risk of both lending and receiving loans. However, in 2007, when the upward trend in home values could no longer continue and began to reverse itself, homeowners found themselves owing more than the value of their properties, a trend which lent itself to increased defaults and foreclosures, further reducing the value of homes in a vicious, self-perpetuating cycle. The 2008 crash of the near-$7-billion housing industry dragged down the entire U.S. economy, and by extension, the global economy, with it, therefore having a large part in triggering the global recession of 2008-2012.

Throughout the last three decades, increasing numbers of Asians have migrated to Canada from all over the Asian continent. Currently, 44% of the Vancouver area population is of Asian descent (Statistics Canada, 2001). Immigrants commonly occupy skilled job positions that the host nation is unable to fill with its own citizens, and thus they offer many advantages to their receiving country. In a nation with a declining birthrate, such as Canada, their contribution can play a major role on multiple levels. The immigrants themselves often enjoy a greater earning potential than they did in their native country, which can be advantageous for those who wish to send money back home to support their families.

Affordable housing in the United States describes sheltering units with well-adjusted housing costs for those living on an average, median income. The phrase usually implies to applied rental or purchaser housing within the financial means of lower-income ranges specific to the demographics of any given area. However, affordable housing does not include those living in social housing owned by government and non-profit organizations. More specifically, the targeted range for housing affordability sets below 30 percent of a household's annual income, including all applicable taxes, utility costs and home owners insurance rates. If the mean income per household breaches the 30 percent mark, then the agreed status becomes labeled as

In 2007, the U.S. fell into a deep financial recession. One of the main causes of this was the bursting of the housing bubble, which lead to a housing crisis. What is a housing bubble? A housing bubble is defined as “a temporary condition caused by unjustified speculation in the housing market that leads to a rapid increase in real estate prices” (businessdictionary.com 2014). When the bubble bursts, the result is a quick decline in home prices (businessdictionary.com 2014).

Throughout many years, people from various countries throughout the world have immigrated to other countries for their own life necessities. Some countries provide a minimize of the things people need, so they come to the conclusion that finding another home with better options might be better for their lives. The United States having the most immigrants with 44 million, and Ukraine having the most emigrants with 6.6 million for different reasons. Many people go through tough phases during their existence in their own countries, wanting to live a better life with, and for their family members. The number of immigrants that come to Canada in a year is 250 000. But why is it that people immigrant to Canada? Canada provides 3 major

Canada is considered a first world country, ranking well above the Organization for Economic Co-operation and Development’s Better Life index average in all categories. Canada is safer and Canadian citizen are healthier, happier, and better educated than the majority of other countries. In spite of this, at any given night 30,000 Canadians do not have a home. An estimated 200,000 people are homeless every year, and 50,000 every night are staying with a relative or friend and have no permanent housing. In 2013, a one bedroom apartment was approximately 38,000. 55% of parents, 31% of couples and 69% of single people make less than this. In Toronto, lack of affordable housing affects one in five renters. This is an issue is becoming increasingly relevant and more people try to find jobs in the city, where

How are foreigners affecting the canadian housing market and what it does to the economy. The foreigners are affecting the market by buying homes and making profit off the homes and some of the homes are used for storing illegitimate money. Canadian homes are a source for illegitimate money and foreign income profit. The canadian economy gets affected because the money isn't going towards the canadians instead it is going to the majority of foreigners. Where is most of the foreigners buying housing in canada. The foreigners are choosing mostly toronto and vancouver. The foreigners are choosing these areas because of the location value and what is around the area for consumers. Such as grocery stores,transportation,restaurants,entertainment,and schooling. How hard is the Canadian housing market going to affect the economy and for how long. The Canadian housing

The Canadian governments has made policies to prevent the quality and number of immigrants every year. The immigration process for my family was overall successfully; we started first by preparing a lot of complex and detailed documents for everyone in the family. Endless waiting began as soon as we presented the application. The quota is very limited and competition is always very strong. Make up of additional documents and interview were often required and the chance to be rejected is very big, therefore we were under a lot of

On February 7, 2015 the International Business Times ran a story about how China’s housing market makes home ownership elusive for young buyers and renters. In said article, readers are introduced to Shen Lu, a recent college graduate, whose rent eats away at half of her salary every month (FlorCruz). This short anecdote applies to many low and middle income individuals within China’s big cities today. This paper will uncover why this is the case and how it may be resolved.

Participant P8 was an entrepreneur who had a high school education, with some college courses. She immigrated to Canada with her husband, who held a B.Sc. degree in computer science; and their baby daughter, who was one and half years old. The couple had owned and operated a successful computer retail and repair store in Shenzhen. According to her description, they were a happy upper-middle-class family before arriving in Toronto in 2000. The main reason that P8’s family, and other China-born middle class immigrants migrated to Canada was because they want to pursue their Canadian dream with improved and better (a) education system to their children, (b) medical care, (c) social or welfare and retirement

Immigration to Canada means people come from different countries of the world and decide to live

The Big Short is a movie that discusses the housing market crash in 2008. As you may know, the banks, the mortgage brokers, and the consumers were all affected by this collapse. On each level of the system, there were things that went wrong and that could have been changed that could have prevented the failure of the housing market.

To really be able to fix the housing market, we have to look at how it got so bad to begin with. Banks were giving loans out to people who couldn’t afford to repay them. That was, what I see, as the most detrimental situation regarding the housing market. Are the banks only to blame? Absolutely not. Those people who took those loans with little thought of repercussions also caused this mess. We shouldn’t be borrowing money so loosely and the banks should not have made it so easy.

We reside in a mixed market economy in which the government implements regulations. Our mixed economy also allows and encourages business people to make a profit for their business. This individualistic concept is not a crime, however, it does have the potential to benefit a few and damage the rest. Our country is formed around the idea that big business are what drive the economy. Therefore, when they are in trouble it is the American tax payers that bail them out.

The current real estate crisis that America finds itself in is one of the greatest challenges America has ever faced. America’s troubles are further compounded by increasing unemployment of American citizens and environmental problems like global warming. Solving any one of these problems would be a Herculean task, yet they must each be addressed in order to protect American families from disaster. However, it is possible to find a solution to the problems of the real estate crisis that can also be used to improve the problems of the unemployment and environmental destruction. The first part of the solution involves the United States government purchasing the homes that have been foreclosed and using them to offer temporary housing to